By Rosemary Iwunze

Prestige Assurance Plc has successfully completed its recapitalization programme, marking a defining milestone in its corporate evolution and reinforcing its position as one of Nigeria’s financially resilient and forward-looking insurance companies.

The achievement, accomplished in compliance with the recapitalisation requirements of the National Insurance Commission (NAICOM), substantially strengthens the Company’s capital base, expands its underwriting capacity and enhances its ability to serve customers across an increasingly sophisticated risk environment.

Capital is to an insurance company what a deep foundation is to an enduring structure, rarely noticed, yet indispensable to strength, stability and longevity. Prestige Assurance’s successful recapitalization therefore represents more than regulatory compliance, it demonstrates strategic foresight, prudent corporate stewardship and confidence in the future of Nigeria’s insurance industry.

Commenting on the milestone, the Managing Director of Prestige Assurance Plc, Mr. Umesh Rathod, described the successful exercise as a collective achievement made possible by the enduring confidence of customers, brokers, shareholders, business partners and other stakeholders.

“This milestone reinforces our financial strength and significantly expands our capacity to underwrite larger and more complex risks while delivering faster claims settlement, innovative insurance solutions and exceptional customer service. Above all, it reflects our enduring commitment to those who have placed their confidence in our institution over the years.”

Rathod expressed profound appreciation to all stakeholders whose loyalty and support have contributed to the Company’s sustained growth and success. He noted that the stronger capital structure provides greater financial resilience, operational flexibility and capacity to respond effectively to the evolving needs of businesses and individuals.

As Nigeria’s economy continues to evolve, with growing investments in infrastructure, manufacturing, energy, aviation, agriculture and other strategic sectors, well-capitalised insurers are expected to play an increasingly important role in supporting economic growth.

Prestige Assurance’s strengthened financial structure positions the Company to participate more robustly in underwriting major risks while maintaining high standards of governance, operational excellence and integrity. The recapitalisation also reinforces the Company’s conviction that trust remains the true currency of insurance.

While financial capital provides institutional strength, confidence sustains enduring customer relationships. Prestige Assurance remains committed to preserving both through professionalism, transparency, responsiveness, innovation and prompt claims settlement.

As the Company enters this new phase of growth, it does so with renewed purpose, stronger capacity and a clear vision, to remain a dependable partner in protecting lives, safeguarding businesses and enabling prosperity across Nigeria.

Prestige Assurance thanked all stakeholders for their continued confidence and reaffirmed its commitment to delivering value-driven insurance solutions that consistently exceed expectations.

By Babajide Komolafe

AG Mortgage Bank Plc has significantly bolstered its liquidity position after investors completely snapped up its N3.97 billion Series 2 and 3 Commercial Paper (CP) issuance.

By achieving a 100 percent subscription rate, the bank has secured critical, cost-effective short-term funding that will enable it to scale its mortgage financing operations and accelerate its real estate pipeline.

The successful issuance marks another major milestone for the mortgage lender, signaling strong institutional trust in the bank’s financial health and strategic growth trajectory.

The Series 2 and Series 3 commercial paper notes were issued under AG Mortgage Bank Plc registered N5 billion Commercial Paper Programme. By pulling in N3.97 billion through these combined series, the bank successfully raised the vast majority of its total approved programme limit in one sweep. The successful commercial paper issuance of N3.97billion opened on June 10 and closed on June 18. With a tenor of 270 days and 364 days, the Series 2 and 3 CPs were issued at gross implied yield of between 22.5 percent and 24 percent. The Lead Arranger is FSDH Capital Limited, while the Joint Arrangers are Pathway Advisors Limited, AIICO Capital Limited, and ARM Capital Limited. The net proceeds from the commercial papers issuance will be used to support AG Mortgage Bank Plc short-term working capital and funding requirements.

While commenting on the fully subscribed Series 2 and Series 3 commercial paper notes, Mr. Ngozi Anyogu, Managing Director and Chief Executive Officer of AG Mortgage Bank Plc (AGMB) said, “The successful subscription of our commercial paper issuance reflects the confidence that investors have in AG Mortgage Bank, our governance standards, and our long-term vision for expanding access to housing finance. It reinforces our position as a trusted institution within Nigeria’s mortgage and capital markets.”

Speaking further, he said “The proceeds from this issuance will strengthen our liquidity position and support our short-term funding requirements, enabling us to deepen mortgage financing and accelerate the delivery of affordable, accessible, and available housing solutions for Nigerians. We remain committed to driving innovation in housing finance and creating sustainable value for our customers, investors, and the broader economy”

By Udeme Akpan & Obas Esiedesa, Abuja

Nigeria’s daily oil production declined by four per cent in July 2026, to 1.67 million barrels per day (mbpd) from 1.74mbpd recorded in June, according to the latest production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

However, the figures showed that Nigeria sustained production above the 1.5mbpd OPEC quota for the third consecutive month in July.

According to the NUPRC data, the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate during the month, bringing total daily production to 1.67mbpd.

Daily combined crude oil and condensate production peaked at 1.78mbpd during the month, while the lowest output stood at 1.57mbpd.

The July performance followed production of 1.70mbpd in May and 1.74mbpd in June. Earlier in the year, production stood at 1.663mbpd in April, 1.546mbpd in March, 1.483mbpd in February and 1.627mbpd in January.

The NUPRC attributed the July decline to operational challenges at the Erha and Akpo fields, which affected production output during the period under review.

The regulator said the disruptions constrained production volumes and contributed significantly to the reduction in national output.

Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures to maintain production efficiency and minimise the impact of operational constraints.

The latest figures indicate that while Nigeria continues to maintain production above its OPEC quota, operational disruptions at key producing assets remain a factor affecting overall output.

Meanwhile, the Federal Government (FG) is weighing major changes to its crude oil pricing and allocation rules to give domestic refiners, including the 650,000-barrel-per-day Dangote Refinery, better and cheaper access to feedstock.

The proposed reforms to the Domestic Crude Supply Obligation (DCSO) are expected to be discussed this week during a regulator-led review, according to the Crude Oil Refinery-owners Association of Nigeria (CORAN).

CORAN spokesperson, Eche Idoko, said the new proposals were being considered and, if approved, would enable refineries to source crude oil directly from oil and gas producing companies.

In another development, price of Premium Motor Spirit (PMS), also known as petrol, recorded marginal declines at several depots in Lagos, Calabar and Warri on Wednesday, August 12, 2026, while Automotive Gas Oil. (AGO), or diesel, increased at some depots in Lagos and Port Harcourt.

The latest Mid-Day Price Report released by Petroleumprice.ng showed that petrol prices remained relatively stable at a number of major depots but declined at others, indicating continued price adjustments across the downstream petroleum market.

In Lagos, the price of petrol at Dangote Depot fell by N9 to N1,172 per litre from N1,181 previously.

MRS Depot retained its price at N1,167 per litre, while African Terminal, Integrated and Pivot depots maintained their prices at N1,200 per litre.