Economy
NDEP, 3 Others Shrink NASD Market Cap by N3.5bn
By Adedapo Adesanya
Four securities admitted on the trading platform of the NASD Over-the-Counter (OTC) Securities Exchange depreciated on Wednesday.
The stocks depressed the total value of equities on the exchange by 0.68 per cent or N3.5 billion at close of transactions yesterday to N514.80 billion from the previous N518.30 billion.
Data from the exchange showed that the benchmark index of the unlisted securities market, NASD Unlisted Security Index (NSI), was also weakened by these four stocks by 0.68 per cent or 4.77 points to 700.82 points from 705.59 points of Tuesday.
These depressing securities were led by the Niger Delta Exploration and Production (NDEP) Plc, which lost N16.18 to close at N273.82 per share in contrast to the preceding day’s N290 per share.
Second on the list was Afriland Properties Plc, which dropped 20 kobo to end the day at N1.98 per share compared to N2.18 per share of the previous session.
in addition, FrieslandCampina WAMCO Nigeria Plc lost 7 kobo to close at N123.27 per share versus N123.34 per share, while UBN Properties shed 4 kobo to end the session at N1.4 per share as against the prior day’s N1.44 per share.
On the activity chart, things pointed south as the total volume of securities traded by investors on Wednesday dropped 3.2 per cent to 405,530 units from the 419,121 units traded on Tuesday.
These transactions came from the 19 deals executed during the session at the exchange compared with the previous day’s 10 deals.
FrieslandCampina WAMCO Nigeria Plc accounted for nine deals; NDEP Plc did four deals, Central Securities Clearing Systems (CSCS) Plc had three deals; Afriland Properties Plc recorded two deals; and UBN Properties Plc with one.
There was also a rise in the value of shares traded on Wednesday as investors traded stocks worth N19.9 million. At the previous day, securities valued at N17.1 million exchanged hands, indicating a 16.5 per cent increase.
ARM Life Plc closed the session as the company with the highest number of traded stocks (year-to-date) with 7.4 billion units of its shares worth N4.6 billion. CSCS Plc was in second place with 199.6 million units worth N2.7 billion, while Food Concept Plc held the third position with 125 million units of its shares worth N88 million.
ARM Life Plc also finished as the firm with the highest trading value (year-to-date). The insurance company has sold 7.4 billion units of its securities worth N4.6 billion, while CSCS Plc has transacted 199.6 million units for N2.7 billion, with NDEP Plc selling 8.4 million units of its securities valued at N2.6 billion.
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.
