Economy
Apple Set to Launch 5G iPhone 12 October 13

By Adedapo Adesanya
The much-anticipated iPhone 12 smartphone is expected to be launched on Tuesday, October 13, 2020, Apple has announced. This will be the second fall special event.
The anticipated device is expected to include superfast 5G wireless connectivity and a new iPad-inspired design and it will be unveiled in a live event next week Tuesday (7 pm Nigerian time).
Four new devices are expected within the iPhone 12 range, as well as Apple AirTags and over-the-ear headphones.
Business Post had reported that the company unveiled a range of new products including Apple Watches and iPads last month, but for the first time in years, it did not release a new iPhone at the same time.
The iPhone 12 generation is rumoured to be made up of four variants; the 5.4-inch iPhone 12, the 6.1-inch iPhone 12 Max, the 6.1-inch iPhone 12 Pro, and the 6.7-inch iPhone 12 Pro Max.
Aside from the name, the Pro models are expected to have better displays, supporting 120Hz ProMotion and 10-bit colour.
The standard iPhone 12 may cost between $699 and $799, in line with the current $699 price of the base iPhone 11, while the 12 Pro would be likely to cost somewhere around the $999 mark.
The biggest of the bunch, the iPhone 12 Pro Max, would likely cost in the same region of the current 64GB 11 Pro Max, $1,099, although an increase to $1,199 would not be out of the question.
It’s also worth noting that some reports suggest the 12 Pro and 12 Pro Max will have a higher base storage of 128GB, rather than the 64GB on the 11 Pro and 11 Pro Max, which may affect pricing.
There are also rumours that Apple may offer an iPhone 12 Mini, possibly as a reaction to some people complaining smartphones are increasingly not pocket-friendly.
Video capabilities across the board are also expected to be improved to include 4K slow motion at up to 240 frames per seconds (fps), as well as discussions of an “Enhanced Night Mode” and “Advanced Noise Reduction.”
Apple is also rumoured to be working on over-the-ear headphones to add to the AirPods family, potentially called AirPods Studio.
The most interesting feature is the Apple AirTags – similar to the Tile Bluetooth trackers, which can be added to a keyring or other physical items and located using an iPhone app.
This would enable users to pull up the app on their iPhone and get an idea of where the tag is located in the immediate environment. It is being touted that even if the tag has been left further afield, there are suggestions it could be located by other iPhones through Apple’s “Find My” app mesh network.
Economy
NIA Inaugurates Lab for Digital Insurance Solutions

By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has inaugurated its 2025 Innovation Lab, a facility designed to accelerate digital solutions and reshape insurance practice in the country.
Speaking at the launch on Monday in Lagos, NIA Chairman, Mr Kunle Ahmed, said the initiative marked a milestone in repositioning the industry for a technology-driven future.
Mr Ahmed recalled that at his inauguration in October 2024, he emphasised the need for insurers to embrace digital innovations and pledged to establish an innovation challenge to foster new solutions.
“Today, we are not just opening a facility, we are igniting a movement, rooted in innovation, driven by collaboration, and destined to transform the way we protect lives, assets, and futures,” he said.
Mr Ahmed explained that the lab would serve as a hub where ideas would be nurtured, technologies tested, and scalable solutions developed for the Nigerian market.
According to him, the youthful demographics of Nigeria, with a median age of 18 years, make it imperative for insurers to adopt digital platforms, artificial intelligence, blockchain, and data analytics.
He said this was needed to improve efficiency, expand access, and deepen trust.
“Innovation is not a luxury. It is a necessity. The future of our industry depends on agility, inclusiveness, and digital empowerment,” he said.
Mr Ahmed urged regulators, technology partners, and member companies to collaborate with the association in making the innovation lab a success.
He described the lab as a symbol of unity of purpose and diversity of thought, adding that it would serve as a platform for continuous learning and adaptation in a rapidly changing world.
“To our innovators, this is your launchpad, your opportunity to shape the future.
“To our member companies, invest in this future. And to every Nigerian, believe in the power of innovation to protect assets and sustain standards of living,” he said.
On his part, Mr Babatunde Fajemirokun, who chairs NIA’s Advisory Committee on Digital Innovation and IT, presented insights from the survey earlier conducted which informed on the challenging areas to wade into.
The survey, which engaged 45 senior leaders including 22 Chief Executive Officers, 10 Chief Technology Officers, and 13 heads of strategy across life, general, and micro-insurance, revealed areas where the industry must channel its focus.
“The data reveal a sector ready to embrace innovation, with 87 per cent of executives expressing willingness to collaborate on shared solutions and 69 per cent confirming readiness to commit resources in 2025.
“Customer experience, acquisition, KYC, and distribution rank as the top priorities for innovation.
“Fraud management, eKYC, and claims exchange emerged as the most promising areas for industry-wide collaboration,” he said.
Economy
Nigeria Maintains OPEC’s 1.5 million Barrels Per Day Output Quota in July

By Adedapo Adesanya
For the second consecutive month, Nigeria maintained its crude production quota of 1.5 million barrels per day in July 2025.
According to the August 2025 Monthly Oil Market Report (MOMR) released by the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria was able to sustain its crude oil production for two months straight.
As part of efforts to avoid oil glut, which refers to having too much oil supply in the global market, and keep prices stable to help economies grow, OPEC provided every member country with a production cap.
For Nigeria, it has not been able to reach the level in recent times until January 2025, when it recorded the highest output of 1.54 million barrels per day.
However, it dropped below the 1.5 million barrels daily mark in February until May.
Momentum picked up again when the country’s average daily oil production rose to 1.505 million barrels per day in June.
It has now sustained this again with data showing Nigeria produced 1.507 million barrels per day in July.
Prior to this, production averaged 1.453 million barrels per day in May.
Crude production dropped to 1.46 million barrels per day in February, 1.40 million barrels per day in March, 1.48 million barrels per day in April and 1.45 million barrels per day in May.
Nigeria is actively boosting crude oil production by reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain.
With the country’s production picking up, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bashir Bayo Ojulari, noted that this could lead to country to ask for a higher output benchmark from OPEC.
Oil accounts for over 60 per cent of Nigeria’s foreign earnings and a higher output quota will help boost the country’s foreign reserves and reduce the need to borrow to fund the N54 trillion budget for 2025.
Economy
NASD Exchange Weakens 1.84% in Week 33

Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further depreciated by 1.84 per cent in the 33rd trading week of 2025 despite the addition of MRS Oil Nigeria Plc in the week, though it boosted the market capitalisation of the platform.
In the week, the NASD Unlisted Securities Index (NSI) went down by 67.34 point to 3,587.76 points from the 3,655.10 points recorded in the previous week, while the market capitalisation went up by N6.14 billion to N2.146 trillion from N2.140 trillion in Week 32.
Business Post reports that the bourse ended the week with seven price gainers and six price losers led by Central Securities Clearing System (CSCS) Plc, which declined by 18.09 per cent to N43.82 per share from N53.50 per share.
Further, Okitipupa Plc, which declined by 5.37 per cent to N224.56 per share from N237.24 per share, FrieslandCampina Wamco Nigeria Plc lost 7.33 per cent to N64.51 per unit from N69.61 per unit, NASD Plc depreciated by 2.32 per cent to N29.50 per unit from N30.20 per unit, Mixta Real Estate Plc dropped 8.91 per cent to N5.52 per share from N6.06 per share, and Geo-Fluids Plc fell by 1.00 per cent to N4.95 per unit from N5.00 per unit.
On the flip side, 11 Plc gained 9.49 per cent to N250.84 per share from N229.10 per share, Afriland Properties Plc improved by 7.14 per cent to N21.00 per unit from N19.60 per unit, Food Concepts Plc appreciated by 6.21 per cent to N3.42 per share from N3.22 per share, UBN Property Plc rose by 5.00 per cent to N2.10 per unit from N2.00 per unit, Acorn Petroleum Plc expanded by 9.24 per cent to N1.30 per share from N1.19 per share, First Trust Mortgage Bank Plc increased by 1.61 per cent to 63 Kobo per unit from 62 Kobo per unit, and Industrial and General Insurance (IGI) Plc grew by 32.59 per cent to 57 Kobo per share from 43 Kobo per share.
Last week, the total value of trades jumped by 580.7 per cent to N1.102 billion from the previous week’s N161.9 million, the total volume of transactions surged by 160.5 per cent to 70.9 million units from 27.2 million units, and the number of deals declined by 0.55 per cent to 182 deals from 183 deals.
The most traded stock by value was Okitipupa Plc with N917.9 million, Geo-Fluids Plc recorded N96.6 million, Friesland Campina Wamco Nigeria Plc posted N22.8 million, CSCS Plc traded N18.5 million, and IGI Plc reported N17.8 million.
The most traded stock by volume was IGI Plc with 35.3 million units, Geo-Fluids Plc exchanged 19.4 million units, Food Concepts Plc transacted 5.2 million units, Okitipupa Plc quoted 4.2 million units, and IPWA Plc achieved 3.6 million units.
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