Economy
TEF Gets N400m NEPC Grant for 50 Entrepreneurs
By Sodeinde Temidayo David
An African non-profit organization, Tony Elumelu Foundation (TEF), has received N400 million in grant funding from the Nigerian Export Promotion Council (NEPC) through the Export Expansion Facility Programme (EEFP) to accelerate the performance of TEF Alumni small and medium enterprises (SMEs) in Nigeria within the non-oil export sector.
At the signing ceremony organised between the two organisations at the Export House in Abuja, the Executive Director of NEPC, Mr Olusegun Awolowo, also revealed that the duo is set to create an army of exporters to drive non-oil exports and promote the diversification of Nigeria’s export portfolio for inclusive and sustainable economic growth.
“We have keenly admired the work that The Tony Elumelu Foundation has been doing with entrepreneurs across Africa, and took a cue from President Muhammad Buhari to support these efforts on behalf of the federal government through the EEFP under the Nigeria Economic Sustainability Plan (NESP),” Mr Awolowo noted.
The N400 million NEPC grant to the foundation is aimed to target Nigerian entrepreneurs who are willing to outgrow other governments in Africa to support the organisation in its bold drive to create tens of thousands of entrepreneurs across the continent.
In her remarks, the Chief Executive Officer of TEF, Mrs Ifeyinwa Ugochukwu, noted that the core mandate of the foundation is to empower young African entrepreneurs with training, support and first stage funding needed to start their businesses.
“We are very excited to have been identified by the NEPC/ EEFP as a reputable organisation to partner and empower 50 young Nigerian entrepreneurs with easy access to foreign markets and a one-of-a-kind opportunity to show the rest of the world the quality of minds and products that we have in Nigeria.
“Over the years, we have provided targeted technical assistance and support, equipping entrepreneurs with resources that capacitate them to transform the continent.”
The foundation boss recalled that the organization has launched a digital platform that enables market linkages for African entrepreneurs, called the TEFConnect.
Also at the signing ceremony, graduates from the TEF network of over 4,000 Nigerian entrepreneurs were present to share their business success stories with NEPC.
The strategic objective of the N400 million grant is to promote export inclusion, market access, and minimise logistical and export trade facilitation challenges.
Selected beneficiaries are from the TEF Alumni network of over 10,000 African entrepreneurs, who have been trained, mentored, and funded to enable their businesses to grow.
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.
