Economy
UPDC, Zenith Bank, LASACO Shares Witness Heavy Transactions
By Modupe Gbadeyanka
There were heavy transactions around shares of UACN-Property Development Company (UPDC), Zenith Bank and LASACO Assurance on the floor of the Nigerian Stock Exchange (NSE) last week.
Business Post reports that one of the reasons for the activities in UPDC was the transfer of stocks held in the company by UAC Nigeria to Custodian Investment, which is taking control of the real estate company going forward. Also, the interim dividend proposed by the board of Zenith Bank lured investors to trade the lender’s securities.
During the five-day trading week, UPDC, Zenith Bank and LASACO Assurance accounted for 1.2 billion shares worth N3.2 billion in 2,148 deals, contributing 55.61 per cent and 29.60 per cent to the total equity turnover volume and value respectively.
Data from the exchange showed that investors traded a total 2.2 billion shares worth N11.0 billion in 18,013 deals in contrast to a total of 1.1 billion shares valued at N7.4 billion transacted in 16,684 deals the previous week.
It was observed that this time, unlike the previous weeks, the construction/real estate industry led the activity chart with 954.5 million shares valued at N681.4 million traded in 218 deals, contributing 43.21 per cent and 6.22 per cent to the total equity turnover volume and value respectively.
The financial services sector, which used to top the table, was pushed to the second position with 889.9 million shares worth N6.5 billion in 10,107 deals, while the third place was the conglomerates industry, with a turnover of 209.4 million shares worth N580.0 million in 677 deals.
A total of 41 equities appreciated in price during the week, higher than 29 equities in the previous week, while 19 equities depreciated in price, lower than 36 equities in the previous week, with 103 equities remaining unchanged, higher than 98 equities recorded in the previous week.
On the gainers’ chart was led by Royal Exchange, which appreciated by 26.92 per cent to close at 33 kobo per share and was followed by Cornerstone Insurance, which rose by 17.86 per cent to settle at 66 kobo per share.
Union Diagnostic and Clinical Services gained 12.50 per cent to finish at 27 kobo per share, UAC Nigeria appreciated by 10.53 per cent to close at N6.30 per share, while Livestock Feeds gained 10.00 per cent to settle at 66 kobo per share.
On the flip side, The Initiatives was the worst-performing stock, losing 18.57 per cent to settle at 57 kobo per share, while LASACO Assurance trailed with a price depreciation of 16.13 per cent to close at 26 kobo per share.
Tripple Gee and Company declined by 12.00 per cent to settle at 44 kobo per share, C&I Leasing lost 10.00 per cent to end at N3.60 per share, while Academy Press depreciated by 10.00 per cent to finish at 27 kobo per share.
In the week, the All-Share Index (ASI) and market capitalisation appreciated by 1.17 per cent to close at 25,605.64 points and N13.358 trillion respectively. Also, all other indices finished higher with the exception of the ASeM index, which depreciated by 1.63 per cent.
By Adedapo Adesanya
The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
The Chairman of the committee, Mr Adetokunbo Abiru, the senator representing Lagos East, who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or global regulatory standards.
According to the Senate, the decision to change the Commission’s name was informed by the need to eliminate confusion associated with the existing designation and to better reflect the institution’s regulatory mandate within Nigeria’s insurance industry.
The bill also provides legal protection for the commission and its officers against adverse claims arising from the lawful execution of their statutory duties.
However, he noted that the commission’s enabling law had become obsolete, exposing significant regulatory gaps that required urgent legislative intervention.
‘The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” the lawmaker said.
He explained that the new legislation seeks to strengthen the independence of the commission by empowering it to make regulatory decisions without undue influence in the country’s insurance sector.
According to him, the bill also enhances the commission’s authority to exchange information and collaborate with domestic and international regulatory bodies, issue regulations, guidelines, standards and directives on insurance-related matters, and intervene more effectively in financially distressed insurance companies to protect policyholders and preserve financial stability.
This marks yet another move to strengthen the country’s insurance sector following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) of 2025 and the industry-wide recapitalisation exercise, which will wrap up by July 31.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
