Economy
Normalcy Returns as Petrol Tanker Drivers Suspend Planned Strike
By Adedapo Adesanya
Relative ease has returned to some parts of Nigeria already witnessing queues at petrol stations as the National Union of Petroleum and Gas Workers (NUPENG) suspended the planned strike by its affiliate member, Petroleum Tanker Drivers (PTD).
Business Post had reported that the strike, which would have kicked off this morning, was shelved because of the intervention by the federal government.
The South-West Zonal Chairman of NUPENG, Mr Tayo Aboyeji, said in Lagos that the suspension was to allow the union’s representatives and that of the government to address the issues at stake.
He said, “The leadership of the union after a brief meeting with representatives of government decided to suspend the strike in the interest of the nation.
“The meeting with the government continues during the week with the assurance that the union grievances will be positively addressed.”
NUPENG had said last week that the tanker drivers would commence strike on Monday over the deplorable state of the nation’s highways and other issues.
Mr Aboyeji said the union has lost many lives and property due to bad roads.
“This is not the first time that we will signify our intention to go on strike but we have to call it off because it will generally affect the majority of Nigerians but now our hands are tied,” he said.
The first call was from the Nigerian National Petroleum Corporation (NNPC) on Sunday, which appealed to the drivers to immediately shelve their planned strike in order not to further hurt the economy and Nigerians in general.
Mr Garba Deen, the NNPC spokesman, made the appeal in a statement in Abuja.
“While it is not the responsibility of the NNPC to build or rehabilitate roads, the national oil company reckons that any disruption in the distribution of petroleum products to different parts of Nigeria will adversely affect the business of the NNPC.
“It will also endanger energy security, which the country has enjoyed in recent times.
“In recognition of this, the NNPC wishes to assure the petroleum tanker drivers that in addition to the ongoing efforts by other agencies of government, the NNPC has initiated a process that will provide a quick and effective solution to the road network challenges as expressed by the PTD.
“We urge PTD to immediately call off the (planned) strike and give the current efforts by the government and its agencies a chance to solve the challenges in the interest of all.
“We also wish to strongly advise Nigerians not to engage in panic buying of petroleum products as the NNPC has sufficient stock to last through this festive season and beyond,” he said.
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.
