Economy
Oil Slips as Iran Hints Return of Nuclear Talks
By Adedapo Adesanya
Oil went lower on Thursday as Iran said talks with world powers on its nuclear programme would resume by the end of November.
This fell the Brent crude oil by 0.31 per cent or 26 cents to $84.32 per barrel and dragged down the United States West Texas Intermediate (WTI) crude oil grade by 0.18 per cent or 15 cents to $82.81 per barrel.
Iran’s top nuclear negotiator said the country’s nuclear talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November.
Deputy Foreign Minister Ali Bagheri Kani, who is leading negotiations for Iran, said a date will be announced next week. His comments came after he met the European Union’s deputy envoy for foreign affairs, Enrique Mora, in Brussels.
US officials said they would discuss Iran with European allies at the G20 meeting in Rome this weekend saying the country is committed to a “diplomatic path forward,” according to White House Spokeswoman, Mrs Jen Psaki.
The market didn’t receive the news well as a deal could pave the way to lifting harsh sanctions imposed by former US President Donald Trump on Iran’s oil exports in late 2018.
Analysts pointed out that oil traders had not expected the nuclear talks to resume as soon as next month, estimating that Iran could increase daily oil production to an average of 3.2 million barrels over the first half of 2022. That would be up from around 2-2.5 million barrels a day now.
This did not allow the market to return to its expected bullish arena after US crude stocks rose by 4.3 million barrels last week, the US Energy Information Administration (EIA) said on Wednesday, more than double the 1.9 million-barrel gain forecast by analysts.
The hefty stock build was because of a large jump in net imports of crude oil while refinery processing remained sluggish.
In China, authorities placed price caps on coal prices as they unleashed their latest crackdown on a commodity it felt was mispriced despite urging energy firms to secure supplies at any price less than a month ago.
Outbreaks of coronavirus infections in China and deaths as well as the threat of lockdowns in Russia, along with rising cases in western Europe, also weighed on prices.
The steady increase of cases in the past week and their geographical spread alarmed local authorities could prompt the return of complex sets of restrictions on travel as well as on the tourism and catering sectors.
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.
