Economy
Oil Sheds 2% on Possible Delays in US Interest Rate Cuts
By Adedapo Adesanya
Oil fell by more than 2 per cent on Friday on a possible interest rate cut delay in the US, as Brent crude futures lost $2.05 or 2.5 per cent to trade at $81.62 a barrel, and the West Texas Intermediate (WTI) crude futures declined by $2.12 or 2.7 per cent to $76.49 per barrel.
According to US Federal Reserve Governor, Mr Christopher Waller, the central bank policymakers should delay the country’s interest rate cuts by at least another couple of months.
The market reacted negatively as this could slow economic growth and curb oil demand.
The US Federal Reserve has held its policy rate steady in a 5.25 per cent to 5.5 per cent range since last July.
This is coming as most central bankers were worried about moving too quickly to ease policy.
Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the US.
For the week, Brent declined by about 2 per cent and WTI fell more than 3 per cent. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.
Also, talks of a truce in Gaza were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.
Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, making prices weaker.
However, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.
The Organisation of the Petroleum Exporting Countries and its allies, OPEC+ group has not announced its official Q2 plans, but analysts are betting on the group extending its oil production cuts beyond the first quarter of 2024 into the next quarter.
A new Bloomberg survey revealed on Friday that OPEC+ will be forced to extend the cuts into Q2 2024.
While most of those surveyed feel that OPEC+ is likely to extend their cuts into the next quarter, others feel that OPEC+ may increase their production cuts, after some of its members—including Iraq and Kazakhstan—continued to overproduce in January.
US energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said, adding that the oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.
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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