Economy
Oil Prices up on Worsening Geopolitical Tensions
By Adedapo Adesanya
Oil prices rose on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies.
The price of Brent crude closed higher by 66 cents or 0.9 per cent to $77.99 per barrel, and the US West Texas Intermediate (WTI) crude grew by 50 cents or 0.7 per cent to $72.78 a barrel.
Both contracts gained for the first time in four sessions as traders have been closely following the situation in the Middle East, where progress on ceasefire negotiations between Israel and Hamas doesn’t seem to be on the horizon, indicating tensions in the oil-producing region are set to linger.
For instance, the US continued its campaign against Houthis in Yemen on Monday, whose attacks on shipping vessels have disrupted global oil trading routes.
The US mounted strikes on Iranian proxy groups in Syria as tensions rise between the US and Iran following the death of three American soldiers in a drone attack in Jordan last week.
According to market analysts, hopes of a ceasefire between Israel and Hamas drove some of this weakness, however, for now, a ceasefire does not appear imminent.
Also, in Russia, two Ukrainian drones struck the largest oil refinery in the country’s south on Saturday in the latest in a series of long-range attacks on Russian oil facilities, which has reduced Russia’s exports of naphtha, a petrochemical feedstock.
Monday’s gains come after oil prices slumped 7 per cent in the previous week on concerns about weak economic activity in China, the world’s largest oil importer, and fading hopes of imminent interest rate cuts in the US, the world’s largest oil producer.
Data on Monday showed US services sector growth picked up in January, dampening hopes of rate cuts even more and pushing the US Dollar to its highest in almost three months against other major currencies.
A stronger greenback lowers demand for Dollar-denominated oil from investors holding other currencies.
The US Federal Reserve Chairman, Mr Jerome Powell said that while the US economy is strong and inflation is falling, interest rate cuts were not likely to happen in the next couple of months.
Last Wednesday, Mr Powell said the rate would remain unchanged for now, at around 5.5 per cent, which represents a 23-year high.
“Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates,” Mr Powell said in an interview.
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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