Economy
Emefiele’s Removal Excites Investors as Stock Market Gains N1.2trn
By Dipo Olowookere
The Nigerian stock market surged by 3.99 per cent on Tuesday as the suspension of Mr Godwin Emefiele as the Central Bank of Nigeria (CBN) Governor excited investors, who were swayed to mop up some equities.
Last Friday, long after the Nigerian Exchange (NGX) Limited closed for the day, the temporary removal of Mr Emefiele as the apex bank chief was announced.
He was asked to leave office by President Bola Tinubu pending the outcome of an investigation into allegations bordering on terrorism financing. He was later flown from Lagos to Abuja by the Department of State Services over the weekend.
On Monday, June 12, 2023, the bourse did not open its doors to traders due to the public holiday declared by the federal government.
The market only had its first trading session after the suspension of the CBN chief, who has remained unpopular among some Nigerians, especially due to the controversial Naira redesign policy, today.
Investors reacted positively to the development at the stock exchange, with the activity level in the green territory at the close of transactions.
Business Post reports that the trading volume, value and number of deals grew by 106.44 per cent, 214.75 per cent, and 57.23 per cent apiece.
This was because traders transacted 1.2 billion shares worth N19.2 billion in 10,369 deals compared with the 574.7 million shares worth N6.1 billion traded in 6,595 deals in the preceding trading day.
It was observed that banking stocks were the major beneficiaries of today’s buying pressure, with UBA selling 214.9 million units valued at N2.3 billion.
GTCO traded 208.1 million shares valued at N6.2 billion, Zenith Bank transacted 85.7 million equities valued at N2.6 billion, Japaul sold 72.6 million stocks for N37.4 million, and Access Holdings traded 72.1 million shares worth N1.0 billion.
Investor sentiment was strongly bullish during the session as the market breadth index was positive, with 61 price gainers and 13 price losers.
The top five gainers, GTCO, Lasaco Assurance, NASCON, Zenith Bank, and Access Holdings, appreciated by 10.00 per cent each to N30.80, N1.98, N17.05, N30.80, and N14.30 apiece.
The duo of Ellah Lakes and John Holt depreciated by 10.00 per cent each to N3.60 and N1.26, respectively. The Initiate lost 9.62 per cent to settle at 47 Kobo, Caverton shed 4.62 per cent to N1.24, and Veritas Kapital dropped 4.35 per cent to 22 Kobo.
The banking, insurance, consumer goods, industrial goods and energy sectors closed higher by 8.76 per cent, 4.83 per cent, 3.36 per cent, 1.21 per cent, and 0.22 per cent, respectively.
Consequently, the All-Share Index (ASI) increased by 2,232.58 points to 58,163.55 points from 55,930.97 points as the market capitalisation moved up by N1.2 trillion to N31.670 trillion from N30.455 trillion.
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.
