Economy
Bitfinex Exchange Lists PRMX Prema Token

By Adedapo Adesanya
Leading crypto exchange, Bitfinex, has announced the listing of the Prema token or PRMX as it is known by its ticker, a utility token that acts as the native token within the Prema platform.
The listing will help drive Prema’s strategy to build out its tech around the ability to link blockchain-based Web3 digital collectibles in the form of NFTs to tangible items in the real world.
It has a limited supply of 100 Billion PRMX tokens, which are the primary utility token for minting NFTs, creating marketplaces, interacting across chains, on-chain governance, fees, and payments within the ecosystem and its Decentralised Applications (DApps).
The Prema platform consists of the Prema X NFT marketplace, Prema’s wallet, and the NFT traceability system. This is a unique system of IRL (In Real Life) and URL (UnReal Life) categorisation, which allows NFTs in the virtual world to be tied to events and physical items in the actual world through the innovative use of NFC and AQR technologies.
According to a blog post from Bitfinex, these collectibles would be both usable in the physical world while also being fully integrated into the Web3 Metaverse of decentralised NFT marketplaces, blockchain-based play-to-earn games, virtual worlds, and decentralised social media.
Prema is currently in an early stage of development, with tokens existing as an ERC-20 token in an Ethereum smart contract, but plans are underway to launch the Prema blockchain and platform later in the third quarter of the year (Q3 2023).
Currently, the Prema team is working on the development of core technologies within the Prema wallet, namely implementing the NFC and AQR technologies for the traceability system, which will be employed to track digital content and collectibles linked with tangible objects.
Prema is still an ERC-20 token in an Ethereum smart contract, pending the time that the Prema platform launches and deploys the Prema blockchain.
After this, users can expect the Prema token to either be an ERC-20 token on their native chain if it employs an EVM-based tokenisation scheme or another type of token standard based on the team’s technical decisions for launching Prema’s blockchain.
Prema claims it is unique because it is one of the first projects which actually has a feasible idea for linking digital collectibles to the physical world by using NFC and AQR technologies.
Based in Singapore, Prema is catering to regional markets, with its most notable NFT collections being projects like “Japanese comedians collectible cards” and its “Judo Colleca” and “K-Pop” series of NFTs, which cater to Asian audiences.
Prema’s goal is to interconnect the various existing technologies already present within Web3 into one convenient platform while also bridging the gap between the digital collectibles and physical collectibles worlds.
Prema’s upcoming blockchain will be Proof of Stake (PoS) based, and users of the platform will be incentivised to lock tokens up via staking through an array of benefits, including priority guidance for Free Mint and White List of NFTs, priority guidance for use in NFT’s URL and IRL, discounts on trading commissions, and access to platform extensions.
With such benefits, creators and content producers can realise actual benefits for staking, especially if they’re active users of the platform and are actively producing and selling content or merchandise and taking advantage of Prema’s URL/IRL technology to offer next-generation content and collectibles which cross over from the virtual world to the physical.
Economy
Dangote Cement, 38 Others Pull Back NGX by 1.46%

By Dipo Olowookere
The growth recorded by the Nigerian Exchange (NGX) Limited on Monday was reversed on Tuesday by 1.46 per cent due to renewed selling pressure.
During the session, profit-taking was dominant, with the industrial goods index down by 4.37 per cent. Further, the insurance space retreated by 3.86 per cent, the banking sector went down by 2.06 per cent, and the energy counter shrank by 0.68 per cent, while the consumer goods industry appreciated by 0.57 per cent.
As a result, the All-Share Index (ASI) contracted by 2,109.00 points to 142,613.47 points from 144,722.47 points and the market capitalisation moderated by N1.334 trillion to N90.227 trillion from the N91.561 trillion it ended on Monday.
From analysis of the NGX data, the market breadth index was negative yesterday as the bourse finished with 39 price losers and 26 price gainers, implying weak investor sentiment.
Royal Exchange topped the losers’ chart after it lost 10.00 per cent to trade at N2.52, Dangote Cement depreciated by 9.88 per cent to N520.00, RT Briscoe shrank by 9.87 per cent to N3.56, Jaiz Bank slipped by 9.87 per cent to N4.32, and Lasaco Assurance slumped by 9.77 per cent to N3.60.
On top of the gainers’ table was Nigerian Enamelware with a price appreciation of 9.95 per cent to trade at N35.90, DAAR Communications grew by 9.82 per cent to N1.23, Deap Capital expanded by 9.60 per cent to N1.94, Academy Press improved by 8.43 per cent to N9.00, and International Breweries gained 6.95 per cent to settle at N13.85.
The most active equity yesterday was Universal Insurance with the sale of 130.2 million units valued at N173.7 million, AIICO Insurance traded 100.1 million units worth N437.6 million, Mutual Benefits transacted 68.5 million units for N310.7 million, Prestige Assurance sold 66.9 million units for N135.4 million, and Regency Alliance exchanged 46.1 million units worth N69.3 million.
At the close of trades, a total of 1.0 billion stocks valued at N17.7 billion exchanged hands in 34,352 deals on Tuesday compared with the 1.2 billion stocks worth N16.2 billion traded in 38,160 deals on Monday, representing a decline in the trading volume and number of deals by 16.67 per cent and 9.98 per cent apiece and a rise in the trading value by 9.26 per cent.
Economy
Crude Oil Down on Possible End to Russia-Ukraine War

By Adedapo Adesanya
Crude oil declined by about 1 per cent on Tuesday amid a possible agreement to end Russia’s invasion of Ukraine, which could ease sanctions on Russian crude oil, boosting global supply.
Brent crude shrank by 81 cents or 1.22 per cent to $65.79 a barrel and the US West Texas Intermediate (WTI) crude receded by $1.07 or 1.69 per cent to $62.35 a barrel.
Traders and investors are betting on a cease-fire to end the three-year war, but market analysts warned that if there isn’t one, there could be a bounce in oil prices.
This followed announcement by President Donald Trump of the US in a social media post that he had spoken with his Russian counterpart, Mr Vladimir Putin, after a White House meeting on Monday with the Ukrainian President, Mr Volodymyr Zelenskiy, and European allies.
The American president said arrangements were being made for a meeting between Presidents Putin and President Zelenskiy, which could lead to a trilateral summit involving all three leaders.
The Ukrainian leader described his talks with President Trump as positive and noted discussions about potential US security guarantees for Ukraine.
The American leader also confirmed the US would provide such guarantees, though the extent of support remains unclear.
Worries, however, remain that President Trump could seek to force an agreement on Russia’s terms in order to end the war.
There are some many changes that a possible truce can bring including easing secondary sanctions targeting importers of Russian oil, thereby reducing the risk of global supply disruptions and easing geopolitical tensions slightly.
Meanwhile, Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Russian exports has fallen away.
Bloomberg reported that China is estimated to have imported nearly 75,000 barrels per day of Urals crude in August, citing data by Kpler. The volumes have almost doubled compared to an average of about 40,000 barrels per day of Urals imports so far this year.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell this week, shrinking by 2.4 million barrels in the week ending August 15. So far this year, crude oil inventories are up nearly 8 million barrels.
Gasoline inventories rose by 1 million barrels and distillate inventories rose by 500,000 barrels.
The official data by the US Energy Information Administration (EIA) will be released later on Wednesday.
Economy
Nigerian Insurance Firms Commence Plans for Fresh Recapitalisation

By Adedapo Adesanya
Nigerian insurance and reinsurance companies have commenced efforts to meet fresh recapitalisation announced by the National Insurance Commission (NAICOM) before a July 2026 deadline.
The fresh recapitalisation exercise for insurance and reinsurance firms in Nigeria announced last week puts a minimum capital for life underwriting organisations at N10 billion, non-life at N15 billion, composite firms at N25 billion, and reinsurance companies at N35 billion.
The initiative is part of the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was recently assented to by President Bola Tinubu.
NAICOM stated that following the enactment of the NIIRA 2025 and assent of Mr Tinubu on July 31, 2025, “the commission hereby notifies all insurance and reinsurance companies of the commencement of the recapitalisation exercise as prescribed by the NIIRA 2025.”
The regulator said the new capital requirements to be introduced would be based on a risk-based model, noting that in line with the provisions of the Act, the new MCR takes effect from the date of Presidential assent, and all operators are required to comply fully within a 12-month period from the effective date.
NAICOM, however, stated that a 12-month period has been provided for insurers and reinsurers to comply with the new MCR as well as the applicable RBC as may be determined, adding that all insurers and reinsurers shall comply with the requirements on or before July 30, 2026.
On guidelines for the exercise, it stated, “The commission shall, in due course, issue comprehensive guidelines and circulars detailing the modalities for the recapitalisation exercise.
“These shall include, but not be limited to: the composition of the MCR, acceptable forms of capital, procedures for capital verification, qualifying assets for MCR purposes, and criteria such as title, ownership, and existence, a standardised template for computation of MCR.”
On the treatment of assets regarding the exercise the agency stated, “For the avoidance of doubt, insurers and reinsurers are hereby informed that encumbered assets, assets without perfected title or ownership, and assets not in the full possession of an insurer/reinsurer shall be inadmissible for the purpose of meeting the MCR.”
It added that assets that exceed prudential thresholds or do not meet the prescribed criteria shall also be deemed inadmissible.
On the verification of the assets, the Commission stated, “All assets for the purpose of the new MCR shall be subject to verification by the Commission or its appointed agents.
“In addition, where, due to the nature or circumstances of an asset, the Commission deems it necessary to undertake further verification beyond the norm, the cost of such non-standard verification shall be borne by the concerned insurer or reinsurer.”
On the issue of new certificates for firms that successfully cross the recapitalisation hurdle, the commission stated, “Upon fulfilment of the new MCR, payment of the requisite fees and confirmation by the Commission, the successful insurance and reinsurance company shall be issued a new licence by the Commission.
“Any company that fails to meet the prescribed MCR within the stipulated time frame shall be subject to liquidation, merger, or any other regulatory resolution action as may be deemed appropriate by the commission.”
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