Economy
WTI Trades Higher than Brent as Oil Marks Best Month
By Adedapo Adesanya
The US West Texas Intermediate (WTI) traded higher than the Brent Crude at the Friday session as oil prices closed the best month so far this year.
The international benchmark, Brent crude, closed by 0.11 percent or $0.04 at $35.33 per barrel, while the US West Texas Intermediate (WTI) gained as much as 5.16 percent or $1.65 to sell at $35.45 per barrel.
WTI has increased by nearly 90 percent this month, the highest increase since 1983. Still, this month’s price rise has not been enough to offset the losses that the benchmark suffered in the last three months.
Relatively, for the month, Brent gained 40 percent, for its best month since 1999 but prices for both futures are still 45 percent lower than it was at the beginning of the year.
In April, prices plunged with the international benchmark falling to its lowest in over 20 years, while the WTI had it worse, dropping below zero and into negative territory for the first time on record.
Part of the move was due to the contract’s imminent expiration, but it also reflected that no one wanted to take physical delivery of crude while demand was falling due to a lockdown to prevent the spread of the coronavirus pandemic.
But May proved to be a different month as both contracts recorded five straight weekly gain, helped by production cuts from the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) coupled with optimism about demand recovery in countries around the world.
Due to compliance from the deal, oil prices continue to do well backed up by increase in demand due to ease in lockdowns, which has brought many back on the road.
Now, talks about extending the record production cuts of 9.7 million barrels per day beyond June looks good to traders as this will help tackle the fear of oversupply, but this is yet to win support from Russia. The country said it would analyse the market before making any decision at the June 9-10 OPEC+ meeting.
The OPEC+ production cuts as they stand now will begin to reduce by two million to 7.7 million barrels per day from July 1, and the group is expected to decide on whether or not to extend the deeper cuts at the meeting.
Also adding to the good results in May, Saudi Arabia said that, beginning June 1, it would voluntarily cut an additional 1 million barrels per day on top of its portion of the cuts agreed to by OPEC+. It was then supported by Kuwait and UAE, other cartel members that followed suit and said they would also exercise additional cuts of 180,000 per barrels daily.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn