Economy
Nigeria Issues 77 Licenses to Refiners for Robust Oil Market
By Adedapo Adesanya
Nigeria issued 47 Licenses to Establish (LTE) and 30 Licenses to Construct (LTC) refineries in the last year as it seeks to boost oil production in the country.
The move, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), marks a significant step towards enhancing Nigeria’s refining capacity and boosting petroleum products availability.
The chief executive of NMDPRA, Mr Farouk Ahmed, during the sixth Meet-the-Press briefing in Abuja on Tuesday, said the 47 issued licenses have a combined refining capacity of nearly three million barrels per day.
Detailing the breakdown of the licenses, Mr Ahmed stated: “We have issued 47 LTE translating to 1.75 million barrels per day and 30 LTC translating to 1.23 million barrels per day. Currently, only four plants hold LTC with a steady output of 27,000 barrels per day.”
Giving a further breakdown, he said the LTC projects included five which were at the commissioning or construction stage, including the Dangote Petroleum Refinery with a capacity of 650,000 barrels per day while other smaller projects include; AIPCC Energy’s 30,000 barrels per day plant and Waltersmith’s second train with a capacity of 5,000 barrels per day.
Mr Ahmed also highlighted the current state of refining operations in Nigeria, saying six licensed private refineries and four public ones are producing a total of 1.12 million barrels per day.
Other private plants contribute 679,500 barrels per day, led by Dangote’s single-train plant with a refining capacity of 650,000 barrels per day.
Other modular refineries include; Aradel (11,000 barrels per day), OPAC (10,000 barrels per day), Waltersmith (5,000 barrels per day), Duport Midstream Limited (2,500 barrels per day), and Edo Refining and Petrochemicals Company Limited (1,000 barrels per day).
He explained further that publicly owned facilities operated by the Nigerian National Petroleum Company Limited add another 445,000 barrels per day from the refurbished plants in Port Harcourt (150,000 barrels per day), Warri (125,000 barrels per day), Kaduna (110,000 barrels per day), and the old Port Harcourt plant (60,000 barrels per day).
“These developments underline our commitment to reducing dependency on imported refined products.”
He added that ongoing licensing efforts aimed at expanding domestic refining capacity were ongoing to further support economic growth through job creation and energy security.
The NMDPRA’s recent licensing activities also include approvals for modular refineries in Edo, Delta, and Abia states, expected to add an additional 140,000 barrels per day upon completion.
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.
