Economy
Storm-Induced Supply Cut Drives Oil Prices to Five-Month High
By Adedapo Adesanya
Crude oil prices rose to a five-month high on Tuesday as the United States producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases capped gains.
The international benchmark, Brent crude, rose by 80 cents or 1.77 per cent to $45.93 per barrel, while the US West Texas Intermediate (WTI) crude gained 75 cents or 1.76 per cent to sell for $43.37 per barrel.
The prices had opened in the green territory on Monday, which was sustained on Tuesday as energy companies cut output at US Gulf Coast oil refineries. This was after shutting more than 80 per cent of the area’s offshore crude oil output as a rare double-storm assault on US oil regions threatened heavy rains and strong winds.
This saw crude prices advance after clocking three straight weekly gains, amid efforts by top producers to cut output on concerns about recovery from the damage caused by the coronavirus pandemic-related lockdowns.
Tuesday marked the highest closure for both benchmarks since March 5, the day before Saudi Arabia and Russia failed to agree on a new plan to cut supply and about a week before the World Health Organization declared COVID-19 a pandemic.
Producers in the largest oil-producing nation cut crude output ahead of Hurricane Laura at a rate approaching the level of 2005’s Hurricane Katrina and also halted most oil refining along the Texas/Louisiana coast.
The Storm Laura is expected to strengthen into a major hurricane with 115 miles per hour winds before it strikes the coast near the Texas-Louisiana border early Thursday, according to the US National Hurricane Center.
On Tuesday, producers had evacuated 310 offshore facilities and shut 1.56 million barrels per day of crude output, 84 per cent of Gulf of Mexico’s offshore production, near the 90 per cent outage that Katrina brought 15 years ago.
Despite this, analysts expect oil prices to move sideways for the time being amid increasing COVID-19 cases around the world. Worldwide cases have now surpassed 24 million.
However, prices might still be steady as the storm factor would likely overshadow the weekly storage report from the US Energy Information Administration (EIA).
Analysts forecast that crude stockpiles fell for a fifth week in a row last week but this will be confirmed from reports from the American Petroleum Institute (API) and the EIA on Wednesday.
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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