Economy
Experts, Others to Brainstorm on Proposed Modular Refineries in Niger Delta
By Modupe Gbadeyanka
A notable Niger Delta news platform, GbaramatuVoice Newspaper, has invited some experts and critical stakeholders to its Niger Delta Economic Discourse Series scheduled for Tuesday, November 29, 2022, by 10 am, at the BON Hotel, Warri, Delta State.
The event is designed to discuss the proposed modular refineries in the region, which seems to have been abandoned, as well as the recently extended Presidential Amnesty Programme by the federal government.
According to a statement issued by the management of the company, the theme of the programme is Presidential Amnesty Programme and Modular Refineries: Towards sustainable human capital relations.
It was disclosed that members of the public are also free to attend the event but must register by placing a call to +2348030891146 or via WhatsApp at +2348143459986 or via email at [email protected].
The statement explained that the gathering is in line with the newspaper’s culture of bringing to the surface major issues/ills confronting the Niger Delta region to where they could be seen and treated, and will have in attendance stakeholders comprising of Niger Delta region ex-agitators, policymakers from at both state and federal levels, agencies and commissions, development professionals, media professionals, traditional rulers from the oil producing communities, representatives of different security agencies and apparatus in the country among others.
Aside from dwelling in details on sustainable actions that could consistently be taken by the federal government and other interventionist agencies to project the Niger Delta region in good light, the gathering promises to provide a platform for all to ventilate their concerns about the recently extended Presidential Amnesty Programme as well as the federal government proposed modular refineries to be sited in the Niger Delta region.
The programme promises to offer a road map for restoring the health and vitality of the Niger Delta region, particularly as it pertains to the recently extended Presidential Amnesty Programme while proposing a strategy for sustainable development, empowerment and reintroduction/re-integration of the youths of the region to their proper pride of place.
Most importantly, even as stakeholders will at the meeting highlight in detail urgent steps needed to support through training, financing and other technical equipment of operators of modular refineries in the region as available evidence has shown that most of their refined products assure more quality assurance when compared with products refined abroad, the gathering will in the same vein articulate for President Muhammadu Buhari-led federal government consideration modalities for revamping the nation’s refineries.
The Niger Delta Economic Discourse Series was established by GbaramatuVoice to facilitate research methodologies, publications, and partner relevant agencies of government and private sector on issues that are critical to the development of the oil-rich Nigeria’s Niger Delta region.
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.
