Economy
Adetunmbi Launches Book on Financial Intermediation and Practice
By Modupe Gbadeyanka
A guidebook for financial market operators and practitioners titled Financial Intermediation: Operations and Practice has been launched by Mr Seye Adetunmbi.
The unveiling of the piece was done virtually, with some heavyweights in the nation’s capital market in attendance, including Mr Atedo Peterside, Mr Dele Fajemirokun of AIICO Plc, Mr Ibikunle Amosun, Mr Lamido Yuguda, the Director-General of the Securities and Exchange Commission(SEC); Mr Oscar Onyema, the CEO of the Nigerian Stock Exchange (NSE); Ms Arunmah Oteh, former CEO of NSE; Mr Bola Ajomale, the MD of NASD Plc; amongst several others.
Mr Adetunmbi, while speaking at the launch of the book, which had its foreword written by Mr Peterside, thanked the guests for honouring him with their presence.
He said he was inspired to write the book because of his first experience in the capital market in 1990 when as a greenhorn, his first assignment was the private placement of the divesture of the controlling holdings of Ondo-State Government in Araromi/Aiyesan Oil Palm Plc.
According to him, “the financial intermediary service firm I worked for had not handled such a capital market issue before. In fact, there were very few investment banking mandates that had been consummated in the Nigerian capital market in the late 1980s and early 1990s.”
He admitted that the private placement brief “challenged me” to develop a passion for investment banking and lasting career in the capital market.
According to him, “There and then, I found the need for a standard pragmatic manual for capital market operators and corporate finance operatives.”
“Naturally by instinct, I started taking notes on financial market operations and practice within and outside Nigeria which culminated into this textbook,” he added.
The capital market expert noted that the initial manuscript was first concluded as far back as 1992, which he updated for this edition.
“I received inquiries from people who read my research work on Real Estate Investment Trust, Debt Securitization and Asset-Backed Securities which also prompted me to see this book through,” he said.
Mr Adetunmbi stressed that Nigeria is the case study in the book because activities in the money and capital market between 1980 and 2020 had been quite remarkable and should be documented, such that, it will serve as a guide for other emerging markets, government technocrats, intending practitioners, existing financial market operators and individuals, who are the main targets of the book and who wish to know how the financial market operates and works.
“I have read a number of publications on financial intermediation and its practice in developing economies which I found very informative on the activities in the sector.
“However, I deem it necessary to put a textbook together which will not only review the activities of the Nigerian financial market to date but serve as a practical guidebook for intending operators and participants who have been eager to be involved but have been constrained by lack of information and the technical knowhow.
“The book should also clear misconceptions on the operational procedure in the financial market, particularly the mix-up of the identities and the respective functions of the various registered financial market operators and players,” he said.
Mr Adetunmbi noted that the 20 chapters of the book should be able to inform the financial engineers, formal sector players and practitioners, proprietors, entrepreneurs, investors and company executives on the opportunities that abound for them in the financial market as well as the challenges too, and how to benefit from this sector in a developing economic environment.
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.
