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

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.

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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%