Economy
Oil Prices Fall on US Crude Supply Increase
By Adedapo Adesanya
Crude oil prices extended their decline on Wednesday as the Energy Information Administration (EIA) report showed a larger-than-expected weekly US crude-supply increase of 5.7 million barrels.
Brent Crude, the global benchmark, fell from the $61 mark and was trading down at $60.16 per barrel, shedding $1.07 or 1.75 percent, while the US benchmark, West Texas Intermediate (WTI) Crude, on the other hand, was down by 65 Cents or 1.17 percent to trade at $54.89 per barrel.
This occurred as US Crude Inventories rose 5.7 million barrel from what was quoted at last week’s report for the week ended October 25.
Business Post had reported that crude supplies were forecast to increase by 2.5 million barrels, according to analysts polled by S&P Global Platts.
With this development, the US inventories are now at 438.9 million barrels, which means that it is now one percent above the five year average for this time of year, according to the EIA report released on early Wednesday.
On the other hand, the American Petroleum Institute (API) also released its data on Wednesday and it revealed a weekly fall of 708,000 barrels in crude inventories.
The oil market saw a different API figure from analysts’ expectations of an increase of 494,000 barrels but the API issued its figures to its members and showed that crude inventories fell by 708,000 barrels in the week ended October 25 to 436 million.
Meanwhile, continuous oil losses can also be pointed at the seemingly non-progressing US-China trade war talks between the world’s largest economies, which has continue to tell on global oil demand.
Both the United States and China were reported to be working on the first phase of the trade agreement but it may not be completed in time for leaders of the two nations to sign it November when they meet.
Oil prices are now relying on the Organization of the Petroleum Exporting Countries (OPEC) and other production allies including Russia who have cut oil output since January to support prices in a market on the brink of excess.
Analysts are also looking at an expected third cut in the US rate cut to support oil prices by bringing about demand for crude.
Oil prices may return to gains on Thursday looking at these measures.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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