CAPITALDIGEST DAILYNEWS, 09/11/2026

NUPRC WOOS GLOBAL INVESTORS WITH 40 OIL BLOCKS  

The Nigerian Upstream Petroleum Regulatory Commission has urged international oil and gas investors to consider Nigeria as a preferred investment destination amid growing global energy tensions and increasing competition for capital. The commission said Nigeria was offering a more stable and competitive investment environment, backed by improved security, attractive fiscal incentives and regulatory reforms, as it prepares to offer 40 oil and gas blocks in its 2026 licensing round. The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, made the call during a roundtable discussion titled, ‘Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security,’ at the 2026 Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi on Monday. In a statement issued by the Head of Media and Corporate Communications of the NUPRC, Eniola Akinkuotu, Eyesan said Nigeria was positioning itself to attract investment at a time when countries were competing aggressively for limited global capital. The statement read, “The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, has told investors that Nigeria offers a stable climate amid the global energy tension and therefore urged investors to look towards Nigeria by taking advantage of the 2026 Licensing Round which has 40 oil and gas blocks on offer. She also disclosed that the licensing round portal will officially open on November 20, 2026.” She disclosed that the bidding portal for the licensing round would officially open on 20 November, 2026, urging investors to take advantage of the opportunities. She said, “We are expecting investors to turn to Nigeria. We are going in for another licensing round and we will be launching our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive. “We have set a very attractive fiscal framework for investors. The entire environment is a lot more secure. We have been able to manage costs with a lot of incentives for investors and we expect to see investors take up the offer when we open the portal.” The 2026 licensing round represents another attempt by the Federal Government to attract fresh capital into the upstream petroleum sector, increase exploration activities and boost crude oil and gas production. Nigeria had struggled to attract sufficient investment into its oil industry over the years due to regulatory uncertainty, insecurity, crude oil theft, pipeline vandalism, high operating costs and delays in project approvals. However, Eyesan attributed the improvement in the country’s investment climate to the Petroleum Industry Act, signed into law in 2021, and executive orders introduced by President Bola Tinubu to address bottlenecks in the petroleum industry. She said the reforms had helped improve the regulatory environment and positioned Nigeria to compete more effectively for investments. According to her, the NUPRC has conducted at least four successful licensing rounds between 2021 and 2026, marking a departure from the period before the PIA, when licensing rounds were less frequent. The commission chief executive said Nigeria’s vast gas reserves also presented significant investment opportunities, particularly as the country seeks to expand domestic supply and develop export infrastructure. She disclosed that Nigeria had about 215 trillion cubic feet of gas reserves, while daily production remained below seven billion cubic feet, highlighting the gap between the country’s resource potential and actual output. Eyesan said the completion of major gas infrastructure projects would help unlock supply and create opportunities for investors seeking to participate in the development of the country’s gas industry. “The stars are already aligned. For gas infrastructure, we just completed very major infrastructure projects that will unlock gas supply in the country and the sub-region. “We talk about two major projects on the drawing board to move gas through the Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline. Again, this gas will go somewhere in Europe and will also meet regional demands. So, Nigeria is positioned to meet not just domestic supply,” she stated.

INSURERS WARNED RECAPITALISATION MAY FAIL WITHOUT STRONGER CORPORATE GOVERNANCE

The National Insurance Commission has said that higher capital alone cannot guarantee financial stability, urging boards to strengthen risk management and protect shareholders’ funds. The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin, said raising additional capital was only the first step towards building financially resilient insurance institutions, stressing that the ability to protect and effectively deploy the funds would determine the industry’s long-term stability. He spoke at the eighth Annual Insurance Directors’ Conference, organised by the College of Insurance and Financial Management in collaboration with NAICOM in Lagos on Thursday. The conference was themed, ‘Recapitalisation to Resilience: Leading the Risk-Based Capital Era’. Omosehin said the industry must move beyond meeting minimum capital requirements to building institutions capable of withstanding economic shocks, technological disruptions and emerging business risks. He warned that poor governance, weak internal controls, inappropriate investments and ineffective risk management could undermine even well-capitalised insurance companies. “Recapitalisation was never the destination; it is the gateway to a more demanding phase — a phase that will be defined not by the size of capital alone, but by how that capital is governed, protected, deployed and aligned with risk,” he said. The commissioner explained that the transition to the risk-based capital framework would fundamentally change how insurance companies are assessed and supervised, as regulators would increasingly examine whether their capital levels were adequate relative to the risks they undertake. He distinguished between the minimum capital requirement, which represents the minimum funds an insurer must maintain to operate its licensed business, and risk-based capital, which considers the nature, size and complexity of the risks carried by each institution. Under the framework, he said, an insurance company could meet its prescribed minimum capital requirement but still have insufficient capital to support its actual risk exposure. Omosehin said NAICOM would therefore pay greater attention to the quality of capital, corporate governance, risk management systems, financial reporting and insurers’ ability to meet claims obligations. He added that successful recapitalisation would not shield operators from continuous regulatory scrutiny, urging companies to maintain accurate financial records and submit reliable and timely information to the commission. He warned that capital could be depleted through poor underwriting decisions, excessive operating expenses, inappropriate investments and uncontrolled business expansion. Speaking at the conference, the President of the Chartered Insurance Institute of Nigeria, Akinjide Orimilade, said the new regulatory environment would place greater responsibility on directors, chief executives and key management personnel. He said the industry must move beyond simply satisfying statutory requirements, noting that directors could be held accountable when poor oversight and failure to exercise reasonable care exposed their institutions to serious risks. Orimilade identified directors’ qualifications, experience, character, board independence, committee effectiveness and related-party transactions as critical areas requiring attention under the new regulatory framework. He also stressed the importance of regular board assessments and compliance with NAICOM’s fit-and-proper requirements, warning that board membership should not be treated as an honorary position. According to him, the Nigerian Insurance Industry Reform Act, signed into law on 31 July, 2025, represents a major overhaul of the country’s insurance legislation and provides the foundation for the industry’s transition. He disclosed that about 50 insurance operators had met the new recapitalisation thresholds, with statutory capital of approximately N715bn reported by NAICOM. In his remarks, the Special Adviser to the President on Economic Affairs, Tope Fasua, said the industry must strengthen public confidence, deepen insurance penetration and improve operational efficiency as it enters the post-recapitalisation era. He said changing customer expectations, technological innovation, emerging risks and evolving regulatory requirements required insurance companies to rethink their business models and strengthen their institutional capacity. Fasua urged industry leaders to use the conference to develop practical strategies for improving governance, expanding insurance coverage and positioning Nigerian operators for long-term sustainability. Similarly, the Minister of Finance, Taiwo Oyedele, represented by Special Adviser on Public Finance, Greg Ezeilo, said a resilient insurance industry was essential to Nigeria’s economic development because of its role in mobilising long-term capital, protecting businesses and households, and supporting productive investments. He said insurance companies could contribute more to infrastructure financing, agriculture, manufacturing and trade if they developed the financial and institutional capacity to underwrite emerging risks. Oyedele identified stronger corporate governance, wider insurance access, technology adoption, improved risk management and investment in human capital as key priorities for the sector. He also called for affordable and accessible insurance products for households, small businesses, farmers and underserved communities, stressing that insurance should become an everyday financial protection mechanism rather than a privilege for a limited segment of the population.

NPERA RAISES CONCERNS RAISES CONCERNS OVER RISING MARITIME INVESTMENT RISK

The Nigerian Ports Economic Regulatory Agency said uncertainty in the maritime business environment continues to increase investment risks and limit indigenous shipowners’ access to finance. The body also identified regulatory reforms, transparent port charges and predictable business conditions as critical to unlocking affordable capital for indigenous shipowners. The Director-General/Chief Executive Officer of NPERA, Dr Pius Akutah, made this observation over the weekend in Lagos during the 2026 Annual Summit of the Shipping Correspondents Association of Nigeria. The event was themed, ‘Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks.’ Akutah, who was represented at the event by the Director of the Consumer Affairs Department at NPERA, Ify Okolue, explained that Nigeria could not achieve its ambition of becoming a major maritime power if “indigenous entrepreneurs lacked the financial capacity to own, operate and compete with vessels transporting the nation’s international trade.” He described indigenous ship ownership as an important instrument for economic sovereignty, national competitiveness, employment creation and greater participation in international commerce. Akutah noted that a stronger Nigerian-owned fleet would create jobs for seafarers, stimulate maritime services, support exporters and deepen local participation in the shipping value chain. According to him, the capital-intensive nature of shipping, coupled with the high costs of vessel acquisition, maintenance, insurance, fuel, crew and regulatory compliance, “makes access to affordable financing particularly difficult for indigenous operators.” “Financial institutions were often compelled to demand stronger collateral, higher interest rates and more stringent conditions because of the risks associated with shipping investments. Our task, therefore, is not simply to demand more lending to indigenous shipowners. It is to reduce the risks that make legitimate maritime investments expensive to finance,” Akutah said. He explained that low-risk capital should not be mistaken for risk-free funding, but rather an environment where risks are properly evaluated, managed and distributed among shipowners, lenders, insurers, cargo owners, investors and government institutions. Akutah further stated that regulatory certainty could improve the ability of shipping companies to prepare credible financial projections, negotiate long-term commercial contracts and demonstrate their capacity to meet debt obligations. “When regulatory arrangements are transparent and predictable, a shipping company is better positioned to prepare credible financial projections, negotiate long-term contracts and demonstrate its ability to meet debt obligations. When avoidable uncertainty is reduced, financiers have a stronger basis for evaluating the underlying commercial merits of an investment,” he said. The NPERA boss maintained that effective economic regulation “could play a significant role in reducing investment risks by creating an environment where investors and lenders have confidence in the rules governing port operations and commercial activities.” He explained that investors “require clear regulations, transparent charges, consistent regulatory decisions and confidence in commercial arrangements; uncertainty increases the cost of doing business and could determine whether a shipping investment proceeds or is abandoned.” “At NPERA, we recognise that credible economic regulation is essential to building confidence in Nigeria’s port economy. Within our statutory mandate, our responsibility is to promote transparency, fair competition, efficient port economic practices and a regulatory environment that supports legitimate investment. We emphasise that good regulation should not create unnecessary barriers to business; it should reduce uncertainty, promote fairness and strengthen investor confidence,” Akutah stated. He noted that the financing challenges confronting indigenous shipowners extended beyond port economic regulation, requiring coordinated interventions in access to credit, vessel acquisition, insurance, foreign exchange, maritime safety and other operational matters. Akutah maintained that no single government agency can independently resolve the challenges, making collaboration among maritime regulators, financial institutions, development finance partners, shipowners and other stakeholders imperative. He urged indigenous shipowners to embrace innovative financing arrangements, stronger commercial partnerships and improved business discipline, saying these measures, alongside predictable and coordinated regulation, could create a more supportive investment environment without compromising safety and accountability. He stressed that the relationship between regulation and finance must be better understood, arguing that effective economic regulation could support access to affordable financing, even though it could not replace the role of financial institutions. The NPERA boss also called for greater stakeholder engagement in addressing structural challenges within the maritime sector, urging industry associations and indigenous shipowners to present documented concerns and practical recommendations to the agency. He said NPERA remained committed, within its statutory mandate, to promoting a transparent, competitive and efficient port economic environment capable of supporting legitimate investments and national development. Akutah also called on indigenous shipowners to demonstrate transparency, professional standards and financial discipline, noting that a sustainable investment environment required responsibilities from both regulators and operators. He said the objective should go beyond increasing the number of Nigerian-owned vessels to building a financially sustainable, professionally managed and internationally competitive indigenous shipping industry. “Let us remember that capital follows confidence; confidence grows with predictability; and predictability is strengthened by transparent institutions, sound business practices and consistent rules. “Government declarations alone cannot build a competitive indigenous shipping industry. It requires sound policies, credible regulation, responsible entrepreneurs, innovative financiers and sustained public-private collaboration,” he said. The NPERA boss also commended SCAN for its contribution to maritime journalism and public accountability, describing the media as an important stakeholder in informing policy, scrutinising institutions and bringing industry challenges to national attention. He urged maritime journalists to sustain accurate, balanced and evidence-based reporting capable of deepening public understanding of shipping finance, port economics and indigenous maritime development. He added that NPERA welcomed constructive engagement and informed criticism that could contribute to improved regulation and a stronger maritime industry. Akutah reiterated that Nigeria must move beyond being merely a destination for maritime trade to developing the capacity for Nigerians to own, finance and participate meaningfully in the businesses that make the country’s trade possible.

FX VOLATILITY, AI ATTACKS RAISE AFRICA’S CYBERSECURITY COSTS  

Foreign exchange volatility, increasingly sophisticated cyberattacks and tightening data protection requirements are raising the cost of cybersecurity for businesses across Africa, as organisations struggle to protect their expanding digital operations with limited financial and technical resources. The growing pressure is forcing companies to reconsider how they procure and manage security infrastructure, particularly as many rely on foreign software platforms priced in dollars and euros, exposing their technology budgets to exchange rate fluctuations. A report by Heirs Technologies, titled ‘Africa’s Cybersecurity Landscape 2026,’ found that more than 55 per cent of observed cybercrime cases across Africa now incorporate artificial intelligence, with attackers using the technology to automate phishing, impersonate individuals through deepfakes and steal digital authentication credentials. The 48 pages report, which examines cybersecurity developments in Nigeria, Kenya and South Africa, said the increasing use of AI was making cyberattacks more sophisticated and difficult for businesses to detect, adding to the financial and operational risks associated with Africa’s digital expansion. It cited global research showing that AI-generated phishing messages achieved click-through rates of up to 54 per cent, compared with 12 per cent for manually crafted attacks, indicating how automation and personalisation could make fraudulent messages more effective. The growing threat comes against a backdrop of widespread exposure to cyber-enabled fraud. According to research cited in the report, 82 per cent of respondents in Sub-Saharan Africa said they or someone in their professional or personal networks had been affected by cyber-enabled fraud in the preceding 12 months. Beyond the direct costs of cyberattacks, foreign exchange exposure is creating another challenge for African businesses. Security software, cloud infrastructure and other specialised protection tools are often priced in foreign currencies, making procurement and maintenance more expensive when local currencies depreciate. The report noted that currency instability was forcing some organisations to reduce the scope of security deployments or leave purchased tools underutilised, potentially creating gaps in their ability to identify and respond to threats. Commenting on the findings, the Chief Executive Officer of Heirs Technologies, Obong Idiong, said Africa’s digital expansion needed to be supported by stronger security foundations. “At Heirs Technologies, we believe Africa’s digital expansion must be built on an unshakeable foundation of trust and resilience. As cyberthreats become increasingly sophisticated, protecting this growth is essential to sustaining the continent’s digital transformation,” he said. This cost pressure is occurring as governments strengthen regulations around data protection and the location of critical information. In Nigeria, enforcement of the Nigeria Data Protection Act and the Central Bank of Nigeria’s directive requiring domestic payment data to be hosted locally by January 1, 2027, is adding data sovereignty considerations to financial institutions’ technology and security decisions. The requirements are pushing businesses to reassess their cloud infrastructure and consider hybrid architectures that allow them to balance operational flexibility with local data-hosting obligations.

NGX CHAIRMAN URGES BUSINESS LEADERS TO CREATE CAPITAL MARKET WEALTH 

The Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, has challenged Nigerian business leaders to take greater responsibility for deepening the country’s capital market, creating wealth and strengthening the national economy through increased participation in the capital market. He gave this charge while speaking as a guest speaker at the October 2026 Monthly Webinar of the Institute of Leadership, Coaching & Strategy, held on Friday, 30 October 2026. His presentation, titled ‘Developments in the Nigerian Stock Market: Strategic Benefits for Businesses and Business Leaders,’ examined the implications of recent developments in the capital market for businesses, investors and the Nigerian economy. Kwairanga emphasised that businesses must move beyond viewing the capital market merely as a source of financing and recognise it as a strategic platform for building stronger, more accountable and globally competitive enterprises. He identified the recently concluded Dangote Refinery Initial Public Offering as an important milestone in the evolution of Nigeria’s capital market, noting that bringing major corporate enterprises into the market was essential to ensuring that the market adequately reflects the size and diversity of the Nigerian economy. According to him, large-scale corporate listings have multiplier effects beyond increasing market capitalisation. They also stimulate investor awareness, broaden market participation and improve market liquidity. The Dangote Refinery IPO, he noted, represents an important step towards achieving this objective. He further urged businesses, particularly family-owned and founder-led enterprises, to strengthen their corporate governance structures, financial reporting, risk management and strategic planning as prerequisites for attracting sustainable investment and accessing long-term capital. “The ability to raise capital is valuable, but the capacity to deploy it productively, create employment and generate sustainable returns is what ultimately determines business success,” he observed. The Chairman also highlighted the positive impact of Nigeria’s economic reforms on the capital market, pointing to improved foreign exchange availability, greater stability in business planning and renewed investor interest. He disclosed that the NGX All-Share Index appreciated by 51.19 per cent in 2025, while equities market capitalisation rose from N62.76tn to N99.38tn. As of 26 October 2026, the week of the ILCS webinar, the Index had recorded a year-to-date gain of approximately 61.48 per cent, with equities market capitalisation reaching N163.16tn. He identified market reforms, technological innovation and improved access to capital-raising platforms as additional factors shaping the market’s transformation. In particular, he disclosed that NGX Invest, the Group’s digital capital-raising platform, had facilitated over ₦3 trillion in capital raising across more than 23 transactions. The webinar, organised by ILCS as part of its commitment to advancing leadership knowledge and professional development, attracted members and non-members of the Institute, including business leaders, directors, corporate executives and public sector professionals. The NGX Chairman’s presentation set the tone for a robust discussion and an engaging exchange of perspectives on how businesses could leverage capital market opportunities to finance expansion, strengthen competitiveness and create sustainable economic value. Earlier in his welcome remarks, the President and Chairman of the Institute’s Governing Council, Dr Olasunkade Azeez, had noted that the webinar was both timely and strategic, given its potency to equip leaders with knowledge, foresight, and the tools to navigate socio-economic complexity. He described the webinar as another step in fulfilling the mission of ILCS- “bringing together thought leadership, practical wisdom, and strategic dialogue that will empower business leaders to thrive.”