Economy
CSCS Hooks NASD OTC to Bearish Territory
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the new week still in the bearish territory following a negative price movement in shares of Central Securities Clearing Systems (CSCS) Plc.
The market depreciated by 0.42 per cent yesterday after the equity price of the Nigerian depository company went down by 91 kobo or 5.3 per cent to sell at N17.09 per share compared to N18 per share it closed the previous session.
As a result, the market capitalisation of the exchange reduced by N2.72 billion to close at N651.60 billion in contrast to N654.32 billion it quoted last Friday.
Equally, the NASD Unlisted Security Index (NSI) shed 3.14 points to end the day at 749.67 points as against 752.81 points it recorded at the previous session.
Despite the loss, two firms posted gains with Niger Delta Exploration and Production (NDEP) Plc rising by 3.4 per cent or N8.85 to sell at N259.85 per unit versus the previous session’s N251 per unit.
On its part, the Nigerian Exchange (NGX) Group Plc appreciated by 11 kobo or 0.7 per cent to close at N16.64 per unit as against N16.53 per unit it was sold at the last time.
It was observed that the volume of securities traded by investors on Monday increased by 171.2 per cent to 4.2 million units from 1.5 million units, while the value of trades rose by 232.2 per cent to N85.9 million from N25.9 million, with the number of deals rising by 69.2 per cent to 22 deals from the preceding session’s 13 deals.
At the close of transactions, Geo Fluids Plc remained as the most active stock by volume (year-to-date) with the sale of 1.0 billion units of its shares for N700.1 billion. NGX Group Plc was the second-highest traded stock with 384.3 million worth N8.1 billion, while Food Concepts Plc was in third place with 294.4 million units worth N385.4 million.
In terms of value on a year-to-date basis, the highest was NGX Group Plc with the sale of 384.3 million units of its securities for N8.1 billion. VFD Group Plc remained in the second spot with 6.3 million units of its securities valued at N2.0 billion, while NDEP Plc has traded 3.3 million units worth N1.0 billion.
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.
