Economy
Brent Hits $112 as Iran Escalates Attacks on Middle East Energy Facilities
By Adedapo Adesanya
Brent crude moved higher by 4.27 per cent to $112.00 per barrel on Wednesday as Iran attacked several energy facilities across the Middle East, creating a major escalation in its war with the United States and Israel.
Also, the US West Texas Intermediate grew by 2.73 per cent to $98.95, as the Middle East conflict continues to escalate, and energy infrastructure is targeted across the Gulf, as Iran hit energy infrastructure across the Middle East in retaliation for earlier strikes on its South Pars gas field.
Qatar confirmed that Iranian missile strikes had caused “extensive damage” around the Ras Laffan industrial complex, the world’s largest liquefied natural gas (LNG) facility and a cornerstone of global gas supply.
Meanwhile, the United Arab Emirates (UAE) suspended operations at its Habshan gas facility after missile-related incidents, with debris from intercepted projectiles reportedly affecting additional energy infrastructure, including the Bab oil field.
Saudi Arabia, Kuwait, Iraq, and Bahrain continue to be targeted by Iran, with Saudi Arabia reporting that air defences had destroyed a total of 19 drones in the Eastern Province and four missiles launched toward Riyadh.
Earlier on Wednesday, Iran issued an evacuation warning for several energy facilities across Saudi Arabia, the UAE and Qatar, saying they would be targeted by strikes “in the coming hours.”
Shipping also remained under threat, with the UK’s maritime security agency reporting that a vessel east of the Strait of Hormuz caught fire after being struck by an “unknown projectile.”
The war has halted shipments via the Strait of Hormuz, which handles 20 per cent of global oil and LNG supply. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day, or 7 per cent to 10 per cent of global demand.
To ease worries, the administration of US President Donald Trump on Wednesday announced a 60-day waiver of the Jones Act shipping law, temporarily allowing foreign-flagged vessels to move fuel, fertiliser, and other goods between US ports.
It is also working on measures that could help slow the surge in fuel prices in the US, but are unlikely to have much of an effect on global energy prices.
In Iraq, the North Oil Company said crude exports from Iraq’s Kirkuk fields to Turkey’s Ceyhan port have resumed via pipeline, after Iraq and the Kurdistan Regional Government agreed to restart flows. The company said exports would resume with an initial capacity of 250,000 barrels per day.
The US Energy Information Administration (EIA) said crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13.
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.
