Economy
LASACO Assurance Files Application to Reduce Shares by 25%

By Dipo Olowookere
The management of LASACO Assurance Plc has filed an application to the Nigerian Stock Exchange (NSE) for its proposed share capital reconstruction.
Business Post reports that the company plans to reduce its outstanding shares by 25 per cent as every four stocks of the firm held by investors would be turned to a single unit.
It was gathered that LASACO Assurance sought the approval of the regulator through its stockbroker, Signet Investment and Securities Limited.
Recall that on Tuesday, October 8, 2019, shareholders of LASACO Assurance approved the request of the board to embark on the exercise at the 39th Annual General Meeting (AGM).
By the time the exercise gets the authorisation of the regulator, the company’s 7,334,343,421 ordinary shares of 50 kobo each will reduce to 1,833,585,855 ordinary shares of 50 kobo each.
This will consequently decrease the paid-up share capital of LASACO Assurance to N916.8 million from N3.667 billion, though the value of the single unit of the firm’s stock will go up by 4.
Business Post reports that as at the time of filing this report, shares of LASACO Assurance were down by 3 kobo or 8.33 per cent to 33 kobo per unit from 36 kobo per unit.
“Dealing members are hereby notified that following the special resolution passed by the shareholders of LASACO Assurance Plc at the 39th Annual General Meeting of the company held on October 8, 2019, in favour of the company’s proposal to carry out a share capital reconstruction, LASACO Assurance Plc through its lead stockbroker, Signet Investment and Securities Limited, has submitted an application for the share capital reconstruction to the Nigerian Stock Exchange.
“The share capital will be reconstructed on the basis of one new ordinary share of 50 kobo each for every four ordinary shares of 50 kobo each previously held by the existing shareholders.
“The paid-up share capital of the company post the capital reconstruction exercise will be reduced from N3,667,171,710.50 divided into 7,334,343,421 ordinary shares of 50 kobo each to N916,792,929.63 divided into 1,833,585,855 ordinary shares of 50 kobo each,” a notice from the exchange on Thursday, stated.
Economy
Bulls Sustain Dominance at NGX as Investors Gain N241bn

By Dipo Olowookere
For the fourth consecutive trading session this week, the Nigerian Exchange (NGX) Limited ended in green territory with a 0.35 per cent growth on Thursday.
The bulls tigthened their grip on Customs Street yesterday as a result of sustained buying pressure, with investor sentiment remaining strong after the bourse ended with 38 price gainers and 21 price losers, implying a positive market breadth index.
Chellarams and Beta Glass gained 10.00 per cent each to settle at N9.46 and N160.65 apiece, International Energy Insurance appreciated by 9.93 per cent to N1.66, May and Baker rose by 9.78 per cent to N10.10, and Academy Press improved by 9.78 per cent to N3.93.
On the flip side, Abbey Mortgage Bank lost 10.00 per cent to quote at N7.47, Livestock Feeds declined by 9.77 per cent to N7.85, Legend Internet shed 8.50 per cent to finish at N9.15, Deap Capital shrank by 6.48 per cent to N1.01, and VFD Group tumbled by 5.88 per cent to N16.00.
A total of 554.1 million equities worth N14.4 billion exchanged hands in 16,704 deals yesterday compared with the 587.5 million equities valued at N18.7 billion transacted in 17,496 deals at midweek, indicating a shortfall in the trading volume, value, and number of deals by 5.69 per cent, 24.00 per cent, and 4.53 per cent, respectively.
Fidelity Bank topped the activity chart with 69.8 million shares sold for N1.4 billion, Access Holdings transacted 65.8 million stocks valued at N1.4 billion, Tantalizers exchanged 55.1 million equities worth N126.8 million, GTCO traded 46.0 million shares for N3.1 billion, and First HoldCo transacted 22.7 million stocks valued at N571.6 million.
Business Post reports that the consumer goods index depreciated by 1.34 per cent during the session and the commodity sector closed flat.
However, the banking industry improved by 1.02 per cent, the industrial goods sector advanced by 0.98 per cent, the insurance counter expanded by 0.33 per cent, and the energy space leapt by 0.07 per cent.
Consequently, the All-Share Index (ASI) closed higher by 382.13 points to 109,231.96 points from 108,849.83 points and the market capitalisation jumped by N241 billion to N68.653 trillion from N68.412 trillion.
Economy
Nigeria Repays $3.4bn COVID-19 Loan to Exit IMF Debtor List

By Adedapo Adesanya
The International Monetary Fund (IMF) has removed Nigeria from its Total IMF Credit Outstanding list after repaying the $3.4 billion pandemic loan.
The global lender provided funding support to some countries after the COVID-19 pandemic in 2020, which crumbled the global economic and made some nations struggling to survive.
Nigeria was among the countries that relied on the IMF for funding support and it has repaid the loan, prompting the lender to remove its name from the debtors’ list.
The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion, reaching $472 million by January 2025.
Commenting on the development, the Senior Special Assistant to the President on Digital Engagement and Strategy, Mr O’tega Ogra, described the clearance as a “strategic reset” for the nation’s financial policy.
He emphasized that this achievement is a reflection of the administration’s focus on fiscal discipline, long-term sustainability, and economic resilience.
“This milestone signals a new chapter for Nigeria, one marked by clarity, capacity, and fiscal responsibility.
“We are no longer defined by aid dependence but by our capacity to stand tall and manage our financial future on our terms,” Mr Ogra stated.
While Nigeria’s exit from the IMF’s debtor list is a symbolic moment of progress, Mr Ogra made it clear that the country would continue to engage with the IMF and other international partners, but now on a more proactive, strategic basis.
“Global partnerships remain essential, but we approach them from a place of strength, not dependency,” he added.
Economy
Nigeria Woos Norway on Debt Restructuring, Tax Transparency, Climate Finance

By Adedapo Adesanya
Nigeria has called for deeper collaboration with Norway in the areas of debt restructuring, tax transparency, and climate finance, as part of its broader strategy to unlock sustainable development opportunities through global partnerships.
According to a statement, this call was made by the Minister of State for Finance, Mrs Doris Uzoka-Anite, during a high-level bilateral meeting with the Norwegian Deputy Minister of International Development, Ms Stine Renate Håheim, held on the sidelines of the recent 2025 United Nations Meetings in New York.
Mrs Uzoka-Anite emphasized that Nigeria is prioritizing partnerships that can accelerate its economic reform agenda and climate resilience goals.
“We are actively seeking partners who understand the urgency of our development needs, especially in areas such as climate finance, debt restructuring, and tax cooperation,” she said.
She spoke on Nigeria’s interest in NORAD’s Energy for Development platform, which supports sustainable energy solutions across developing economies.
The Minister noted that Nigeria is eager to tap into the initiative to fast-track energy access and reduce emissions.
“Our energy transition plan aligns with global climate goals, and we believe collaboration under NORAD’s platform will be instrumental in delivering clean, affordable energy to millions of Nigerians,” she added.
The meeting also spotlighted the need for greater transparency in international tax cooperation frameworks.
“Improving tax transparency is critical to domestic resource mobilization. We welcome Norway’s support in helping us strengthen systems that fight illicit financial flows,” Mrs Uzoka-Anite stressed.
Ms Håheim acknowledged Nigeria’s regional importance and expressed readiness to explore areas of mutual interest, particularly in promoting inclusive growth and green development.
The statement added that the bilateral engagement reflects Nigeria’s diplomatic outreach at the 2025 UN Meetings, reinforcing its drive to forge strategic alliances that enhance governance, unlock financing for development, and boost resilience in the face of current global economic challenges.
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