Lasaco Assurance Plc has taken a significant step towards strengthening its financial position and aligning with the new capital requirements in Nigeria’s insurance sector after successfully completing its rights issue, which attracted more funds than initially targeted.
The insurer raised N19.30bn from existing shareholders through the exercise, exceeding its target of N18.47bn by 4.5 per cent. The successful completion of the capital-raising programme marks a key milestone in the company’s broader recapitalisation strategy under the Nigerian Insurance Industry Reform Act 2025.
In a statement released on Wednesday, Lasaco Assurance said the outcome of the exercise demonstrated the confidence of shareholders and investors in the company’s business strategy, financial strength, and long-term growth prospects.
The company noted that the rights issue had also progressed through critical regulatory processes, with the National Insurance Commission (NAICOM) conducting a detailed verification of the source of funds raised before issuing a confirmation of admissibility to the Securities and Exchange Commission (SEC).
Following the regulatory clearance from NAICOM, the SEC granted its final approval for the rights issue, completing another important stage in the recapitalisation process.
The company further disclosed that an independent consultant engaged for the exercise carried out a comprehensive review of its shareholders’ funds, assets, and liabilities. The verification exercise, according to Lasaco, confirmed the company’s admissible capital position and provided further assurance about its financial standing.
Commenting on the development, the Managing Director and Chief Executive Officer of Lasaco Assurance, Mr Ademoye Shobo, said the company’s recapitalisation efforts reflected its commitment to transparency, accountability, and strong corporate governance.
“Our recapitalisation journey reflects our unwavering commitment to transparency, accountability, and responsible corporate governance. The overwhelming support from our shareholders and the successful completion of key regulatory milestones further validate the confidence reposed in our company.
“We remain focused on concluding the remaining phases of the exercise and positioning Lasaco Assurance for sustained growth, enhanced competitiveness, and greater value creation for all our stakeholders,” Shobo said.
The insurer explained that the additional capital would enhance its financial capacity, strengthen its underwriting operations, improve risk retention capabilities, and support its ambition of remaining a competitive player in Nigeria’s composite insurance market.
Lasaco Assurance added that the successful rights issue represents a crucial part of its long-term strategy to build a stronger, more resilient organisation capable of responding effectively to changing market demands while delivering improved value to shareholders and other stakeholders.