Economy
NGX Index up 0.03% as Rush for Conoil, MRS Oil Shares Persists
By Dipo Olowookere
The rush for Conoil, MRS Oil and Oando shares by investors helped the Nigerian Exchange (NGX) Limited close marginally higher by 0.03 per cent on Friday.
Business Post reports that investor sentiment remained bullish during the session as there were 30 price gainers and 26 price losers, indicating a positive market breadth index.
Stanbic IBTC topped the gainers’ log after it closed higher by 10.00 per cent to N44.00, MRS Oil increased by 9.92 per cent to N49.30, Conoil expanded by 9.73 per cent to N69.90, Eterna gained 9.47 per cent to trade at N9.25, and PZ Cussons rose by 8.82 per cent to N18.50.
On the flip side, FTN Cocoa topped the losers’ table after it dropped 9.59 per cent to close at 66 Kobo, UPDC declined by 8.93 per cent to N1.02, Chams went down by 8.89 per cent to 41 Kobo, Mutual Benefits shrank by 7.69 per cent to 36 Kobo, and Sterling Bank depreciated by 7.56 per cent to N2.08.
The energy counter appreciated yesterday by 2.15 per cent, the insurance index rose by 0.38 per cent, the consumer goods grew by 0.09 per cent, while the banking and the industrial goods sectors went down by 1.55 per cent, and 0.05 per cent, respectively.
The All-Share Index (ASI), at the close of transactions, increased by 14.57 points to 55,822.82 points from 55,808.25 points, and the market capitalisation moved up by N8 billion to N30.396 trillion from N30.388 trillion.
The volume of trades on Friday increased by 16.81 per cent to 455.8 million units from 390.2 million, the value of transactions inflated by 7.02 per cent to N6.1 billion from N5.7 billion, while the number of deals depreciated by 3.47 per cent to 7,457 deals from 7,725 deals.
FBN Holdings sold 102.8 million shares worth N1.4 billion, Access Holdings traded 55.7 million equities valued at N678.9 million, UBA transacted 48.8 million stocks worth N464.9 million, Zenith Bank exchanged 21.9 million shares valued at N627.6 million, and Fidelity Bank sold 18.2 million for N104.7 million.
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.
