Economy
Brent Hits 3-Year Peak of $81 as OPEC+ Keeps Output Cut
By Adedapo Adesanya
Oil prices climbed to a three-year peak on Monday after the Organisation of the Petroleum Exporting Countries and allies (OPEC+) confirmed it would stick to its current output policy as demand for petroleum products rebounds across the world.
As a result, the price of the Brent rose by 2.5 per cent or $2.00 to sell at $81.28 per barrel, while the US West Texas Intermediate (WTI) moved up by 2.29 per cent or $1.74 to trade at $77.62 per barrel.
After its monthly meeting on Monday, OPEC+ said it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.
The 23-man group has faced calls for additional supplies from big consumers such as the United States and India after oil surged more than 50 per cent this year.
The President of the US, Mr Joe Biden, through a senior aide, met Saudi Crown Prince Mohammed bin Salman in Saudi Arabia on a range of issues last week, including while one of the world’s largest consumers and importer, India, has pushed for more supply.
OPEC+ reconfirmed the production adjustment plan that it previously agreed would see 400,000 barrels per day (bpd) added in November, the group said in a statement issued after online ministerial talks.
Also adding his voice, the co-chair of the alliance, Russian Deputy Prime Minister Alexander Novak said, “We will be monitoring the situation, as we know, demand usually falls in the fourth quarter, our plans on increasing (output) are even, we will be watching how the market will be balanced.”
OPEC+ decided in the middle of July that it would start returning 400,000 barrels per day to the market every month beginning in August until it unwinds all the 5.8 million barrels per day cuts. The group agreed to extend the existing deal from April 2020 through the end of December 2022.
The oil price rally has also been fuelled by an even bigger increase in gas prices across the world which have spiked by 300 per cent, prompting switching to fuel oil and other crude products to generate electricity and for other industrial needs.
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.
