Economy
Nigeria Cuts Crude Oil Theft to 5,000 Barrels Per Day
By Adedapo Adesanya
Nigeria has adequately reduced the amount of crude oil lost to theft by 95 per cent to as low as 5,000 barrels per day at the end of 2024, from a high of up to 108,000 barrels per day in first quarter of 2022.
This was disclosed by the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, while speaking in Abuja over the weekend.
According to Mr Komolafe, the reduction is a major boost for the 2025 budget as Nigeria aims to produce 2.06 million barrels per day this year, at an international crude oil price of $75 per barrel.
The country also aims to reduce deficit financing for the over N54 trillion budget this year.
Mr Komolafe stated that due to the renewed onslaught on oil theft, crude production in Nigeria now averages 1.75 million barrels per day, with gas production now hitting 7 billion standard cubic feet per day (scfd).
“Oil theft averaged 108,000 bpd in Q1, 2022 resulting in the shutdown of trunklines (TNP, TFP, NCTL etc).
He noted that production dropped to as low as one million barrels per day in September 2022 (loss of around 600, 000 barrels per day) due to the shutdown of the trunk lines.
“Oil theft has significantly reduced due to the ongoing kinetic and non-kinetic intervention by the government. The oil theft which averaged about 12,000 barrels per day in the last 24 months further reduced to 5,000 barrels per day in the last quarter.
“Whereas the production fluctuated around 1.5 million barrels per day, the sustained fight against oil theft has resulted in steady increase in production. We were able to restore and sustain the production to 1.7 barrels per day. Efforts are ongoing to increase the production by l million bpd by December 2026,” Mr Komolafe stated.
He emphasised the need for a paradigm shift to position Nigeria as a leader in energy security and economic growth, highlighting several reforms and achievements in Nigeria’s oil and gas sector.
On Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, and that the country stands as the continent’s second-largest oil reserve holder.
In the same vein, he stated that Nigeria has the largest gas reserves standing at 209 Trillion Cubic Feet (TCF), with oil reserves estimated at 37.5 billion barrels.
The NUPRC boss stated that since the enactment of the Petroleum Industry Act (PIA) in 2021, the commission had driven several initiatives to enhance regulatory effectiveness and attract investments.
The commission, he said, unveiled its 10-year regulatory and corporate strategic plan (2023–2033) in May 2023, followed by a regulatory action plan for 2024, detailing key industry reforms.
These reforms, according to him, focus on increasing oil and gas reserves and production, enhancing hydrocarbon accounting transparency and achieving cost efficiency and decarbonisation in upstream operations.
On the 2024 licensing round and investment drive, Komolafe highlighted that NUPRC launched its 2024 round, offering 24 oil and gas assets to investors, explaining that to attract global participation, the commission held roadshows in Houston, Miami, London and Paris, showcasing Nigeria’s energy potential.
He said the government aims to increase production by 1 million barrels per day by December 2026 under the Project 1 MMBOPD Initiative, leveraging collaboration among operators, service providers, financiers and host communities.
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.
