Economy
Resumption of Hungary Oil Pipeline, China Worries Crash Prices
By Adedapo Adesanya
Prices of the crude oil grades slipped on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted, and rising COVID-19 cases in China weighed on sentiment.
Brent crude futures shrank by 1.1 per cent or $1 to $92.86 per barrel, as the United States West Texas Intermediate (WTI) crude futures decreased 1.5 per cent or $1.33 to settle at $85.59 a barrel.
The market gave up early gains after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage.
The disruption came as Russia on Tuesday night hit Ukraine with the heaviest missile strikes on cities and energy infrastructure since the start of the war as a rocket hit a Polish village close to the Ukrainian border, killing two people, in an incident that put Poland and its NATO allies on high alert.
Supply of Russian crude oil via the Druzhba pipeline to some countries in eastern and central Europe was suspended late on Tuesday, sending oil prices higher.
On Wednesday, oil prices were down, weighed by a firmer US Dollar and rising COVID-19 cases in China, which, despite a recent easing of some measures, continues to adhere to a strict COVID-curbing policy.
A stronger greenback makes riskier assets like oil more expensive for holders of other currencies.
Among the latest outbreaks in China, Guangzhou’s is the largest, with new daily infections of COVID-19 topping 5,000 for the first time and fuelling speculation that localised lockdowns could widen.
China is scrambling to limit the damage of its zero-COVID policy nearly three years into the pandemic, as the latest economic reports showed retail sales fell in October and factory output grew more slowly than expected.
There was some support as the Energy Information Administration (EIA) said US crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop.
Also, Iraq plans to raise its production capacity to around 7 million barrels a day in 2027, state-owned oil marketer SOMO said, although any increases will be in coordination with the Organisation of the Petroleum Exporting Countries (OPEC).
The International Energy Agency (IEA) forecasts demand growth to slow to 1.6 million barrels per day in 2023 from 2.1 million barrels per day this year.
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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