Category: Nigerian Tribune

THE management of Four Pulley Limited (FPL) Media has said the decision of the out-of-home media company to partner the Advertising Regulatory Council of Nigeria (ARCON) as a platinum member for this year’s edition of the National Advertising Conference (NAC) was informed by the desire to contribute to conversations that would help shape a more innovative and future-ready industry.

The CEO, FPL Media, Lanre Ashaolu, also expressed the company’s delight at supporting a platform that encourages the industry to think beyond its current realities and prepare for what lies ahead.

He argued that the nation’s marketing communications industry is at an important point of transformation, adding that platforms, such as NAC, provide an opportunity for the industry to collectively examine its present situation and how to prepare for the opportunities ahead.

Also speaking on the partnership, Head of the Marketing Committee, Mr Uduak Bassey, welcomed Four Pulley Limited to the conference’s growing network of partners, describing the collaboration as an important demonstration of the value of industry cooperation.

‘We are pleased to welcome Four Pulley Limited as a Platinum Partner of NAC 2026. Their support reinforces the importance of collaboration between industry stakeholders in building a stronger and more future-ready marketing communications ecosystem,’ Bassey said.

Von Batten-Montague-York, a lobbying firm linked to former Vice President Atiku Abubakar, has threatened to expose allegations against President Bola Tinubu during the upcoming United Nations General Assembly (UNGA) in New York.

The US firm made the statement in a post on its verified X handle on Monday.

The firm also claimed that a proposed meeting between Tinubu and United States President Donald Trump on the sidelines of the UNGA would not take place.

According to the lobbying firm, some members of the Trump administration had allegedly made it clear that Trump would not hold a private meeting with Tinubu, whom it accused of being an alleged heroin trafficker.

The firm, however, acknowledged that Tinubu, as Nigeria’s President, could travel to New York to attend the UNGA under the access and transit protections available to representatives of United Nations member states.

‘We look forward to President Tinubu attending the UNGA next month. Unfortunately for President Tinubu, he is going to be embarrassed at the UN.

‘From reports we have seen, from South Africa to Italy, world leaders attending the UNGA will be fully aware of the heroin-trafficking allegations against President Tinubu.

‘If we are authorised, we will put into operation our plan to ensure every New Yorker within a six-mile radius of UN Headquarters learns about President Tinubu’s alleged role in smuggling poison (heroin) onto American soil,’ the firm said.

The claims by the lobbying firm are allegations and have not been established as fact.

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has welcomed efforts to promote safe helicopter services across Africa in a proposed Regional Action Plan.

The plan is the highlight of a workshop organised in Lagos by the Aviation subcommittee of the International Association of Oil and Gas Producers (IOGP) in partnership with London-based safety advocacy group, HeliOffshore.

The two-day Offshore Helicopter Industry Safety Workshop with the theme: ‘Developing a Regional Action Plan’ followed a similar session last year, which SNEPCo sponsored.

It also provided administrative and logistical support for this year’s conference which was sponsored by ExxonMobil.

SNEPCo, which pioneered Nigeria’s deepwater production at Bonga in 2005, relies on helicopter shuttles for operations and supports the workshop as part of its contributions towards safe services in Nigeria.

In an address at the opening session delivered by General Manager Contracting and Supply Chain, Charles Oranyeli, Managing Director SNEPCo, Ronald Adams, said that by developing a regional action plan, the stakeholders can move beyond dialogue to alignment, ensuring that the safety leadership, industry standards, and collaborative approaches championed last year are embedded in a common roadmap for collective improvement.

‘The most effective solutions will come not from isolated efforts, but from partnership, standardisation, and coordinated action across the region,’ he added.

The workshop was attended by more than 80 representatives from oil and gas companies, the Nigerian Content Development and Monitoring Board (NCDMB), Nigeria Civil Aviation Authority (NCAA), Nigerian Safety Investigation Bureau (NSIB), helicopter operators and original equipment manufacturers.

The event concluded with participants deciding action items for the proposed Regional Action Plan, including Search and Rescue (SAR) initiatives, implementation of IOGP Report 690 standards and establishment of formal industry leadership forums.

The IOGP has been active for over 50 years, supporting its more than 90 members around the world to promote ‘excellence in safe, efficient and sustainable energy’.

All Progressives Congress (APC) chairman of Rantan Ward in Bebeji Local Government Area of Kano, Alhaji Garba Buba, and another resident, identified as Sulaiman Zunduma, have been killed by suspected bandits.

The incident reportedly occurred on Sunday night when suspected kidnappers invaded Rantan community and opened fire on residents.

According to local sources, Buba was shot during the attack and later died in hospital while receiving treatment for injuries sustained in the incident.

A resident, who asked not to be named for security reasons, said the attackers also shot another resident, identified as Alhaji Sa’adu.

‘Last night, Sunday, suspected kidnappers attacked our town, Rantan. During the attack, they shot Alhaji Garba Buba, the APC chairman of Rantan Ward, who later died in hospital from the injuries sustained,’ the resident said.

He added that the gunmen also shot Sa’adu, while another resident, Sulaiman Zunduma, was killed during the attack.

A family member, Hafsat Garba Rantan, confirmed Buba’s death and described the deceased as her paternal uncle.

The latest attack has heightened concerns over the activities of suspected bandits and kidnappers in parts of Kano State, particularly communities located in vulnerable areas.

As of the time of filing this report, there was no official statement from the security agencies on the incident.

Economic experts have lamented that despite fuel subsidy removal in 2023, the Federal government struggled to implement 2024 budget with the 2025 budget recording barely 30 percent implementation.

They said the continued delay in the implementation of rollover and the current budget by the government posed a threat to capital projects.

Speaking at the weekend with the Nigerian Tribune, an economic expert, Eze Onyekpere, explained that under the current expenditure, ‘you have salaries and embodiments of public officers. So the only people you can touch are those people who are working with government, which is very few.

‘Another part of recurrent expenditure is debt, which is taking 53 percent of all our revenue. So, those ones are not impacting on anybody. Now, the part of the budget that touch lives of the people is the capital budget, particularly the developmental capital’ he stated.

Onyekpere said the developmental capital deals with building bridges, hospitals, schools, water facilities, improving electricity and agriculture.

‘So, if you are not implementing capital projects that mean you are only running the bureaucracy, paying salaries, paying debts. You are not doing projects that will impact the life of the original people.’

He explained, ‘Don’t forget that it is from capital budget that you also buy bullets, buy arms, which after paying salaries of the soldiers and the military and the police, they also need equipment to be able to work. So if you are not funding that, there is no way they will be performing optimally.

‘So that is the danger of not implementing the capital budget. We are being told that the resources are improving, that the money is there. So why is the government not implementing the budget if the money is there?’ He questioned.

The Economic Expert further explained that part of the Ease of Doing Business is building the road that transport the goods, or that there are good railways, or that we are having constant 24-hour electricity instead of factories having to run a generator or start producing their own mini grids to power production, causing commodity price increase.

It is reported that only 30 percent of the 2025 capital budget was funded and executed during its initial cycle due to revenue shortfalls. 70 percent of the unexecuted 2025 capital projects were deferred and rolled over into the 2026 capital budget framework.

Also lamenting the non-implementation of the country’s budget, another Economic Expert and the Co-founder of BudgIT, Oluseun Onigbinde, said the current administration has declared more revenue with low capital releases.

‘You don’t need to continue to roll the budget over and over. There are so many items you find in the budget that have no priority; they don’t make any developmental sense to the Nigerian people. For example, you are putting palaces in the budget.

‘The Federal Government trying to build palaces, or investing in churches and mosques, or buying musical instruments for a church is not going to bring any developmental opportunity. So there are multiple layers of these issues, and there is no coordinated fiscal program from the federal government.

‘The federal government is raising revenues, but there are challenges. One is the issue of debt servicing cost. Because of the devaluation of the currency, debt servicing cost has skyrocketed. It’s around 17 trillion naira as of last year.’

He warned that debt servicing cost is not slowing down any time soon. So the federal government needs to reflect on its fiscal choices and ask itself, how do I generate more revenue? That is the first point.

The second point you have to ask is, how do I prioritise capital spending that gives us impact? And that starts from the budgeting process» he stated.

During the Senate engagement with the Ministry of Finance recently, Senator Mohammed Tahir Monguno raised the alarm.

He questioned why capital projects and critical government programs appear to be lagging if revenue collections are exceeding projection.

The senator also expressed concern over the reported absence of capital releases to security agencies and sought clarification on the retention of about 1.7 trillion naira from recent federation account allocations.

«We have exceeded the target of our revenue collection. It is inherently contradictory for government to woefully fail to implement the budget. Where are these revenues going to? If the budget, for example, 2025 budget, has not been implemented, and we have to roll over 70 percent of 2025 to 2026, and that with the promise that 30 percent will be implemented before March.

«Up to March, even 30 percent was not implemented. National Assembly had to extend the lifespan of the budget up to September to allow government to implement just 30 percent component of 2025 budget» he lamented.

In response, the Minister of Finance and the Coordinating Minister of the Economy, Taiwo Oyedele said for external loans, «we always need the approval of the National Assembly.

«So, what happens is, when we get the approval of the National Assembly, the media would rightly report it, and many people take that as money borrowed. When we now borrow the money, they report it again. So, in fact, I think it was last year when the National Assembly approved about $20 billion, which was based on MTEF. So people add up big numbers as the money we have borrowed, and that is misleading in terms of the analysis.

«We are currently finalising this breakdown in the Ministry of Finance. We›ll make it available to the public. It will show how much the National Assembly approved and how much of what we have borrowed and how it has been spent» he stated.

«Analysts believe that the low budgetary implementation, particularly the capital project aspect, has denied many citizens the benefits of the fuel subsidy removal as only a few who has direct business to do with the government that may have gained from the policy.

The Federal High Court sitting in Gusau has cancelled the All Progressives Congress (APC) primary election conducted for the Zamfara North Senatorial District.

The court, which sat on Monday, also ordered the APC to conduct a fresh primary election in the Zamfara North Senatorial District within 14 days of the judgment.

The presiding judge, Justice Hassan Dikko, delivered the ruling after about two hours of hearing, during which he considered the written addresses and arguments adopted by the plaintiffs and defendants.

Justice Dikko ruled that a fresh APC primary election should be conducted in the senatorial district within 14 days.

Reacting to the judgment, APC senatorial aspirant, Dr Sani Abdullahi Shinkafi, expressed appreciation for the court’s decision, saying it had restored people’s confidence in the judiciary.

It would be recalled that Shinkafi had approached the court to challenge the legality of the APC primary election conducted for the Zamfara North Senatorial District.

THE Digital Cooperation Organisation (DCO) is set to expand its membership from 16 to 24 countries, potentially representing about 980 million people, following the approval of eight new candidate countries by its Council.

The eight countries are: Albania, Azerbaijan, Kazakhstan, Kenya, Lebanon, Palestine, Syria and Zambia.

The DCO, which describes itself as the world’s first standalone international intergovernmental organisation dedicated to advancing inclusive and sustainable growth of the digital economy, announced the development, last Friday, in Riyadh, Saudi Arabia.

The organisation also approved the Republic of Tajikistan as an Associate Member, creating opportunities for the country to deepen digital cooperation and participate in public-private partnerships and initiatives focused on digital innovation, skills and inclusion.

The proposed expansion would increase the DCO’s reach to approximately 12 percent of the global population, giving a larger group of countries a platform to participate in discussions and policymaking around emerging areas of the digital economy.

DCO Secretary-General, Deemah AlYahya, said the expansion demonstrated that the organisation’s model, launched in 2020 by five founding countries, had moved from an untested concept to an established platform for international digital cooperation.

According to her, countries are joining the organisation because decisions affecting data, artificial intelligence and cross-border digital trade are being shaped rapidly, making participation increasingly important.

She said the prospective accessions would enable member countries to develop the capacity to collectively influence digital rules rather than simply adopt rules developed elsewhere.

‘The next stage is scale,’ AlYahya said, adding that the potential expansion to 24 countries would help translate policy alignment into infrastructure, investment and common rules for the digital economy.

The proposed enlargement would also significantly broaden the DCO’s geographical footprint.

For the first time, the organisation would gain a presence in Central Asia through Kazakhstan and Tajikistan, creating a new regional axis for digital cooperation. It would also extend further into the Caucasus through Azerbaijan and into the Western Balkans through Albania.

The inclusion of Kenya and Zambia would further strengthen the organisation’s presence in Africa, while Lebanon, Palestine and Syria would expand its representation in the Middle East.

The DCO said the Council’s approval of the eight countries’ candidature marked the beginning of the formal accession process rather than immediate full membership.

Membership will become effective after each candidate completes its respective national internal accession procedures and deposits its instrument of accession in accordance with the organisation’s founding documents.

The expansion comes as the DCO continues implementing its four-year strategic agenda for 2025-2028, which covers digital policy development, digital public infrastructure, artificial intelligence governance, digital skills, startup ecosystems, cross-border data flows and digital economy measurement.

The organisation said it would continue working with governments, businesses, international organisations, academia and civil society to convert digital ambitions into measurable economic and social outcomes.

Established in 2020, the DCO currently comprises 16 member states, representing nearly $3.5 trillion in combined gross domestic product and a market of more than 800 million people.

More than 70 percent of the population represented by the organisation is below the age of 35, highlighting the potential importance of digital skills, entrepreneurship, innovation and technology-driven employment within its agenda.

The DCO works to promote digital inclusion, facilitate cross-border data flows, empower women and young people, and support entrepreneurs and small and medium-sized enterprises.

It also coordinates digital policies across borders and holds observer status with the United Nations General Assembly and other international bodies.

The accession of the eight candidate countries, once completed, would mark the most significant expansion of the DCO since its establishment and strengthen its position as a platform for countries seeking greater influence over the emerging rules and infrastructure of the global digital economy.

NIGERIA’S foreign exchange utilisation surged by 74 percent year-on-year to $16.2 billion in the first quarter of 2026, reflecting improved liquidity, greater stability in the naira and renewed confidence in the official foreign exchange market.

The latest data contained in the Central Bank of Nigeria’s (CBN) Quarterly Statistical Bulletin showed that the increase was driven largely by invisible transactions, whose utilisation more than doubled to $11.4 billion from $4.5 billion recorded in the corresponding period of 2025.

Invisible transactions accounted for about 70 percent of total foreign exchange utilisation during the period, underscoring their growing importance in Nigeria’s overall FX demand.

Financial services emerged as the dominant user within the invisible transactions segment, with utilisation rising by 117 percent year-on-year to $9 billion.

The sector alone accounted for about 79 percent of total invisible transactions, highlighting the significant role of financial institutions in driving demand for foreign exchange.

Business services also recorded a substantial increase, with FX utilisation rising to $1.2 billion from $223.6 million a year earlier.

In contrast, utilisation for merchandise imports remained relatively stable at $4.9 billion, representing a marginal 0.2 percent increase from the previous year.

However, foreign exchange utilisation by industrial firms declined by 20 percent year-on-year to $1.8 billion. The sector is heavily dependent on imported raw materials, machinery and equipment.

Meanwhile, utilisation for manufactured products increased sharply to $1.1 billion from $477.9 million, while transport products rose to $295 million from $142.8 million.

Analysts attributed part of the increase in these categories to higher import costs arising from global supply-chain disruptions and elevated prices of critical inputs and raw materials.

The broad increase in FX utilisation came amid a stronger position in Nigeria’s external reserves and improved stability in the naira, developments that have helped to restore confidence in the foreign exchange market.

The naira has strengthened to around N1,339 per dollar in the official market, compared with about N1,431/$ at the beginning of the year.

At N1,338.59/$, the currency has appreciated by roughly 6.5 percent since the first trading day of 2026.

The improvement means that N1 million, which was equivalent to about $699 at the January rate, is now worth roughly $747 at the prevailing official rate, increasing the dollar purchasing power of the same naira amount.

The stronger exchange rate has implications for businesses importing machinery, software and other dollar-priced inputs, as well as Nigerians paying foreign education and travel expenses and companies servicing FX-linked obligations.

However, analysts cautioned that a stronger naira does not automatically translate into lower domestic living costs, as food, rent, electricity, transportation and other prices remain influenced by energy costs, wages, logistics, taxes, supply constraints and accumulated inflation.

The improvement in the FX market has also been reflected in increased trading activity. Turnover on the Nigerian Foreign Exchange Market (NFEM) reached about $914 million on Wednesday, indicating stronger participation and liquidity.

The gap between the official and parallel-market exchange rates has also narrowed to about 4.4 percent, reducing the incentive for arbitrage and improving the credibility of price discovery.

Nigeria’s gross external reserves have risen to about $53.29 billion, representing an increase of roughly 29 percent from a year earlier, providing additional support for confidence in the currency and the FX market.

Quest Merchant Bank analysts said they expected FX utilisation across sectors to strengthen further, supported by ongoing CBN reforms and measures aimed at sustaining foreign exchange supply, deepening market liquidity and preserving confidence in the naira.

The developments also come as Nigeria seeks to strengthen its position with international investors following its return to the FTSE Russell Frontier Market classification.

For foreign investors, the ability to convert naira into foreign currency and repatriate investment proceeds is a critical consideration in assessing the Nigerian market.

The improvement in liquidity and narrowing of the exchange-rate gap therefore represent more than a stronger naira, as they point to gradual rebuilding of confidence in the functioning of Nigeria’s foreign exchange market.

Analysts, however, said the sustainability of the gains would depend on continued dollar supply, stronger external buffers and the consistency of CBN reforms.

The longer-term objective, they noted, is not simply to achieve a particular naira-dollar exchange rate, but to build a liquid, predictable and transparent FX market that businesses and investors can rely on.

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Economic Community of West African States (ECOWAS) has begun a new chapter with a renewed push for regional unity and deeper engagement with the Alliance of Sahel States (AES), as General Birame Diop formally assumed office as President of the ECOWAS Commission.

Diop, who took over from Dr Omar Alieu Touray at a handover ceremony in Abuja, said ECOWAS was at a crossroads following the withdrawal of Burkina Faso, Mali and Niger from the regional bloc, but stressed that geography and shared challenges made continued cooperation with the three countries unavoidable.

He said, ‘We have no other choice, because our brothers, our neighbours, our comrades have left us, but geography remains the same,’ Diop said.

He noted that ECOWAS and the AES countries shared at least 5,250 kilometres of borders and continued to have significant exchanges among their populations, while facing common threats, including terrorism, irregular migration, organised transboundary crime and environmental challenges.

‘We have no other choice than to work in a solidary, concerted manner for the interest of both spaces,’ the new ECOWAS Commission president said.

Diop, whose appointment was confirmed by the Conference of Heads of State and Government at its 69th Ordinary Session in July, pledged that the new leadership would do everything possible to meet the expectations of the region’s leaders and citizens.

He said his administration was assuming responsibility at a critical period, with ECOWAS also confronted by a political crisis in Guinea-Bissau.

According to him, the Heads of State recently decided in Lungi to designate Senegal as facilitator in the Guinea-Bissau crisis, with the Commission expected to work closely with Senegal to ensure a peaceful resolution.

Diop said another priority would be rebuilding cohesion within ECOWAS as the organisation approaches the completion of the first five years of implementing its Vision 2050.

He said the assessment of the implementation had identified the need to strengthen cohesion, improve the performance of ECOWAS institutions, increase citizens’ ownership of the organisation and develop innovative funding sources.

He disclosed that more than 50 programmes had already been designed but required adequate resources for implementation.

‘Therefore, to take charge of all these key initiatives, which are of proven complexity, we must have a Commission that is engaged, a Commission that is solidary, a Commission that looks in the same direction,’ Diop said.

He also called for fraternity, camaraderie, respect, tolerance and patience among staff and member states, noting that the diversity of West Africa should not undermine its unity.

‘We are not all the same. We do not have the same culture, we do not have the same history, we might not have the same way of viewing what we do together, but we have no choice but to stay together,’ he said.

The new ECOWAS chief said the Commission would also have to respond to the security pressures confronting the region while pursuing economic integration and development.

Earlier, the outgoing Commission president, Touray, said the leadership transition was not merely a farewell but an affirmation of confidence in the regional organisation.

‘Leadership is temporary. Institutions endure. The strength of an institution is measured not by the individual who leads it, but by its ability to fulfil its purpose beyond any one tenure,’ Touray said.

Reflecting on his four years in office, Touray said his administration had operated during one of the most difficult periods in ECOWAS history, marked by political transitions, terrorism, violent extremism, humanitarian pressures, economic difficulties following the COVID-19 pandemic and uncertainty over the future of regional integration.

He said the outgoing administration nevertheless left behind a record of achievements documented in the ECOWAS Management Performance Compendium 2022-2026 unveiled at the ceremony.

Touray cited progress on major regional infrastructure and connectivity projects, including the African Atlantic Gas Pipeline and the Abidjan-Lagos Corridor Highway, as well as regional electricity interconnection and the modernisation of trade and transport corridors.

He said the organisation had also advanced preparations for the launch of the ECO currency in 2027 and strengthened programmes covering food security, youth, women, education and skills development.

According to him, the West Africa Rice Investment Roundtable generated an investment pipeline of about $1.54 billion, including $1.47 billion in firm commitments.

Touray also highlighted the completion and occupation of the new ECOWAS Headquarters Complex in Abuja, supported by the Chinese government, and the completion and inauguration of the ECOWAS Logistics Depot for peace and support operations in Sierra Leone.

He said the Commission had also managed the difficult process of closing and transferring ECOWAS assets and offices following the withdrawal of Burkina Faso, Mali and Niger.

On staff welfare, Touray disclosed that his administration had enhanced remuneration through an improved post-adjustment mechanism across all duty stations, resulting in salary increases for regular staff and some categories of contract staff.

‘This is the first time the post adjustment has been enhanced since 2009,’ he said.

Touray urged the incoming leadership to keep ordinary West Africans at the centre of regional integration, arguing that citizens experience ECOWAS through free movement, cross-border trade, employment, security and opportunities rather than official communiqués.

‘Our citizens do not experience ECOWAS through Communiqués and Protocols. They experience ECOWAS when they cross borders without unnecessary obstacles, when they trade with neighbouring countries, when they find employment and their children receive opportunities, when their communities are secure, and when they can move freely across our region,’ he said.

He urged Diop and the incoming statutory officials to protect the institution and place the interests of more than 400 million West Africans at the centre of their decisions.

Also speaking, Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, charged the new ECOWAS leadership to prioritise regional integration, financial accountability, peace and security and programmes capable of delivering measurable benefits to citizens.

Representing President Bola Ahmed Tinubu, the minister said the transition represented continuity in the pursuit of the vision of a united, peaceful and prosperous West Africa.

‘What we seek is an ECOWAS of citizens and not of governments, where artificial borders and narrow interests have continued to forestall our supranational objectives,’ Enikanolaiye said.

He urged the incoming management to focus on free movement, regional trade and investment, infrastructure, innovation and connectivity, as well as food and energy security and employment opportunities for young people and women.

Enikanolaiye also demanded greater financial probity and accountability within ECOWAS, saying the organisation must justify the investments and sacrifices made by member states to sustain it.

‘For Nigeria, ECOWAS must continue to justify the huge investments and sacrifices that have been made, not just by the government and people of Nigeria, including the payment of community levy, but also by other member states in the sub-region to sustain the organisation,’ he said.

He called for prudent financial management, cost-effectiveness and value for money, urging the new management to eliminate unnecessary duplication, waste and operational leakages.

The minister further stressed that economic integration could not thrive without peace and security, citing terrorism, violent extremism, political instability, irregular migration, banditry and climate change as threats to regional development.

‘Economic integration can neither be pursued nor can it flourish in an atmosphere of political instability, terrorism, violent extremism, threat to constitutional order, irregular migration, banditry, challenges of climate change,’ he said.

Enikanolaiye called for intensified engagement with Burkina Faso, Mali and Niger, describing the AES countries as ‘our brothers and sisters in our shared region and with common challenges and aspirations.’

He assured the new ECOWAS leadership of Nigeria’s support and urged it to lead with ‘greater vision, integrity, efficiency, and strong sense of purpose and service’ to the sub-region.

The handover ceremony formally marked the beginning of Diop’s tenure as ECOWAS Commission president and came at a critical juncture for the 50-year-old regional organisation as it seeks to rebuild cohesion, address security challenges and sustain the integration agenda amid its changing political landscape.

INTERNATIONAL Energy Insurance Plc emerged as the worst-performing stock on the Nigerian Exchange (NGX) in the week ended August 28, 2026, as renewed selling pressure wiped more than a quarter off its share price and raised fresh questions about the sustainability of its earlier rally.

The insurance stock fell from N3.87 at the close of the previous week to N2.84 on Friday, translating to a loss of N1.03 per share or 26.61 percent in five trading sessions. The decline placed International Energy Insurance at the bottom of the NGX weekly performance table as investors took profits and reassessed the counter amid heightened volatility in insurance equities.

The latest selloff represents a sharp reversal for a stock that has recorded substantial price movements this year. International Energy Insurance had risen significantly from its end-2025 level as investors responded to expectations surrounding the company’s capital position and growth prospects following the ongoing recapitalisation of the insurance industry.

At N2.84, however, the stock is now trading substantially below its recent highs, indicating that the momentum that drove its earlier appreciation has weakened considerably. International Energy Insurance’s latest financial results provide a mixed fundamental picture.

For the six months ended June 30, 2026, the insurer reported insurance revenue of N1.17 billion, down 50 percent from N2.33 billion recorded in the corresponding period of 2025.

Its insurance service result also plunged 96 percent to N55.4 million, compared with N1.26 billion a year earlier, as insurance service expenses rose 58 percent to N1.40 billion.

Despite the deterioration in core insurance performance, investment income provided a major cushion. The company recorded net investment income of N1.10 billion, more than four times the N237.3 million achieved in the first half of 2025. This was supported by investment income, gains on financial assets and a N605.9 million gain on investment property.

Consequently, profit before tax declined by 74 percent as official statement shows N177.76m versus N679.12m, while profit after tax fell to N159.98 million from N543.29 million, representing a 70.5 percent contraction. Earnings per share dropped from 42 kobo to six kobo.

This earnings deterioration offers a fundamental explanation for why the stock could remain vulnerable to profit-taking, particularly after its earlier price appreciation.

However, the company’s balance sheet tells a more positive story.

International Energy Insurance’s total assets surged to N42.70 billion at June 30, 2026, from N15.50 billion at the end of 2025. Cash and cash equivalents rose more than fourfold to N31.04 billion, while equity jumped to ?35.30 billion from N9.24 billion.

A major driver of the stronger capital position was the N25.90 billion deposit for shares from public-offer proceeds, alongside the company’s existing N14.09 billion irredeemable deposit for shares.

The improvement is important against the backdrop of Nigeria’s insurance industry recapitalisation exercise, as insurers seek to strengthen their capital bases and expand their capacity to underwrite larger risks.

Yet, for equity investors, the immediate concern is whether the enlarged capital base will translate into stronger recurring underwriting earnings.

That is where the current valuation debate becomes more complicated.

International Energy Insurance had a share price of N5.79 on June 30, compared with N2.50 at the end of December 2025, meaning the stock had already gained more than 130 percent in the first half of the year before its subsequent correction.

The stock’s latest weakness therefore represents more than a routine weekly decline. It points to investors reassessing the sustainability of its earlier rally in light of weaker underwriting income and sharply lower earnings.

There are, however, potential catalysts ahead. Management’s Q3 2026 forecast projects gross written premium of N6.11 billion, an insurance service result of ?3.42 billion and profit after tax of N1.15 billion. If achieved, the forecast would represent a substantial improvement over the first-half earnings performance.

The key question for investors is therefore whether the company’s projected improvement in premium generation and insurance service performance can materialise quickly enough to justify renewed buying interest.

For now, the market appears to be demanding evidence. The 27.26 percent weekly collapse places International Energy Insurance among the clearest examples of how quickly sentiment can reverse in highly volatile insurance counters. Until stronger operating earnings begin to accompany the company’s improved capital position, the stock may remain exposed to profit-taking and heightened price swings.