Economy
NASD OTC Market Closes 0.75% Higher Thursday
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange witnessed the dominance of the bulls on Thursday after it was strengthened by 0.75 per cent at the close of transactions.
Business Post reports that the NASD Unlisted Security Index (NSI) appreciated by 5.47 points to end the day at 737.96 points as against the 732.49 points recorded at the previous session, while the market capitalisation jumped by N4.76 billion from N636.66 billion it quoted at the previous session to N641.42 billion.
The positive performance of the NASD OTC market was influenced yesterday by the trio of Nigerian Exchange (NGX) Group Plc, Central Securities Clearing Systems (CSCS) Plc, and NASD Plc.
NGX Group Plc appreciated by N1.47 or 9.5 per cent to close at N16.15 per unit as against the previous day’s N14.68 per unit on the back of news that it would soon be listed on the NGX Limited, which is the main stock exchange in Nigeria.
CSCS Plc made a 50 kobo or 1.6 per cent appreciation to sell at N17 per share compared to N16.50 per share it traded on Wednesday, while NASD Plc grew by 19 kobo or 2.9 per cent from the previous N11.81 per unit to N12.00 per unit.
The market also registered three price losers on Thursday led by Niger Delta Exploration and Production (NDEP) Plc, which fell by N2.50 or 1.0 per cent to close at N247.50 per share in contrast to the preceding day’s N250.00 per share.
Afriland Properties Plc lost 5 kobo or 4.4 per cent to settle at N1.15 per unit versus N1.20 per unit, while Mixta Real Estate Plc declined by 2 kobo or 1.0 per cent to N1.95 per share from N1.97 per share.
On the activity chart, there was a drop in the volume of securities traded at the bourse by 65.9 per cent as investors exchanged 1.0 million units compared with the 3.0 million units transacted by market participants on Wednesday.
Likewise, there was a downward movement in the value of shares traded at the bourse by 76.7 per cent as shares worth N11.4 million exchanged hands compared with the previous day’s N48.9 million.
In the same vein, the number of deals carried out during the trading session went down by 52.8 per cent to 17 deals from the 36 deals executed at the preceding trading day.
Food Concepts Plc closed the session as the company with the highest volume of trades (year-to-date) with 11.4 billion units of its shares worth N14.4 billion. Geo Fluids Plc has traded 1.0 billion units for N700.1 million, while NGX Group Plc has exchanged 456.5 million units for N9.2 billion.
Also, Food Concepts Plc ended the trading session as the organisation with the highest value of transactions on a year-to-date basis with 11.4 billion units worth N14.4 billion. NGX Group Plc followed with 456.4 million units valued at N9.2 billion, while VFD Group Plc was third with 10.4 million units valued at N3.5 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.
