Economy
$350m Loan: Ogun, World Bank Finalise Economic Transformation Programme
The Ogun State government and the World Bank have concluded the design and plans for the Ogun State Economic Transformation Programme (OGSTEP), which will grant up to $350 million long term concessionary loan to the state.
The Bank’s final mission to the State on 29th & 30th April was to dot the Is and cross the Ts. The Task Team Leader for the bank, Mr. Kofi Nouve, while presenting the progress report to Governor Ibikunle Amosun, at his Oke Mosan, Abeokuta office, reiterated that the major aim of the programme is to help Ogun State put in place necessary reforms to accelerate private sector participation to inclusively grow its economy and thus enable critical social investments that will help uplift the welfare of the populace.
“At our internal decision meeting in early April, the team received final approval to proceed with this final design mission”, he said, adding that all the core areas for the programme have been confirmed during their visit.
In support of Ogun State’s development objectives, the project has three core areas of implementation, which are, creation of enabling business environment, strategic technical and vocational skills and development as well as agricultural value chain development. These will all rest on a pillar of strengthened governance capabilities as areas such as statistics, procurement, monitoring & evaluation and planning are bolstered through the program.
Nouve, who disclosed that the project has design process has been on for about two years, assured that in the next one month, the project would be submitted to the World Bank’s Board in Washington for final approval. Once obtained, this would enable the release of the funds and the commencement of implementation of this landmark program.
Mr Amosun, in his reaction, said his administration would do all that was possible to ensure that the state gets this much needed support from the Bank, noting that the incoming administration already has a ready made support to enhance delivery and good governance.
He also emphasised that the lengthy and painstaking process that the State had been through in designing and developing this landmark program, likely to be the first of its kind in Nigeria, has already significantly improved the workings of Government, positioning the state to realise its vast potential.
Mr Abbas, representing the Federal Ministry of Finance on the Mission also gave assurances to Governor Amosun that it was on hand play its part and do all that was necessary to prepare and conduct negotiations with the World Bank as the final step before the project documents are submitted to the World Bank Board.
Mr Amosun observed that the bank’s support will also help to create a system-driven environment that is critical for its progress, urging the team to fast track the process for final approval.
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.
