Economy
Nigerian Stocks Gain 0.60% Despite Rate Hike by 1%
By Dipo Olowookere
Nigerian stocks maintained an upward trajectory on Tuesday with a 0.60 per cent growth on a day the Central Bank of Nigeria (CBN) announced a further rate hike by 100 basis points to 16.5 per cent.
On Monday, the central bank commenced its last Monetary Policy Committee (MPC) meeting for 2022, and the market was expecting the outcome of the deliberations yesterday.
At almost the time the Nigerian Exchange (NGX) Limited was closing for the day, the CBN Governor, Mr Godwin Emefiele, informed reporters in Abuja that the majority of the committee’s members voted to raise the Monetary Policy Rate (MPR) by one per cent to keep the rising inflation under control.
Business Post observed that buying pressure across the sectors of the bourse strengthened the market during the session, with the banking, consumer goods, industrial goods, energy and insurance counters improving by 1.10 per cent, 0.86 per cent, 0.33 per cent, 0.19 per cent, and 0.18 per cent, respectively.
As a result, the All-Share Index (ASI) went up by 266.37 points to 44,929.33 points from 44,662.96 points, while the market capitalisation grew by N145 billion to N24.472 trillion from N24.327 trillion.
The market breadth remained positive yesterday, with 27 advancers and seven decliners, indicating a strong investor sentiment triggered by renewed interest in the equity market.
UPDC REIT gained 10.00 per cent during the session to settle at N2.75, International Breweries rose by 9.41 per cent to N4.65, Sovereign Trust Insurance improved by 8.33 per cent to 26 Kobo, Fidson inflated by 6.99 per cent to N8.72, and UAC Nigeria increased by 6.74 per cent to N9.50.
However, RT Briscoe lost 10.00 per cent to finish at 27 Kobo, Presco dropped 7.17 per cent to trade at N110.00, Chams deflated by 4.17 per cent to 23 Kobo, Sunu Assurances went down by 3.45 per cent to 28 Kobo, and Consolidated Hallmark Insurance was trimmed by 3.28 per cent to 59 Kobo.
Zenith Bank emerged as the busiest stock during the session after transacting 13.6 million units, followed by Fidelity Bank with 12.2 million units. MTN Nigeria sold 12.0 million shares, AIICO Insurance traded 11.0 million stocks, and Transcorp transacted 10.2 million equities.
Cumulatively, investors bought and sold 126.6 million shares worth N3.9 billion in 3,383 deals on Monday, in contrast to the 151.2 million shares worth N1.9 billion traded in 3,530 deals on Monday, indicating an improvement in the value of transactions by 103.29 per cent, a decline in the volume of trades by 16.29 per cent, and a shortage in the number of deals by 4.16 per cent.
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.
