Economy
Nigeria’s Unlisted Securities Market Sheds 0.82% in One Week
By Adedapo Adesanya
The 23rd trading week of 2023 on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed on a negative note with a 0.82 per cent decline, shrinking the portfolios of investors by N12 billion due to the losses printed by four companies, which outweighed the gains recorded by three firms.
Business Post reports that Geo-Fluids lost 10.1 per cent to close at N2.77 per share compared with the preceding week’s N3.08 per share, FrieslandCampina WAMCO Nigeria Plc depreciated by 6.7 per cent to end at N70.00 per share versus N75.00 per share, Central Securities Clearing System (CSCS) made a 5.3 per cent loss to finish at N14.40 per unit versus N15.20 per unit, while Nipco Plc recorded a 2.8 per cent loss to quote at N70.00 per unit, in contrast to the preceding week’s N72.00 per unit.
Inversely, 11 Plc appreciated by 10 per cent to close the week at N131.34 per unit, in contrast to the previous N119.40 per unit, Niger Delta Exploration and Production (NDEP) Plc gained 6.1 per cent to settle at N260.00 per unit compared with the previous N245.05 per unit, while Acorn Petroleum Plc made a 3.3 per cent rise to end at 17 Kobo per share versus 15 Kobo per share.
The impact of the bears pressed down the market capitalisation of the NASD OTC Exchange to N1.010 trillion from N1.022 trillion, while the NASD Securities Index (NSI) went down by 6.07 points to 733.14 points from 739.21 points.
Data obtained from the bourse showed that in the week, the total value of transactions reduced by 53.7 per cent to N223.1 million from N482.4 million, while the volume of trades rose by 166.3 per cent to 27.6 million units from 10.4 million units, with the number of deals up by 80.5 per cent to 121 deals from 67 deals.
Purple Real Estate Plc was the most traded stock by volume last week with 22.8 million units, trailed by Acorn Petroleum Plc (2.16 million units), Geo-Fluids Plc (1.01 million units), FrieslandCampina Wamco Nigeria Plc (650,000 units), and Industrial and General Insurance (IGI) Plc with 610,000 units.
In terms of the value of transactions, Purple Real Estate Plc was also on top of the activity chart with N119 million. FrieslandCampina Wamco Nigeria Plc recorded N45 million, NDEP posted N33 million, Nipco Plc reported N9 million, and 11 Plc made N7 million.
On a year-to-date level, investors have traded 1.73 billion securities worth N5.8 billion in 1,448 deals.
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.
