Economy
Nigerian Stocks Recover 1.63% After CBN Forbearance Scare
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited regained 1.63 per cent on Wednesday as banks began to update the investing community on their plans to exit the forbearance regime of the Central Bank of Nigeria (CBN).
A few days ago, the banking sector regulator suspended the payment of dividend to shareholders, issuance of bonuses to directors and investment in foreign subsidiaries until affected financial institutions cleaned up their balance sheet.
The prospect of not receiving dividends triggered sell-offs in banking equities and other Nigerian stocks on Monday and Tuesday, but after banks began to assure shareholders of exiting the regime this year, tension started to calm.
Business Post observed that apart from the consumer goods index, which depreciated by 0.16 per cent, every other sector closed higher at midweek.
The energy space grew by 7.49 per cent, the commodity counter appreciated by 5.63 per cent, the banking sector rose by 3.25 per cent, the insurance industry went up by 2.02 per cent, and the industrial goods space improved by 0.09 per cent.
As a result, the All-Share Index (ASI) gained 1,876.71 points to settle at 116,786.87 points compared with Tuesday’s 114,910.16 points and the market capitalisation soared by N1.184 trillion to N73.681 trillion from N72.497 trillion.
A total of 640.1 million shares valued at N26.0 billion exchanged hands in 19,727 deals during the session versus the 721.8 million shares worth N22.0 billion transacted in 22,100 deals a day earlier, indicating a decline in the trading volume and number of deals by 11.32 per cent and 10.74 per cent, respectively, and a rise in the trading value by 18.18 per cent.
Zenith Bank topped the activity chart on Wednesday with 149.9 million stocks sold for N7.2 billion, Access Holdings traded 48.6 million equities worth N1.0 billion, UBA transacted 43.0 million shares valued at N1.5 billion, Nigerian Breweries exchanged 37.7 million stocks for N2.2 billion, and Fidelity Bank traded 30.8 million equities worth N568.5 million.
The biggest price gainer for the day was NEM Insurance with a 10.00 per cent growth to sell for N16.50, Beta Glass firmed up by 9.99 per cent to N250.95, Seplat Energy appreciated by 9.78 per cent to N5,450.00, Thomas Wyatt grew by 9.73 per cent to N2.03, and Linkage Assurance increased by 9.56 per cent to N1.49.
Eterna suffered the heaviest loss after it crumbled by 10.00 per cent to N38.70, Secure Electronic Technology dropped 9.68 per cent to trade at 56 Kobo, Legend Internet lost 9.66 per cent to quote at N6.55, FTN Cocoa declined by 6.07 per cent to N2.63, and Guinea Insurance slipped by 5.00 per cent to 76 Kobo.
At the close of transactions, Customs Street recorded 38 price gainers and 30 price losers, implying a positive market breadth index and strong investor sentiment.
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.
