Economy
#EndSARS: Bayelsa Panel Recommends N21bn Payment to Victims
By Adedapo Adesanya
The Bayelsa Judicial Panel of Inquiry on Police Brutality and other Related Offence has recommended the award of N21 billion to victims of extra-judicial killings perpetrated by the police and other security operatives in the state.
The Chairman of the Panel, Rtd Justice Young Ogola, disclosed this while submitting the report to Governor Douye Diri in Yenagoa on Thursday.
He said the panel received and determined 50 petitions and made recommendations based on their findings.
Out of the 50 cases, he said 11 police officers were recommended for prosecution, one for dismissal, four for demotion, while eight cases were struck out and two adjourned.
The chairman explained that the N21 billion was awarded in damages out of the 40 cases fully determined, adding that the amount included compensation to communities razed down by the Nigerian Army.
Receiving the report, Governor Diri thanked the panel for doing a thorough job and promised to set up a government white paper committee to look into the report with a view to implementing its recommendations.
The Governor, represented by his deputy, Mr Lawrence Ewhrudjakpo, noted that government would look for ways to bring relief to the victims and families within available resources.
”Although no amount of compensation can bring back some of the deceased, the compensation will ameliorate the suffering of the victims and families caused by the excesses of misguided security agents,” he said.
While acknowledging the enormous task of the security agencies to secure lives and property, Mr Diri called on security personnel to enforce the law within the confines of the law.
“The panel was set up to get to the root of injustice, violation of human rights and the best way with which police and other security agencies in the country will discharge their duties professionally with a human face.
“The issues you have raised will be looked into. The N21 billion awarded is appropriate, but for the security agencies to pay is another thing.
“We will within the limits of available resources and procedures see how these victims will get a reprieve.
“While the law enforcement agencies have every day to protect lives and property, they also have a duty to do that within the confines of responsibility and protection of human rights of all citizens,” he said.
The panel was inaugurated on October 28, 2020, after the #EndSARS nationwide protests and October 20, 2020, shooting of peaceful protesters in Lekki, Lagos allegedly by the military.
Other members of the panel were Mr Y.B. Ogola, Mr Alaowei Opokuma as Secretary, A.T. Ambaowei, Mr Fortune Alfred Godson, Miss Perelade Demanche both representing civil society and Mr Russell Newman representing the National Human Rights Commission.
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.
