The Nigerian Upstream Petroleum Regulatory Commission has confirmed the commencement of consultations with relevant industry stakeholders on a domestic crude oil and gas swap arrangement aimed at cutting supply costs and ensuring more crude is available to Nigerian refineries.

The initiative is expected to strengthen compliance with the Domestic Crude Supply Obligation and Domestic Gas Supply Obligation while reducing the need to physically transport crude over long distances to meet supply requirements.

The NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed this during a courtesy visit to the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja on Thursday.

In a statement issued by the NUPRC Head of Media and Corporate Communications, Eniola Akinkuotu, on Friday, Eyesan said the proposed arrangement would allow producers and refiners to optimise existing logistics and supply networks

She said the commission was consulting relevant stakeholders to develop the modalities for the scheme, which would also involve the Gas Aggregation Company Nigeria Limited.

Eyesan explained that a swap arrangement would enable crude producers with export facilities to meet the obligations of producers closer to domestic refineries, eliminating the need to transport crude unnecessarily across the country.

The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is consulting widely with stakeholders in the industry on the idea of a domestic crude oil and gas swap that would reduce cost and increase availability of products in the country.

“Once all the modalities are finalised, there would be improved compliance with the Domestic Crude Supply Obligation and the Domestic Gas Supply Obligation. How the swap works is that I have an obligation somewhere and I am close to an export facility. Somebody else has an obligation inland and his own (facility) is close to a domestic offtaker.

“So, instead of trying to move from one end to the other, we just agree on a swap arrangement, and there is a mechanism for them netting off,” she said.

The proposal comes against the backdrop of a significant improvement in crude deliveries to domestic refiners. NUPRC data showed that 53.7 million barrels of crude oil were supplied to local refiners between April and June 2026, representing 97.4 per cent performance under the DCSO during the second quarter.

Despite the improvement, crude oil imports into the country have continued, with some refiners still relying on foreign crude to sustain operations.

Refiners have repeatedly complained that some crude producers sell locally supplied crude at premium prices, making it more expensive for them to source Nigerian crude than imported alternatives and undermining the competitiveness of domestic refining.

Eyesan said the persistence of imports had made it necessary for the commission to explore more efficient mechanisms for allocating and delivering domestic crude to refineries.

She, however, noted that discussions on a crude oil swap were still at an early stage, stressing that all necessary modalities would have to be agreed upon before implementation.

The NUPRC boss also pledged to strengthen collaboration with the NMDPRA to address challenges across the petroleum value chain.

Responding, the NMDPRA Chief Executive, Rabiu Abdullahi Umar, congratulated the upstream commission on what he described as a seamless and credible 2025 licensing round.

Umar also commended the NUPRC for improving enforcement of domestic crude supply to local refineries, saying the development was important to the growth of Nigeria’s refining industry. He noted, however, that pricing remained a major consideration in domestic crude transactions.

According to him, although the Petroleum Industry Act provides for transactions to be conducted on a willing-buyer, willing-seller basis, the price of crude remains critical to the viability of domestic refining.

The NMDPRA therefore expressed support for the establishment of strategic petroleum reserves, saying such reserves would strengthen Nigeria’s energy security and contribute to price stability.

The proposed crude swap arrangement adds to ongoing efforts by regulators to ensure that increasing domestic refining capacity is matched by reliable and competitively priced crude supplies.

With the Dangote Petroleum Refinery and other private refineries expanding operations, regulators face growing pressure to ensure that domestic crude supply obligations translate into actual feedstock availability for local refiners.

The Nigerian Exchange Limited closed trading on Thursday on a slightly bearish note, extending a multi-day pullback. The All-Share Index declined by 949.71 points, or 0.39 per cent, to close at 243,017.38 points, down from the 243,967.09 points recorded on Wednesday.

In tandem with the index decline, total equities market capitalisation contracted by N613.08bn to settle at N156.88tn.

Selling pressure was broad-based across major market sectors, as reflected in the sectoral indices. The NGX Main-Board Index slid to 10,939.43, while the NGX 30 Index dropped to 8,907.98. Banking equities recorded a soft retreat, with the NGX Banking Index dipping to 2,553.87.

The Insurance Index fell to 1,145.85, Consumer Goods decreased to 4,056.39, Industrial Goods slipped to 10,379.12, and the Growth Index contracted to 27,380.30. The Sovereign Bond Index remained unchanged at 668.35.

Market sentiment closed negative, as decliners comfortably outnumbered advancers across the trading floor.

Overall equities activity saw 4.24 billion shares exchanged across 41,389 transactions.

The equities market gainers were led by International Energy Insurance Plc, which advanced 10.00 per cent to close at N4.84, gaining N0.44. John Holt Plc followed closely, adding 9.89 per cent to settle at N10.00, while Trans-Nationwide Express Plc grew 9.75 per cent to end the session at N2.59.

SUNU Assurances Nigeria Plc appreciated 8.48 per cent to close at N3.58, and NEM Insurance Plc rounded out the top performance chart with a 6.25 per cent rally to N34.00.

On the losing side, Unilever Nigeria Plc led the decliners after shedding 9.97 per cent to close at N118.30, down by N13.10. Chellarams Plc plummeted 9.66 per cent to N10.75, while Chapel Hill Denham NIDF dropped 9.55 per cent to N147.70.

DAAR Communications Plc recorded a decline of 9.25 per cent to close at N1.57, and Cornerstone Insurance Plc sank 9.09 per cent to finish at N5.00.

Large-cap and tier-one banking counters displayed mixed movements throughout the trading session. United Bank for Africa Plc advanced 1.21 per cent to N46.00, and Ecobank Transnational Incorporated gained 3.64 per cent to reach N74.00.

On the other hand, Zenith Bank Plc slipped 2.24 per cent to N122.00, and Access Holdings Plc declined 3.28 per cent to settle at N26.50.

Trading in Exchange Traded Products logged 746 trades with 307,433 units executed. Top gains in the segment were led by The SIAML Pension ETF 40, which rallied 8.20 per cent to close at N2,600.00, and Meristem Value ETF, which added 1.54 per cent to end at N132.00.

Conversely, Vetiva Banking ETF fell 3.31 per cent to N34.81, and VSPBond ETF dropped 3.06 per cent to N222.00.

Nigeria’s economic outlook remains positive as improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reforms support economic expansion, the Organisation of the Petroleum Exporting Countries has said.

OPEC stated this in its latest assessment of the Nigerian economy, noting that the country’s economy expanded by 3.9 per cent year-on-year in the first quarter of 2026.

The growth rate was only slightly below the 4.0 per cent recorded in the fourth quarter of 2025, confirming that economic growth remained close to recent highs.

According to the oil producers’ organisation, the non-oil economy continued to provide the main support for growth, with activity driven by agriculture, manufacturing, construction, trade, finance and insurance.

It said higher oil output had also improved fiscal revenues, foreign exchange inflows and external buffers. “The economy expanded by 3.9 per cent, year-on-year, in 1Q26, only slightly below the 4Q25 pace of 4.0 per cent, confirming that growth remains close to recent highs,” OPEC stated.

The organisation said survey indicators pointed to continued, though moderating, momentum in private-sector activity. It noted that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased to 52.5 in July, from 53.4 in June and 54.1 in May.

The July reading, it said, was the weakest since March but still signalled a sixth consecutive monthly improvement in private-sector conditions. OPEC said firms again reported a marked increase in new orders, supported by improved customer demand, better pricing and new product launches.

It added that output and employment also rose modestly during the month. The organisation said higher domestic refining capacity, particularly improved fuel supply from the Dangote Petroleum Refinery, should further support energy availability and reduce some of the pressures associated with petroleum imports.

“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC stated.

The Dangote refinery, with a nameplate capacity of 650,000 barrels per day, has become a major source of locally refined petroleum products as its operations have expanded.

The refinery’s increased supply of petrol and other refined products has also reduced some of the country’s reliance on imported petroleum products, in line with the impact highlighted by OPEC.

On inflation, OPEC said pressures had begun to soften, with headline inflation standing at 15.9 per cent year-on-year in both June and May. “The July PMI pointed to softening input costs, despite higher fuel and raw material costs,” the organisation stated.

The report said the moderation in input costs was an indication that some cost pressures facing businesses had begun to ease, although higher fuel and raw material costs remained a challenge.

OPEC said Nigeria’s near-term outlook remained positive, with oil production, reform progress, infrastructure investment and stronger business activity providing support.

“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, progress on reforms, infrastructure investment, and stronger business activity,” it stated.

The organisation’s assessment comes as increased oil production continues to strengthen Nigeria’s fiscal position and foreign exchange inflows, while reforms and infrastructure investment support activity outside the petroleum sector.

The non-oil economy’s contribution remains significant, with agriculture, manufacturing, construction, trade, finance and insurance identified as the major drivers of activity.

Meanwhile, the July PMI data indicated that private-sector businesses continued to expand despite the moderation in the pace of growth. Firms reported increased new orders as customer demand improved, while better pricing and new product launches also supported activity.

Output and employment recorded modest increases, pointing to continued expansion in business activity. OPEC said the combination of improved macroeconomic stability, steady oil production and continued reform momentum had strengthened Nigeria’s economic outlook.

With domestic refining capacity also increasing, the organisation expects improved fuel availability to support energy supply while easing some import-related pressures.

The organisation maintained that the country’s near-term prospects remained favourable, supported by higher oil output, reforms, infrastructure investment and stronger private-sector activity.

 

 

Guinea Insurance Plc has successfully completed its recapitalisation exercise, with its capital position now above the ₦15 billion minimum capital requirement for non-life insurers, following the conclusion of the verification process by the National Insurance Commission (NAICOM).

 

 

The successful completion marks a defining moment in the Company’s transformation and positions Guinea Insurance with the financial strength, underwriting capacity and strategic platform to compete more aggressively, pursue larger opportunities and play a leading role in Nigeria’s insurance market.

 

For Guinea Insurance, recapitalisation is not the destination. It is the platform for growth. The Company is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

 

 

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:
“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”
He added:

 

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

 

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

 

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience. It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

 

 

According to the Company, the objective is clear: to turn capital strength into market strength. Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

 

 

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, is proposing fines of up to five per cent of the annual turnover of petroleum operators found guilty of serious anti-competitive practices in the midstream and downstream sectors.

This was disclosed in the draft regulations of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, 2026, analysed by our correspondent on Wednesday.

Under the proposed regulations, companies involved in serious offences such as price-fixing, bid-rigging, market allocation, abuse of market dominance and other conduct capable of causing significant harm to competition could be fined between three and five per cent of their annual turnover.

Persistent or serious offenders may also have their licences suspended or revoked, while the Authority may impose daily penalties on operators that fail to comply with its orders or continue prohibited conduct after being directed to stop.

The draft regulation states, “Where the Authority determines, after investigation and due process, that a licensee or any other person has engaged in anti-competitive conduct or breached any provision of this Regulation or the Act, it may impose administrative fines as provided herein.”

It further states, “The maximum administrative fine shall not exceed five per cent of the annual turnover of the offending undertaking for the preceding financial year.

“For purposes of these regulations, ‘annual turnover’ means gross revenues or sales derived from the regulated business activities in Nigeria. Where multiple entities or group structures are involved, the Authority may consider the turnover of the group, subsidiary, or segment most directly involved in the infringement.”

The proposed framework classifies competition infringements into three categories, with Category A covering severe offences, Category B moderate offences and Category C minor or technical breaches.

Category A offences attract indicative fines of between three and five per cent of annual turnover. They include cartel agreements involving price-fixing, bid-rigging and market allocation, as well as abuse of dominance with foreclosure effects, such as predatory pricing and refusal to supply an essential facility.

Aggravating factors would include repeat offending, obstructing an investigation, having a large market share or causing significant harm to the market. Mitigating factors include voluntary self-reporting, cooperation beyond legal obligations, early termination of prohibited conduct and an established compliance programme.

Category B offences attract fines of between one and three per cent of annual turnover and include exclusive dealing without clear foreclosure, tying or bundling with minor market harm and unfair discrimination between trading partners.

Category C offences could attract fixed penalties ranging from N5m to N50m or less than one per cent of turnover. These include failure to submit required competition reports, delays in submitting compliance reports and inadvertent data omissions or misstatements.

An operator that fails to comply with a final cease-and-desist order could face a daily penalty of between N5m and N25m until compliance is achieved. The proposed rules provide, “Where a licensee or person fails to comply with an order or directive of the Authority, a daily penalty may be imposed for each day the violation continues.”

Where a prohibited practice continues after a final order, the daily penalty could rise to between N10m and N50m. Before imposing a fine, the NMDPRA would issue a Notice of Intention to Fine setting out the facts and findings, the nature of the infringement, the basis for calculating the proposed fine and the proposed deadline for payment.

The affected operator would have at least 30 days to make written representations or request a hearing.

It states, “Before imposing a fine, the Authority shall issue a Notice of Intention to Fine, specifying: (a) The facts, findings, and nature of the infringement; (b) The basis for the proposed fine, including its calculation; and (c) The proposed deadline for payment. The respondent shall be granted no fewer than 30 days to make written representations or request a hearing.”

The proposed framework also extends accountability to individuals who knowingly participate in serious anti-competitive practices. Directors, managers and officers could face personal sanctions, including referral to the Federal Competition and Consumer Protection Commission for personal liability under the Federal Competition and Consumer Protection Act.

Persistent or serious violations could also result in the suspension or revocation of an operator’s licence or permit. Operators would generally be required to pay penalties within 30 days of a Final Penalty Order. The framework preserves the right to appeal, while unpaid fines would constitute debts recoverable by the Authority.

Meanwhile, stakeholders and operators have up to 21 days to submit comments, approval or objection on the proposed regulations, in compliance with Section 216(1) of the Petroleum Industry Act 2021, which requires stakeholder consultation before regulations are finalised.

The Securities and Exchange Commission (SEC) has fixed 5:00 p.m. on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).

 

The Commission made this clarification in a circular issued on Wednesday to capital market operators and other market participants as part of the implementation of the T+1 settlement cycle in the Nigerian capital market.

 

According to the SEC, all transactions in the affected securities must be fully paid by 5:00 p.m. T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.

 

It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.

 

The Commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.

 

However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.

 

The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.

 

The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.

 

The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment.

 

It added that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.

 

According to the Commission, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.

Stanbic IBTC Holdings Plc has notified the Nigerian Exchange Limited and its stakeholders of a potential delay in filing its Audited Financial Statements for the half-year ended 30 June 2026.

The financial holding company disclosed this in a regulatory statement signed by its Group Company Secretary, Chidi Okezie, and published on the NGX portal on Tuesday.

According to the group, the delay may prevent the submission of the H1 2026 results by the statutory regulatory deadline of 28 August 2026.

The group explained that it was currently finalising the audit of its half-year results, after which it would seek necessary approval from its primary regulator, the Central Bank of Nigeria, before releasing the scorecard to the investing public

The statement read, “This is to inform Nigerian Exchange Limited as well as our Esteemed Stakeholders that Stanbic IBTC Holdings Plc may experience a delay in filing its Audited Financial Statements for the Half Year ended 30 June 2026, by the due date of 28 August 2026.

“The company is currently finalising the audit of its 2026 Half Year Results, following which we would also be seeking the required regulatory approvals.

“We are working diligently to ensure that our company’s 2026 Audited Half Year Financial Statements are submitted to NGX as soon as we have received all required regulatory approvals, and this may occur before or shortly after the regulatory due date of 28 August 2026.”

The company assured shareholders and the market that all efforts were being made to expedite the process and publish the financial statements around or shortly after the regulatory timeline.

Under NGX post-listing rules, quoted companies are required to submit their quarterly and half-year interim reports within 30 to 60 days following the end of the period. However, commercial banks and financial holding institutions that undergo full interim audits are subject to regulatory clearance from the CBN before public release, often necessitating formal notifications to the market when review timelines extend beyond standard submission dates.