Economy
Disruptions Suck Nigeria’s Crude Oil Output by 70,000bpd
By Adedapo Adesanya
Nigeria witnessed the biggest crude oil production decline among the Organization of the Petroleum Exporting Countries (OPEC) members in October 2021.
This occurred as the 13-producer group’s overall output rose above the previous month’s figures.
Nigeria’s crude oil output was down by 70,000 barrels per day, following disruptions after recovery in September.
The fall happened as a Royal Dutch Shell venture, the Shell Petroleum Development Company of Nigeria (SPDC), declared force majeure on loadings of Bonny Light crude after a pipeline shut down.
In total, OPEC pumped 27.5 million barrels per day in October, according to a survey cited by Reuters, 190,000 barrels per day higher than the previous month but below the 254,000 increase permitted under the supply deal.
The second-largest decline among OPEC producers was in Libya, one of the countries exempt from OPEC supply curbs, due to a pipeline leak, the survey showed.
Also in another country exempted from the agreement, Iran which has raised exports since the fourth quarter despite US sanctions, showed little change in October. Talks to revive its 2015 nuclear deal with world powers, which would allow a larger export recovery, are set to resume.
Venezuela, also exempted, saw output increase slightly, this was helped by the arrival of Iranian condensate to help the South American country convert its extra-heavy oil into exportable crude.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics and Kpler, as well as information provided by sources at oil companies, OPEC and consultants.
The survey reported that, overall, involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq.
OPEC states and their allies, a grouping known as OPEC+, are relaxing output cuts made in 2020 as demand recovers from the coronavirus pandemic, although some members are not delivering the full boosts promised due to a lack of capacity.
The OPEC+ alliance is also wary of pumping too much oil in case of renewed setbacks in the battle against COVID-19.
The supply restraint has helped support oil prices, which are trading near $85 a barrel and close to a three-year high, prompting the United States and other consumers to urge producers to supply more crude.
The OPEC+ agreement allowed for a 400,000 barrels per day production increase in October from all members, of which about 254,000 barrels per day is shared by the 10 OPEC members covered by the deal.
With output undershooting the planned increase last month, OPEC’s compliance with its pledged cuts increased to 118 per cent in October the survey found, from 114 per cent a month earlier.
OPEC+ will meet on Thursday, November 4 to review its policy and is expected to reconfirm its plans for monthly increases of 400,000 barrels per day.
The biggest rises in October came from OPEC’s top two producers, Saudi Arabia and Iraq, which both boosted output largely as promised according to the agreement.
Kuwait, the United Arab Emirates and Algeria also made increases as called for by their higher October quotas. Angolan exports stop their declining trend and rose in October.
Output declined or did not increase in the Republic of Congo, Equatorial Guinea and Gabon, the survey found, owing to a lack of capacity to produce more.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
By Adedapo Adesanya
The Nigerian capital market will transition to a T+1 settlement cycle from May 29, as part of efforts to enhance efficiency and align with global standards, the Central Securities Clearing System (CSCS) Plc said in a notice.
If this is achieved, it would be about six months after the Nigerian central depository, clearing, and settlement agent switched to a T+2 settlement cycle from the previous T+3 cycle. The previous transitioning was precisely on November 28, 2025.
This switch will shorten the settlement period for trades, allowing transactions to be completed one business day after the execution date, instead of the current two-day cycle.
CSCS Plc, in the disclosure, said the move represents the next phase in the development of Nigeria’s capital market infrastructure.
It stated that the new settlement cycle is expected to improve post-trade efficiency, reduce settlement risk and speed up the movement of securities and funds across the capital market.
The company added that trades executed on Thursday, May 28, the final trading day under the T+2 cycle, and those executed on Friday, May 29, the first trading day under the T+1 cycle, would both settle on Monday, June 1.
“This transition requires coordinated readiness across all market participants, including exchanges, brokers, custodians, registrars, settlement banks and institutional investors.
“Industry-wide engagements and technical readiness initiatives are ongoing to ensure a seamless transition.
“All market participants are encouraged to review their internal processes, systems and operational workflows to ensure alignment with the new settlement framework,” the company stated.
After the T+2 settlement cycle went live last year, the erstwhile chief executive of the company, Mr Haruna Jalo-Waziri, at the time said CSCS Plc is already preparing to shift to a T+1 settlement cycle by mid-2026.
Mr Kalo-Waziri, who has since been replaced by Mr Shehu Yahaya Shantali, said the organisation had been strengthening its capacity over time, ensuring that the eventual migration would be efficient, stable, and cost-effective, stressing that the transition aligns with global best practices and reflects the market’s readiness for faster, more reliable settlement processes.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.
FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.
The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.
On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.
At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.
Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.
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