Lasaco Assurance Plc has recorded a major milestone in its ongoing recapitalisation programme, reinforcing its commitment to meeting the requirements of the Nigerian Insurance Industry Reform Act 2025.
The company recently concluded its rights issue, raising N19.30bn from existing shareholders against a target of N18.47bn, representing a 4.5 per cent over-subscription.
According to the firm’s statement on Wednesday, the successful exercise reflects the strong confidence of shareholders and investors in Lasaco Assurance’s strategic direction and financial fundamentals.
The capital-raising exercise has also received key regulatory clearances. As part of the regulatory review, the National Insurance Commission conducted a comprehensive verification of the source of the funds raised and subsequently issued a confirmation of admissibility to the Securities and Exchange Commission.
Following the NAICOM clearance, the SEC granted its final approval for the rights issue.
In addition, an independent consultant appointed for the exercise completed an extensive verification of the company’s shareholders’ funds, assets, and liabilities, reaffirming Lasaco’s current admissible capital position.
Commenting on the development, the Managing Director and Chief Executive Officer of Lasaco Assurance, Mr Ademoye Shobo, said the company remained committed to the highest standards of corporate governance.
Shobo said, “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.”
The insurer added that the recapitalisation would significantly boost its financial capacity, improve underwriting capabilities, enhance risk retention, and reinforce its position as one of Nigeria’s leading composite insurance companies.