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%

NRC, Police Intensify Crackdown on Railway Vandals as Opeifa Pushes for Tougher Asset Protection

Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has vowed to strengthen the Corporation’s partnership with the Nigeria Police Force and other security agencies to combat vandalism and safeguard Nigeria’s railway infrastructure, following the recent arrest of three suspected railway vandals and the recovery of stolen materials valued at about ₦200 million.

Opeifa made the pledge on Friday during a courtesy visit to the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, at the Command Headquarters in Eleyele, Ibadan.

He described the nation’s railway infrastructure as a strategic national asset that must be protected from criminal activities capable of disrupting rail operations and undermining the Federal Government’s investments in the sector.

Accompanied by the Commissioner of Police, Nigeria Railway Police Command, CP Lasisi Titilola, Opeifa said the NRC would continue to work closely with security agencies to ensure that all suspects arrested for vandalising railway facilities are thoroughly investigated and prosecuted to serve as a deterrent to others.

The NRC boss praised the Oyo State Police Command and the Nigeria Railway Police Command for their professionalism, vigilance and swift response, which led to the arrest of the three suspects during an intelligence-led operation.

The suspects were intercepted while allegedly transporting vandalised railway materials from Niger State to Lagos, with the recovered items estimated to be worth about ₦200 million.

Describing the operation as a significant breakthrough in the fight against railway vandalism, Opeifa said the success underscored the value of sustained collaboration between the Corporation and security agencies in protecting critical public infrastructure.

He reaffirmed the Corporation’s resolve to deepen cooperation with the police, other security agencies, state governments, host communities and relevant stakeholders to curb vandalism, theft and sabotage across the country’s railway network.

Opeifa also appealed to members of the public to support the campaign against railway vandalism by providing credible and timely information that could help security agencies prevent attacks on railway facilities.

“The Nigerian Railway Corporation remains committed to delivering safe, reliable and sustainable rail transportation while working closely with security agencies and other stakeholders to protect the nation’s railway infrastructure,” he said.

Responding, the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, called on the National Assembly to review existing laws on vandalism of critical national infrastructure by prescribing stiffer penalties for offenders.

He warned vandals and other criminal elements to stay away from Oyo State, assuring that the Command would continue to track, arrest and prosecute anyone involved in the destruction or theft of public infrastructure.

Abimbola added that the three suspects and the recovered railway materials would be handed over to the Nigeria Railway Police Command for further investigation and prosecution.

The renewed security collaboration comes as the NRC intensifies efforts to protect rail infrastructure amid ongoing investments by the Federal Government to modernise Nigeria’s railway network and improve the safety and reliability of rail transport nationwide.

ABC Transport Launches Major Fleet Renewal, Takes Delivery of 2026 Luxury Coaches

ABC Transport Plc, Nigeria’s foremost provider of premium intercity transportation and integrated logistics services, has officially launched a comprehensive group-wide fleet renewal programme with the arrival of the first batch of its brand-new 2026-model luxury coaches.

The fleet renewal marks another significant milestone in the company’s continued investment in safety, innovation, customer experience and operational excellence.

The arrival of these state-of-the-art coaches represents the first phase of a broader fleet modernisation initiative for the company’s Travel Division, with additional units expected before the end of the year.

The investment reflects ABC Transport’s unwavering commitment to continually renewing its fleet with world-class vehicles that deliver superior passenger comfort while meeting the highest international safety and environmental standards.

Designed to redefine road travel, the new luxury coaches are equipped with a range of advanced features, including individual USB charging ports for every passenger, high-definition CCTV surveillance systems and GPS-enabled real-time vehicle tracking.

The coaches also feature electronically controlled speed limiters to prevent over-speeding and further enhance passenger safety.

The new fleet will primarily strengthen operations on ABC Transport’s high-demand night services on the Lagos–Abuja and Lagos–East corridors, including Owerri and Aba. They will also be available for corporate charters, government movements and private group bookings.

The company’s fleet renewal programme also extends to its highly popular Sprinter Service. Orders have already been placed for the latest-generation Toyota Hiace buses, with deliveries expected in the coming months. The new minibuses will further enhance ABC Transport’s short- and medium-haul operations by offering customers improved comfort, enhanced safety features, greater fuel efficiency and increased service reliability.

Speaking on the launch of the fleet renewal programme, the Group Managing Director/Chief Executive Officer of ABC Transport Plc, Mr Jude Nneji, described the initiative as another bold step in the company’s long-term vision of maintaining its leadership position in Nigeria’s road transportation industry.

“This fleet renewal programme demonstrates our unwavering commitment to delivering the safest, most comfortable and technologically advanced travel experience in the country.

“We are investing not just in new vehicles, but in the future of mobility, customer satisfaction and operational excellence. Our passengers deserve the very best, and we will continue to raise the benchmark for road transportation in Nigeria.”

Mr Nneji added that the newly acquired coaches combine premium comfort with cutting-edge safety technologies that provide greater peace of mind for passengers while improving operational efficiency across the company’s nationwide network.

The group-wide fleet renewal programme extends well beyond the Travel Division and reflects ABC Transport Plc’s strategic commitment to modernising assets across all its divisions and subsidiaries.

In recent months, ABC Cargo Express Limited, the company’s logistics subsidiary, has significantly strengthened its operations through the acquisition of modern Forland trucks in multiple capacities to enhance nationwide cargo distribution, freight movement and last-mile delivery capabilities.

Similarly, the company’s Haulage Division recently expanded its heavy-duty fleet with the addition of Compressed Natural Gas (CNG)-powered trucks, reinforcing ABC Transport’s commitment to cleaner energy solutions, lower operating costs and environmentally responsible logistics.

Collectively, these investments represent one of the company’s most significant fleet modernisation initiatives in recent years.

From luxury intercity coaches and next-generation Toyota Hiace minibuses to modern logistics trucks and CNG-powered heavy-duty haulage vehicles, ABC Transport is strategically renewing its fleet across every business segment to deliver safer, smarter, more efficient and environmentally sustainable transportation solutions.

For over three decades, ABC Transport Plc has remained synonymous with safety, reliability, innovation and premium mobility services.

Through investment in modern technology, fleet renewal and customer-focused innovation, the company continues to set the benchmark for road transportation and integrated logistics across Nigeria and West Africa.