Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

The capital injection, which exceeded the ₦18.47 billion target, marks a major step in the company’s recapitalisation drive under the Nigerian Insurance Industry Reform Act 2025.

Lasaco Assurance Plc has recorded a significant milestone in its ongoing recapitalisation programme, successfully raising ₦19.30 billion from existing shareholders through a rights issue that surpassed its target by 4.5 per cent. The oversubscribed exercise reflects strong confidence in the company’s strategic direction and financial fundamentals, demonstrating the trust that shareholders and investors have placed in the insurer’s long-term growth prospects. The capital-raising exercise has received key regulatory clearances, with the National Insurance Commission (NAICOM) conducting a comprehensive verification of the source of funds and subsequently issuing a confirmation of admissibility to the Securities and Exchange Commission (SEC). Following NAICOM‘s clearance, the SEC granted final approval for the rights issue, marking another significant milestone in the company’s recapitalisation journey.

As part of the regulatory review, 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. The verification process, which was conducted with the utmost rigour, confirmed the credibility and transparency of the capital raised, with the recently injected funds expected to further strengthen the company’s capital base upon their incorporation into the final computation. The successful completion of these critical regulatory and verification processes demonstrates the company’s disciplined execution strategy and unwavering commitment to sound corporate governance, regulatory compliance, and financial transparency.

READ ALSO:

• Reps Probe ₦1.32 Billion ‘Fake Agency’ Scandal as Critics Slam Gbajabiamila’s Exclusion from Inquiry
• Foreign Interests, Sahel Terrorists Fueling Nigeria’s Insecurity Crisis – Presidency
• Messi’s final World Cup ends in heartbreak as Spain sweep title, FIFA’s top individual awards

Commenting on the achievement, the Managing Director and Chief Executive Officer of Lasaco Assurance Plc, Mr. Ademoye Shobo, reaffirmed the company’s commitment to transparency and corporate governance while expressing gratitude to shareholders for their overwhelming support. “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,” Shobo said. He added that the company remains focused on concluding the remaining phases of the exercise and positioning Lasaco Assurance for sustained growth, enhanced competitiveness, and greater value creation for all stakeholders.

The insurer noted that the recapitalisation programme 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. The development comes as listed insurance companies across Nigeria step up efforts to strengthen their capital base ahead of the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with eight insurers on the Nigerian Exchange Limited seeking to raise an estimated ₦78.66 billion through various capital-raising programmes, including rights issues, public offers, and private placements. Lasaco Assurance recently demonstrated its commitment to policyholders by incurring and settling claims totalling ₦17.60 billion in its 2025 financial period. The company also reported a return to profitability in the first half of 2026, recording ₦384.9 million compared to a loss of ₦731.5 million in the same period last year. As it advances towards the successful completion of its recapitalisation programme, the company remains focused on delivering sustainable value to shareholders, protecting policyholders’ interests, and contributing meaningfully to the continued growth and development of Nigeria’s insurance industry.

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

READ ALSO:

• ‘I didn’t eat or bathe for four days,’ Peller says after police detention
• US Names 124 Nigerians for Deportation in “Worst of the Worst” Criminal Crackdown
• Oyo school abduction: Bandits threaten to kill abducted pupils if troops advance

The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Regency Alliance Insurance Launches Rights Issue to Strengthen Capital Base, Drive Expansion

LAGOS – Regency Alliance Insurance Plc has taken a significant step toward strengthening its financial position and accelerating business growth with the formal signing of its Rights Issue Agreement, paving the way for a fresh capital injection aimed at enhancing the company’s competitiveness and long-term sustainability.

The signing ceremony, held at the insurer’s headquarters in Lagos on Wednesday, brought together members of the Board of Directors, management team, issuing house, legal advisers, stockbrokers and other stakeholders, reflecting widespread confidence in the company’s strategic direction and growth prospects.

Under the Rights Issue, Regency Alliance Insurance Plc is offering 3.201 billion ordinary shares of 50 kobo each at 95 kobo per share, on the basis of one new ordinary share for every five ordinary shares currently held by shareholders.

The capital raise is expected to bolster the company’s capital base, improve underwriting capacity and provide funding for strategic investments in technology, product innovation and customer service enhancement.

Speaking during the signing ceremony, the Acting Chairman of Regency Alliance Insurance Plc, Chief Wale Taiwo, SAN, described the development as a major statement of confidence in the company’s future.

According to him, the exercise represents more than a regulatory requirement, noting that it reflects faith in the organisation’s workforce, business strategy and the trust reposed in it by customers and shareholders over the years.

READ ALSO:

• Court Declares PENGASSAN Strike Against Dangote Refinery Illegal, Labels Crude Supply Disruption ‘Economic Sabotage’
• Libya Arrests Two Nigerians Over “Inciting” Social Media Posts
• LP Chieftain Calls for Protest Against Peter Obi Over Okonkwo Feud

“Today’s signing is more than a formality. It is a statement of belief – belief in our people, our strategy, and the trust our customers and shareholders have placed in us over the years,” Taiwo said.

He explained that the additional capital would enable the company to respond more effectively to evolving risk landscapes, expand its market reach and strengthen its commitment to policyholders.

“This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder: that Regency Alliance will be there when it matters most,” he added.

Taiwo also expressed appreciation for the continued support of shareholders and urged all eligible investors to fully participate in the offer.

He noted that taking up their rights would not only protect existing investments from dilution but also allow shareholders to benefit directly from the company’s future growth and profitability.

Also speaking, the Managing Director of the company, Mr. Bode Oseni, said the proceeds from the Rights Issue would accelerate Regency Alliance’s ongoing digital transformation agenda and support the development of innovative insurance products targeted at underserved market segments.

According to Oseni, the company remains committed to maintaining its reputation as an agile, customer-focused and financially sound insurer.

“The proceeds from this Rights Issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigeria and beyond,” he said.

“We are not merely raising capital; we are raising our ambition.”

He expressed optimism that shareholders would embrace the opportunity and demonstrate confidence in the company’s future by fully subscribing to the offer.

Regency Alliance stated that the Rights Issue is intended to strengthen its solvency position, support business expansion and fund investments in digital infrastructure and new product development.

The company noted that existing shareholders would have the opportunity to subscribe for additional shares in proportion to their current holdings, thereby preserving their ownership interests while participating in future value creation.

Management further said the successful execution of the signing process demonstrates strong confidence among advisers and stakeholders in the company’s corporate governance framework, risk management systems and long-term business strategy.

According to the timetable released by the company, the Acceptance List will open on June 22, 2026, and close on July 3, 2026, during which eligible shareholders are expected to submit their applications.

Regency Alliance Insurance Plc has established itself as one of Nigeria’s leading general insurance providers, offering a broad range of insurance products to individuals and businesses across the country. The company is known for prompt claims settlement, innovative insurance solutions and adherence to strong corporate governance standards.

With the signing of the agreement and the completion of required regulatory approvals, the company said it would proceed with shareholder communications and implementation of the offer in compliance with the requirements of the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).

The Board and Management expressed confidence that the Rights Issue would receive strong shareholder support and position the insurer for sustainable growth, enhanced profitability and increased market relevance in Nigeria’s evolving insurance industry.

Regency Alliance Insurance Launches Rights Issue to Strengthen Capital Base, Drive Expansion