Economy
Nigeria’s Oil Production Within OPEC+ Limits—NNPC
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) has revealed that Nigeria has complied with the oil production quota allotted to the country by the Organisation of the Petroleum Exporting Countries (OPEC).
The Group Managing Director (GMD) of the state oil company, Mr Mele Kyari, in an interview with Channels TV on Monday evening, disclosed that Nigeria’s oil production is between 1.6 million barrels per day and 1.7 million barrels per day.
Mr Kyari said that prior to the COVID-19 pandemic, Nigeria had reached its highest output in 10 years, which was cut short by the effect of the pandemic on the market.
In his words, “Our production reached 2.4 million barrels per day, that did not happen in 10 years, that means you also have to face what COVID has put on the table, so you have to cut down production.
“Today, we are producing anywhere between 1.6 -1.7 million barrels per day,” he added.
According to Mr Kyari, Nigeria needed time to meet its obligations and faced some challenges at the onset of the pandemic but explained that the obligations have been fully met.
“There is a distinction between what you can do immediately and what you can do over a period of time. Sometimes we do have technical constraints that make it impossible to meet that quota.
“You may have seen through OPEC conversations that in some months we actually under-produced. Put in on balance, Nigeria has completely complied with our obligations to OPEC.”
According to two OPEC+ sources, compliance with oil production cuts in February rose to 113 per cent compared with a January compliance figure of 103 per cent.
Compliance from OPEC+ members reached 124 per cent, a figure which includes the additional voluntary cut from Saudi Arabia, which had taken an extra one million barrels per day cut.
The sources also noted that compliance from non-OPEC members in the alliance reached 94 per cent.
Reason for OPEC+ output limits
In 2019, the price of crude oil began to slide and at the beginning of 2020, it significantly waned as a result of a price war between two heavyweights in the market, Saudi Arabia and Russia.
Also, the COVID-19 pandemic caused an oil glut and because many nations restricted movements and travels in order to control the spread of the virus, the demand for the commodity reduced.
As a result of supply outweighing demand, prices crashed to $0 and to salvage the situation, oil producers came together to agree to reduce supply to support the value.
About 10 per cent of the daily global supply was cut off from the market and prices began to rise. Due to the success, members of the oil cartel agreed to continue to limit the supply of the product to the market.
By Aduragbemi Omiyale
The credit ratings of Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, have been upgraded by Agusto & Co.
The improved ratings underscore the company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.
In a statement, Stanbic IBTC Insurance said its long-term and short-term ratings of A and A1 were raised by the rating agency. It was added that the two ratings were given a stable outlook, reflecting stronger confidence in the company’s financial resilience, governance standards, and long-term sustainability.
Agusto also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.
As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.
In terms of claims settlement, Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants.
Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash.
Additionally, it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.
“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.
“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders.
“This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.
By Aduragbemi Omiyale
Additional 2,575,851,543 ordinary shares of First Holdco Plc issued to one of the investors of the company from a private placement have been listed on the Nigerian Exchange (NGX) Limited.
The equities were sold at the exercise at N32.50 per share, amounting to N83.715 billion. They were from the private placement of 3,276,923,077 ordinary shares of the financial services firm.
The listing of the new stocks have increased the total issued and fully paid-up shares of First Holdco Plc to 44,453,693,134 ordinary shares of 50 Kobo each from 41,877,841,591 ordinary shares of 50 Kobo each.
This development was confirmed by the bourse over the weekend in a disclosure to the investing community.
“Trading licence holders are hereby notified that additional 2,575,851,543 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, January 5, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 3,276,923,077 ordinary shares of 50 Kobo each at N32.50 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased from 41,877,841,591 to 44,453,693,134 ordinary shares of 50 Kobo each.
By Dipo Olowookere
Eighty-four equities gained weight on the floor of the Nigerian Exchange (NGX) Limited last week, higher than the 73 equities recorded a week earlier, helping the All-Share Index (ASI) to rise by 3.71 per cent to 162,298.08 points and lifting the market capitalisation by 3.84 per cent to N103.775 trillion.
In the five-day trading week, all other indices finished higher apart from the sovereign bond index, which closed flat.
Data also showed that 22 equities depreciated in the period under review, lower than 23 equities in the previous week, while 42 equities remained unchanged, lower than 51 equities in the previous week.
Multiverse ended the week as the biggest price gaienr after improving its value by 59.73 per cent to close at N23.40, McNichols appreciated by 53.20 per cent to N5.50, May and Baker expanded by 51.58 per cent to N28.80, Deap Capital rose by 43.54 per cent to N3.00, and Neimeth leapt by 43.22 per cent to N8.45.
On the other hand, Aluminium Extrusion was the biggest price loser with a 19.75 per cent decline to settle at N19.10, Austin Laz lost 11.56 per cent to trade at N4.13, Sovereign Trust Insurance moderated by 11.29 per cent to N3.38, Ikeja Hotel depreciated by 10.91 per cent to N40.00, and Juli contracted by 9.93 per cent to N7.26.
In the week, investors transacted 4.164 billion shares worth N94.026 billion in 248,254 deals versus the 7.821 billion shares valued at N134.471 billion traded in 150,799 deals in the preceding week.
Financial stocks led the activity chart with 2.651 billion units sold for N35.957 billion in 93,706 deals, contributing 63.67 per cent and 38.24 per cent to the total trading volume and value, respectively.
Services equities followed with 369.963 million units worth N3.383 billion in 16,521 deals, and third place was ICT shares with a turnover of 297.938 million units worth N5.727 billion in 21,548 deals.
Universal Insurance, Linkage Assurance, Access Holdings accounted for 1.261 billion shares worth N5.060 billion in 13,819 deals, contributing 30.28 per cent and 5.38 per cent to the total trading volume and value apiece.
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