Economy
Experts Foresees NGX Technology Board Deepening Capital Market
By Aduragbemi Omiyale
Experts in the Nigerian financial markets have expressed optimism about the proposed NGX Technology Board’s positive impact on the capital market and the economy.
The Nigerian Exchange (NGX) Limited plans to establish this platform to attract the listing of technology companies, giving them an avenue to raise funds to expand their operations.
On Thursday, October 6, 2022, the exchange held a seminar themed Enabling the Next Wave of Growth for Technology Companies in Africa. It was held to allow stakeholders to discuss ways to make things better for players in the sector.
Speakers at the event included the Senior Special Assistant to the President on Digital Transformation, Mr Oswald Osaretin Guobadia; Kendall Ananyi, Chief Executive Officer, Tizeti; Vice President, Cardinalstone, Mrs Onyebuchim Obiyemi; CEO, Opay, Mr Olu Akanmu; Managing Director, Nigerian Capital Market Institute, Timi Agama; Head, Financial Markets Support and Development Division, Financial Markets Department, CBN, Mr Demenongu J. Yanfa; and President, Pension Funds Operators Association of Nigeria (PenOp), Oguche Agudah.
Others were the CEO, Central Securities and Clearing System (CSCS) Plc, Jalo Waziri; Partner, Fund the Gap Alliance, Segun Cole; Associate Dean, Lagos Business School, LBS, Prof. Olayinka David-West; Representative of London Stock Exchange and Director, Tech Sector Specialist, Shah Neil; Co-Founder/COO, One Watt Solar Director, Jubril Adeojo; CEO Future Africa, Iyinoluwa Aboyeji and Chief Growth officer, Halo Invest, Nnenna Onyewuchi.
In his remarks, the Chairman of NGX, Mr Abubakar Mahmoud, represented by NGX board member, Mrs Angela Adebayo, said that Nigeria is home to several unicorns like Flutterwave, Andela, Jumia, Opay which have valuations surpassing $1 billion.
“As a sustainable exchange championing Africa’s growth, NGX is positioned to support the growth of the next wave of technology companies.
“It is stimulating the capital market, providing a tailored platform for tech companies in Nigeria and wider Africa to access growth capital whilst providing exit opportunities for all investors.
“The next wave of growth for home-bred technology companies needs to be anchored on sustainability, agility, collaboration and digital innovation, and these are elements that NGX represents,” he said.
Director-General of the Securities Exchange Commission (SEC), Mr Lamido Yuguda, represented by Dayo Obisan, Executive Commissioner, Operations, SEC, while delivering his goodwill message, noted that with the several developments recorded in the technology space, Africa remains a continent with the highest potential when it comes to tech and innovations and as such, its ability to determine its future digitally must be accelerated by strengthening its technological capabilities.
According to him, “Africa has the potential to grow into a technological giant with the right enablement, and SEC will support laudable initiatives aimed at improving on the capacity of our market to develop a robust ecosystem for the Nigerian capital market.”
Also, the CEO of NGX, Mr Temi Popoola, while speaking on the proposed NGX Technology Board, said, “The exchange, in conjunction with other major stakeholders, including SEC, CBN, CSCS and PenOp, are working tirelessly to launch and on-board a new asset class.
“The specialised technology board aims to encourage the listing of companies in the technology space, provide increased transparency, and visibility on foreign investment activities in tech companies and local tech startups.”
Giving the keynote address, the Deputy Governor, Financial Systems Stability Directorate, CBN, Mrs Aisha Ahmad, noted that tech had grown from an enabler of business to a fully-fledged sector as some of the largest companies in the world like Meta and Google.
“Africa is a $2.7 trillion economy, and for this growth to translate into broader economic impacts, we need more local investor participation. I’m particularly excited about NGX’s Technology Board plan, which will help grow the listings of Nigerian and African tech companies. It will aid price discovery of tech industry valuations and channel capital to tech and other sectors,” she said.
Panellists at the first panel titled The Path to Tech Listings – Leveraging Capital Market for Exponential Growth agreed that the proposed launch of NGX Technology Board is timely as it addresses challenges startups face with funding and capital formation during their developmental stage.
Additionally, they noted that having major stakeholders like NGX, SEC and CBN champion the Board would attract foreign investor participation, especially in terms of liquidity.
The second panel, themed Beyond Tech – Regulation as an Enabler for Technology Board Listings and Investor Protection, highlighted policies and the right standards as key factors in creating an enabling environment for tech listings and investor protection.
The panellists noted that regulators should be concerned about the companies listed, the governance structure, evaluations, returns and their positive impact on Nigeria’s economy, such as introducing new founders to the market and creating employment for Nigerians.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
