Economy
Oil Steadies Amid Mixed US Economic Data, Looming Russian Ban
By Adedapo Adesanya
Oil steadied on Thursday on mixed data about the state of the economy in the United States and looming sanctions on Russian energy products, which fell Brent crude futures by 5 cents to $82.79 a barrel, with West Texas Intermediate crude (WTI) rising by 3 cents to $76.44 per barrel.
An indicator of slowing in the US economy came as new orders for US manufactured goods rose broadly in December, while orders for industrial equipment and other machinery fell, according to the latest data from the Commerce Department.
The department said on Thursday that factory orders increased 1.8 per cent after dropping 1.9 per cent, while orders increased 11.8 per cent on a year-on-year basis in December.
The US Federal Reserve’s fastest cycle of interest rate hikes since the 1980s, aimed at fighting inflation, is undercutting demand for crude oil and other goods.
Pressure also came from a rebound in the US Dollar index, which hit a nine-month low earlier in the session on softer US Federal Reserve rate hike bets also weighed on oil prices.
A stronger greenback makes Dollar-priced oil more expensive for holders of other currencies.
The US Fed raised its target interest rate by a quarter of a percentage point on Wednesday but continued to promise ongoing increases in borrowing costs as part of its battle against inflation.
Meanwhile, helping to keep oil from moving lower was a European Union ban on Russian refined products is set to take effect on February 5, potentially dealing a blow to global supply.
EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products after postponing a decision on Wednesday because of divisions among member states.
European Commission President, Ms Ursula von der Leyen and a team of 15 commissioners arrived in Kyiv, the capital of Ukraine, on February 2 for the first-ever joint meeting with Ukraine’s government.
The focus will be on Russia’s invasion, launched on February 24 last year, and Ukraine’s bid for membership to the bloc on the agenda.
Ms Von Der Leyen also promised a 10th round Of sanctions on Russia.
The Commission proposed last week that from February 5, the EU apply a price cap of $100 a barrel on premium Russian oil products such as diesel and a $45 per barrel cap on discounted products such as fuel oil.
Meanwhile, a panel of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, endorsed the producer group’s current output policy at a meeting on Wednesday.
This leaves production cuts agreed upon last year unchanged amid hopes of higher Chinese demand and uncertain prospects for Russian supply.
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.
