Economy
Trouble for Nigeria as Brent Falls Below $60 on Coronavirus Spread
By Adedapo Adesanya
Brent crude futures fell below $60 on Friday, posing a threat to Nigeria’s 2020 budget, which put oil benchmark at $60 per barrel, as the spread of the coronavirus in China continues to affect demand due to restrictions placed on travel.
The bearish performance for the Brent crude continued as it further dropped 2.14 percent equivalent to $1.31 to trade at $59.97 per barrel on Friday night at the global market.
Also, the US West Texas Intermediate (WTI) crude further moved down by 2.32 percent or $1.29 to trade at $54.30 per barrel. This performance was the lowest settlement for the American futures since November last year.
During the preparation of the country’s budget, oil prices were pegged at $60 per barrel because global economy issues like the US-China trade deal and the US-Iran conflict had helped prices moved up.
However, with this unforeseen circumstances, the country’s hope of raising revenue to fund the this year’s budget is already under threat because the sale of the commodity is the main source of foreign exchange earnings for Nigeria.
This week started on the bullish note for oil prices, after military forces in Libya blocked oilfields which threatened to cut off the entire 1.2 million barrels per day oil production of the African OPEC member.
But on Tuesday, despite the continued blockade in Libya, oil prices started to slip as market faced a new challenge over the deadly coronavirus in China, which, analysts say could cut oil demand as travel restrictions in and around the area of the outbreak are already in place.
The SARS CoV, better known as the SARS Coronavirus, is highly contagious and has put two Chinese cities on lockdown since Thursday as health authorities around the world scramble to prevent a global pandemic.
The coronavirus outbreak has so far killed 17 people and infected more than 800 people and to prevent this, a widespread travel restriction has followed, reducing regional travel meaning that the oil market could see a drop of 260,000 barrels per day in the global oil demand market—170,000 bpd of which would be in the form of jet fuel.
The virus has spread to South Korea, Japan, Thailand, Vietnam and the United States, among other places. On Friday, the CDC confirmed the second case in the United States and this may further threaten oil prices even with certain trends which normally helped prices took the backseat such as reports by the US Energy Information Administration (EIA) that inventory fell by 400,000 barrels for the week ending January 17.
Even despite the disruption caused by the virus, the oil market is also faced by concerns of oversupply, as the International Energy Agency (IEA) said it there is expectations of a surplus of 1 million barrels per day in the first half of the 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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