Economy
Surge in COVID-19 Cases, Libya Supply Plunges Oil Prices
By Adedapo Adesanya
Oil futures declined by more than 3 per cent on Monday, sending prices to their lowest level in three weeks as COVID-19 cases continue to surge raising alarm over demand for crude.
The international benchmark futures, Brent crude took a 3.16 per cent or $1.32 hit to trade at $40.45 per barrel while the US benchmark West Texas Intermediate (WTI) crude futures slid by 3.24 per cent or $1.29 to trade at $38.56 per barrel.
The United States saw its highest number of new COVID-19 cases on Friday and Saturday, with hospitalisations also rising to hit two-month high and deaths are trending upwards.
France registered a record rise in coronavirus infections on Sunday as the second wave of cases surges through Europe. Italy and Spain imposed fresh restrictions to curb the virus.
The relentless second wave of coronavirus cases across Europe and the US has stopped oil demand recovery in its tracks, and with a fresh prospect of increased supply, prices will further edge down.
Adding to the negative environment was the truce in Libya, which has increased oil supply to the market, further threatening the commodity’s faltering recovery.
Business Post reported that Libya’s main warring factions signed a permanent truce last week, a month after a blockade on the country’s oil exports by one faction in the country’s six-year-long civil war was lifted.
Libya’s National Oil Corporation on Friday lifted force majeure on exports from two key ports, Es Sider and Ras Lanuf, announcing that output would increase from a current 500,000 barrels per day to 800,000 in two weeks’ time, and to 1 million barrels per day a month from now, which are much higher than analysts’ estimates.
This could complicate efforts by the Organization of the Petroleum Exporting Countries (OPEC) to restrict supply to cope with affected demand.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman said at a conference on Monday that the oil market hasn’t finished seeing the worst-case scenario, despite a strong recovery in recent months. It comes as demand in Asia holds up well, but concerns grow over other parts of the world as the virus spreads.
The Saudi minister who chairs the alliance of OPEC and its allies, OPEC+ with Russia noted that lack of commitment by producers to the group’s cuts could force the market to penalise them.
Russian President Vladimir Putin last week signalled openness to delaying scheduled production hikes by the OPEC+ alliance. The group will decide whether to stick to the current plan at a meeting scheduled for November 30 – December 1.
The alliance’s current plans call for easing production limits by 2 million barrels per day from January 2021 but if markets conditions worsen, they will have no choice but to delay the increase of quotas by a month or two at its meeting.
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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