Economy
Ardoino Advises Crypto Newbies on Safety, Risks
By Adedapo Adesanya
The Chief Technology Officer (CTO) of top cryptocurrency company, Bitfinex, Mr Paolo Ardoino, has warned that as the adoption of the technology continues to grow rapidly, it is important for crypto newbies to take into account some risks prevalent within the ecosystem.
In 2021, global crypto ownership rates reached an average of 3.9 per cent, with over 300 million crypto users worldwide, according to data from TripleA, a global cryptocurrency payment gateway.
In a chat with Business Post, Mr Ardoino explained why it is critical to take security into account, saying, “Check if an exchange has had any previous incidents and how these incidents were resolved. Also, be sure to check what the recourse is for you if the funds in your wallet have been compromised.”
“It is also helpful to check the liquidity of the exchange and possible issues faced in the past or ongoing with regard to liquidity. Very closely aligned to this is to check if the platform has a verification or Know Your Customer (KYC) process – which serves to protect against fraudulent account creation by verifying those account holders are who they say they are,” he added.
Mr Ardoino also warned that cyber scammers are always looking for new ways to commit fraud.
“Scammers are increasing in their sophistication. One example is crypto-jacking – where hackers implant a piece of software that mines cryptocurrencies on a victim’s computer – further demonstrating that the ingenuity of cyber crooks should never be underestimated.
“Unsuspecting victims are left perplexed as their devices slow down to a snail’s pace, unaware of the criminal activity and where it emanates from. Whether you are a retail user or a business, you need to remain in a perpetual state of vigilance to guard against such threats,” he disclosed.
To prevent this, he advised newbies to “keep your account safe and look at combining password protection and basic anti-phishing controls, which may add resiliency to crypto-jacking attempts.”
“It may seem obvious, but users need to check the jurisdiction that the exchange operates in and whether they are able to make use of it last but not least, trading fees and spot prices are used during swaps/trades.
“These can sometimes be overlooked, however, certain exchanges claim to have zero fees, but when using their swap/trading functions, you realize that the spot price used in the trades is a few percentage points higher than other exchanges,” he added.
He also put forward how greenhorns in the ecosystem can securely use Bitcoin and cryptocurrency holdings.
“This should be done in cold storage using a ledger or similar hard wallet device. Do your research, and understand the basics and how exchanges and wallets work.
“Understand the larger environment and the impact it may have on the industry as a whole.
“Do your best to ensure that you know the risks associated with the market, including understanding what’s happening in traditional markets and securing your wallet. There is no such thing as too much security,” he quipped.
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.
