By Aduragbemi Omiyale

Shareholders of Linkage Assurance Plc who intend to increase their stake in the company can now begin to do so through a rights issue window.

The organisation on Wednesday, March 6, 2026, commenced its N16.3 billion rights issue days after securing approval from the Securities and Exchange Commission (SEC).

Through the exercise, Linkage Assurance is selling to investors a total of 12,320,000,000 ordinary shares of 50 Kobo each at N1.32 per share.

It would be issued to shareholders on the basis of two new ordinary shares for every three ordinary shares held as of Thursday, January 22, 2026.

According to a notice issued by the Nigerian Exchange (NGX) Limited today, the rights issue will close on Thursday, April 23, 2026.

“Trading licence holders are hereby notified that trading in Linkage Assurance Plc’s rights issue of 12,320,000,000 ordinary shares of 50 Kobo each at N1.32 per share on the basis of two new ordinary shares for every existing three ordinary shares held as at the close of business on Thursday, January 22, 2026, opened today, Wednesday, March 11, 2026,” the statement signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, said.

Proceeds from the rights issue would be used by Linkage Assurance to meet the required minimum capital introduced by the Nigeria Insurance Industry Reform Act, 2025, and to expand into key areas of insurance business.

By Adedapo Adesanya

Nigeria has suspended the issuance of Premium Motor Spirit (PMS) or petrol import licenses for a second straight month in a move that signals a win for Dangote Refinery.

This development comes as regulators begin enforcing provisions of ​the Petroleum Industry Act (PIA) that allow imports only when domestic supply falls short.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that no import licenses were issued in February, while the Crude Oil Refineries Association of ​Nigeria (CORAN) confirmed to Reuters that none have been issued so far in March, signalling ​a shift towards prioritising local output.

According to Bloomberg, oil marketing firms, including a unit of TotalEnergies SE, Conoil Plc and MRS Nigeria Plc, which imported around one-quarter of the nation’s petroleum in January, had their licenses suspended.

The shift highlights a stronger ⁠intent by the federal government to protect domestic refining and marks a win ​for the Dangote Refinery and other local refineries, which last year sued the NMDPRA and the state ​oil company, the Nigerian National Petroleum Company (NNPC) Limited, to force a halt to imports.

Under the PIA, the regulator may grant import permits only when domestic production is not enough to meet national demand.

There have been previous arguments that issuing licenses was necessary to maintain competition and ​prevent market dominance.

Fuel pump prices have surged by more than 50 per cent since the United States and ‌Israel ⁠began strikes on Iran last week, pushing global oil markets higher.

NMDPRA Spokesperson, Mr George Ene‑Ita, blamed the sharp rise in prices on escalating conflict in the Middle East.

Nigeria’s average daily petrol consumption fell to 56.9 million litres per day ​in February 2026, ​down from 60.2 ⁠million litres in January.

In February, the Dangote Refinery supplied 36.5 million litres of petrol and 8 million litres of ​diesel to the local market, leaving a daily deficit of 20 million litres that was covered by previously imported stock.

According to NMDPRA, these volumes ​were sufficient, ⁠leading to its decision to withhold import licenses.

Mr Eche Idoko, spokesperson for the Crude Oil Refiners Association of Nigeria (CORAN), which has long urged the government to stop ⁠issuing import ​licenses that undermine local refiners’ margins, welcomed the ​regulator’s stance.

“For us, anything that protects local production is a good move. The challenge now is ​to sustain the momentum,” Mr Idoko said.

By Adedapo Adesanya

The federal government has begun assessing the potential economic implications of the escalating geopolitical tensions in the Middle East and adjusting policies to shield Nigeria from possible disruptions.

This was disclosed by the Minister of Finance, Mr Wale Edun, as the Economic Management Team (EMT) convened to evaluate the risks posed by the US-Israel-Iran standoff to global energy routes, such as the Strait of Hormuz.

He said Nigeria’s robust 4.07 per cent real GDP growth in Q4 2025 positions the country to weather looming oil market shocks from Iran tensions.

Mr Edun, who chairs the EMT, in a statement issued on Tuesday by the Assistant Director for Information and Public Relations in the ministry, Uloma Amadi, said the government was closely monitoring developments and remained committed to safeguarding Nigeria’s economic stability.

The EMT moved to review the potential impact of the unfolding crisis on the Nigerian economy.

Mr Edun also chaired a Naira-for-Crude policy coordination meeting to evaluate developments in the global energy market and their possible domestic implications.

The government noted that the situation remained fluid, with global markets already showing signs of uncertainty amid concerns about potential disruptions to critical energy supply routes, particularly the Strait of Hormuz.

Such disruptions, it said, could lead to volatility in crude oil prices and financial markets worldwide.

Given Nigeria’s integration into global commodity and financial markets, the government identified three major channels through which the crisis could affect the domestic economy.

These include crude oil and gas prices, capital flows and financial market conditions, as well as global logistics and supply costs.

The statement noted that volatility in global energy markets was already pushing up the prices of key commodities, with possible implications for domestic fuel, diesel, cooking gas, and fertiliser costs.

It added that heightened geopolitical risks could also lead to a shift by global investors toward safe-haven assets, potentially affecting capital inflows into emerging markets, including Nigeria.

In addition, disruptions to major shipping and energy supply routes could increase international freight and logistics costs, thereby exerting upward pressure on domestic prices.

The Minister of Finance noted that, beyond these immediate effects, sustained instability in the region could lead to higher prices for goods and services, further intensifying inflationary pressures and the cost of living.

During the EMT meeting, ministers provided sector-specific updates on the evolving situation, with discussions focusing on the likely scale of impact on Nigeria depending on the duration and intensity of the conflict.

Particular attention was placed on how developments in the global oil market could influence Nigeria’s fiscal outlook and external reserves.

The government said the Economic Management Team is closely monitoring key macroeconomic indicators, including global crude oil prices, exchange rate developments, and their potential impact on domestic prices.

It is also tracking capital flows, financial market conditions and broader implications for Nigeria’s fiscal position.

Despite global uncertainty, the Federal Government said Nigeria is entering the period from a position of strengthened economic fundamentals.

It cited recent economic data showing that the country recorded a real Gross Domestic Product growth of 4.07 per cent in the fourth quarter of 2025, one of the strongest quarterly performances in more than a decade.

According to the statement, the growth reflects the impact of ongoing economic reforms and improved macroeconomic coordination.

The government said it remains committed to protecting these gains and ensuring that recent progress in economic stabilisation and revenue mobilisation is not undermined by external shocks.

To achieve this, the Economic Management Team is maintaining close coordination across fiscal, monetary and energy policy institutions.

Policy options are also being kept under continuous review to mitigate potential volatility and protect households and businesses from the possible spillover effects of the global crisis.

Mr Edun emphasised that careful policy calibration would remain central to the government’s response to evolving global developments.