Economy
Oil Prices Slide 3% over Demand Prospects
By Adedapo Adesanya
Oil prices spiralled 3 per cent downward on Friday erasing previous months gain as major crude benchmarks fell to their lowest points since July.
The international benchmark, Brent crude, dropped $1.41 or 3.2 per cent to $42.66 per barrel, while the United States West Texas Intermediate (WTI) crude fell $1.60 or 3.87 per cent to sell at $39.77 per barrel.
The decline in the prices of the futures on Friday was attributed to concerns over prospects for demand, losses in the stock market and strength in the US dollar.
The dollar was traded higher for the week and on Friday it got a boost, in part, from better-than-expected monthly US employment data, which revealed a drop to 8.4 per cent in the August unemployment rate, from 10.2 per cent.
Oil demand also continues to be a key concern. Global oil demand could fall by 9-10 million barrels per day this year due to the coronavirus pandemic.
A record supply cut since May by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, has supported prices.
However, OPEC began in August to ease the scale of the cuts, raising output by almost 1 million barrels per day.
Crude is off to a weak start in September as coronavirus cases rise in various parts of the world and this is threatening a sustained rebound in oil consumption at a time when the oil cartel started easing historic output curbs.
Reportedly, demand has returned to 90 per cent of pre-pandemic levels, but limited travel and work from home arrangement have limited the recovery.
Despite six straight weeks of declines in crude stockpiles in the US, inventories are still at the highest seasonally in more than a decade, according to the Energy Information Administration (EIA).
Inventories decreased by 9.4 million barrels from the previous week. At 498.4 million barrels, US crude oil inventories are about 14 per cent above the five year average for this time of year as of August 28, 2020.
Contributing to the bad outlook, US stocks weakened and the S&P 500 Index, dropping more than 3 per cent before easing losses on Friday.
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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