Economy
Oil Sinks on Higher US Crude Inventories
By Adedapo Adesanya
Oil fell on Wednesday as higher US crude inventory and sluggish economic data from China raised concerns about global fuel demand, causing Brent crude to drop 0.5 per cent to sell at $86.56 a barrel, as the US West Texas Intermediate (WTI) crude depreciated by 0.4 per cent to $83.44 per barrel.
According to the US Energy Information Administration data on Wednesday, crude inventories rose by 5.9 million barrels in the last week to 445.6 million barrels, in contrast to a substantial inventory decline of 17 million barrels for the previous week—the largest drawdown in oil inventories for years.
The report comes a day after the American Petroleum Institute (API) estimated oil inventories had added a little over 4 million barrels over last week.
US crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day, according to the data.
However, the market is going to expect crude exports to go up because of the US crude futures and Brent spread, market analysts noted.
Also weighing on market sentiment, the consumer sector in China fell into deflation, and factory-gate prices extended declines in July as the world’s second-largest economy struggled to revive demand.
China’s oil imports had fallen by close to 20 per cent in July from June when they hit a record high. The data seems to have worried traders about the resilience of demand in the world’s top importer.
China’s growth forecast, which was optimistic at the beginning of 2023, is failing to hold an economic revival post-COVID.
The market is awaiting July’s Consumer Price Index (CPI) from the United States, due on Thursday, which will indicate the US Federal Reserve’s future monetary policy.
Market watchers expected the CPI to show a slight year-over-year acceleration, while on a month-to-month basis, consumer prices are seen increasing 0.2 per cent, the same rate as in June.
There is also concern about the demand for oil in Europe and the United States amid a series of rate hikes aimed at reining in inflation but making life more expensive in the process.
However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten the shipment of Russian oil.
Top exporter, Saudi Arabia, plans to extend its voluntary production cut of 1 million barrels per day for another month to include September. Russia also said it would cut oil exports by 300,000 barrels per day in September.
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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