Economy
Oil Prices Slide as Hurricane Beryl Threatens US Demand, Ceasefire Deal Advances
By Adedapo Adesanya
Oil prices fell around 1 per cent on Monday as Hurricane Beryl shut refineries in the United States and ports along the Gulf of Mexico, and on hopes a possible ceasefire deal in Gaza could reduce worries about global crude supply disruptions.
Brent futures fell by 79 cents or 0.9 per cent to settle at $85.75 a barrel and the US West Texas Intermediate (WTI) crude depreciated by 83 cents or 1.0 per cent to trade at $82.33 per barrel.
Hurricane Beryl impacted Texas with high winds and heavy rain as it moved inland. Of all the states in the US, Texas generates the most natural gas and oil.
Oil ports shuttered, hundreds of flights were cancelled, and over 2.7 million households and businesses lost electricity.
This is not the only country facing weather challenges as petrol scarcity hooked Nigeria, Africa’s largest oil producer. The Nigerian National Petroleum Company (NNPC) Limited said weather disrupted the supply of petrol on Monday.
Meanwhile, on Monday, Middle East mediators Qatar and Egypt are in the midst of negotiations on a US-led ceasefire proposal to end the nine-month-old conflict in Gaza.
Elsewhere, investors were watching for how elections in the UK, France and Iran over the past week would affect geopolitics and energy policies.
Following Sunday’s election in France, which prevented the extreme right from gaining power but resulted in a hung parliament, the French left declared its desire to lead the government but acknowledged on Monday that negotiations would be difficult and take time.
President Emmanuel Macron had called a quick election, and many of France’s friends sighed with pleasure when Marine Le Pen’s National Rally (RN) lost.
In the US, President Joe Biden said that he would not give up on his re-election campaign amid concerns that his party would lose both the White House and Congress in the next US election on November 5.
Crude oil imports into Asia decreased in the first half of 2024 compared to the same time the previous year, mostly as a result of fewer arrivals in China, the largest oil importer in the world.
The use of gasoline (petrol) increased by 2.6 per cent annually to 19.99 million metric tonnes in June from a year earlier in India, the third-largest oil consumer in the world.
May export figures in Germany were lower than anticipated because of a decline in demand from China, the US, and other European nations.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have already extended most of its oil output cuts into 2025. Those output cuts have led analysts to forecast supply deficits in the third quarter as transportation and demand for air-conditioning during the summer eat into fuel stockpiles.
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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