Economy
Tinubu Backs Implementation of $5bn Floating LNG Project
By Adedapo Adesanya
President Bola Tinubu has backed the implementation of a $5 billion Floating Liquefied Natural Gas (LNG) project in the country.
The President gave the backing when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies, and JGC Corporation in his office, alongside Ambassadors of France and Japan, to Nigeria on Wednesday.
Addressing State House correspondents after the meeting with the President, the leader of the delegation and Group Managing Director of UTM FLNG, Mr Julius Rone, said that a $5 billion loan has been signed with Afreximbank for the implementation of the floating LNG project.
Mr Rone, who conveyed the President’s stance, said the project has the capacity to generate 7,000 direct jobs and produce 300,000 tons of LPG every year.
He further disclosed that it is the first time in Nigeria that an indigenous company will be involved in such a project that would contribute to the decarbonisation efforts in Nigeria.
The first floating LNG project in Nigeria, according to him, is expected to come on stream by the first quarter of 2026.
During the President Muhammadu Buhari administration, the project was expected to be completed in 2025.
The former president said that the project was in line with the vision of the Federal Government to transform Nigeria into a gas-based economy by 2030.
This, he noted, was part of the declaration of 2021 – 2030 as the decade of gas, adding that it was becoming a solid reality with the commencement of preliminary engineering of the LNG project.
The FLNG facility was touted as a step forward in the right direction for the country to develop, exploit and monetize its over 209 trillion cubic feet (tcf) of proven gas resources and a potential upside of 600 tcf of gas to ensure energy security, economic growth and the reduction in emissions.
When the construction of the FLNG facility is completed, it will have an LNG nameplate production capacity of 1.2 million metric tonnes per annum and a storage capacity of 200,000 cubic meters, as well as ancillary facilities to be located 60 km from the shore of Akwa Ibom State.
It was also noted will create value and improve the contributions of the oil and gas sector to Nigeria’s Gross Domestic Product (GDP).
According to market research analysts, the FLNG market is estimated to increase at a compound annual growth rate (CAGR) of 27.14 per cent, reaching $88.99 billion by 2024.
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.
