NICON, Nigerian Re and other insurers reportedly missed the recapitalisation deadline after failing to submit audited financial statements covering several years and lacking approved financial statements since 2019. The regulatory development is relevant to Nigeria’s insurance sector and listed financial services equities.
PENGASSAN warned that frequent amendments to Nigeria’s Petroleum Industry Act could weaken investor confidence and urged support for local refining and workers’ welfare. TotalEnergies said Nigeria needs to convert oil reforms into bankable projects, highlighting potential implications for the operating environment of listed petroleum companies.
NERC has directed the newly constituted interim board overseeing Kaduna Disco to implement a 12-month reset plan. The commission also announced the transfer of oversight for the Akwa Ibom electricity market to the state regulator, AKSERC, reflecting ongoing changes in power-sector administration.
The NUPRC says a new executive order by President Tinubu could unlock up to one million additional barrels per day of oil production. Officials also noted that only a portion of deep offshore oil and gas output is currently being produced and stressed regulatory certainty as important for attracting investment.
Nigeria’s federal government reportedly spent N9.39 trillion on public-sector wage adjustments, minimum wage increases and allowances between June 2023 and December 2025. The amount was nearly twice the N5.4 trillion received as the government’s share of resources generated from petrol subsidy removal, prompting scrutiny from analysts and civil society groups.
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