Economy
CSCS Unveils Better Data Exchange Platform for Registrars
By Modupe Gbadeyanka
A new web-based application that will enhance the interface between registrars of companies in Nigeria and the Central Securities Clearing System (CSCS) Plc has been introduced. The new platform is called Regconnect and it provides easier-to-use platform for exchange of information.
The data exchange application and Regconnect solution are being run on a parallel deployment until December 2019, when total switch over to Regconnect will occur.
Managing Director of the clearing agency, Mr Haruna Jalo-Waziri, explained that the new application was part of the strategic pillars to automate and improve operational efficiency in the Nigerian capital market, noting that it would automate interactions and improve CSCS’ connection with the registrars’ community.
“Usage of the Regconnect platform comes at no cost to all registrars. It is an advanced replacement for the data exchange platform currently in use. It allows seamless integration with Registrar’s live data by offering
end-to-end and system-to-system data exchange between CSCS and registrars,” Mr Jalo-Waziri said.
It was stated that Regconnect was designed by the clearing house having reviewed its operations and methods of interaction with registrars.
Prior to the solution, registrars could only connect with CSCS through a data exchange application that did not have the ability to process the data being submitted.
But with this application, there would be an easy day-to-day processing and maintenance of registers, with immediate validation of all data being submitted to ensure the accuracy of records, and in less time.
Managing Director of Africa Prudential, Mr Obong Idiong, applauded CSCS for collaborating with registrars to develop the solution.
He said, “We are in the digital era; therefore, it is good to see that there has been an upgrade on the data exchange solution which was in use before now.”
Idiong said.
On his part, the CEO of First Registrars and Investor Services Limited and President, Institute of Capital Market Registrars (ICMR), Mr Bayo Olugbemi, said the introduction of the solution to the Nigerian capital
market was a welcome development as the solution will reduce processing time, enable swift communication between registrars and CSCS, as well as enhance seamless data transmission.
According to him, Regconnect will give registrars total control over their use of the solution by offering an entity-based operational structure where each entity manages their access rights and operations, in addition to the ability to validate data right from their offices.
He commended this collaborative effort, noting the fact that the solution comes at no additional cost to the registrars and issuers.
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.
