Lasaco Assurance Set for Growth as Shareholders Okay N25bn Capital Injection

Lasaco Assurance Set for Growth as Shareholders Okay N25bn Capital Injection

Shareholders of Lasaco Assurance Plc have approved a major move to strengthen the insurer’s financial position, giving the go-ahead for a N25 billion capital raise through a mix of Private Placement and Rights Issue.

The approval was granted at an Extraordinary General Meeting held on Tuesday at Lasaco House in Lagos, where shareholders voted on key resolutions designed to boost the company’s capital base and enhance its competitiveness in the Nigerian insurance market.

According to the resolutions, all newly issued shares will rank pari passu with existing ordinary shares, ensuring that the rights and privileges of current investors remain fully protected.

The shareholders also endorsed amendments to the company’s memorandum and articles of association to reflect the expanded capital structure, while authorising the board to determine final terms, appoint advisers, and secure necessary regulatory approvals.

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Speaking after the meeting, the Chairman of Lasaco Assurance Plc, Chief (Mrs.) Maria Olateju Phillips, described the capital raise as a strategic step toward meeting regulatory requirements and strengthening the company’s competitive advantage.

“This exercise will enable us to meet regulatory requirements and solidify our position in the industry,” she said. “We are great custodians of shareholders’ investments, and they will be impressed with the long-term returns.”

The Acting Managing Director, Mr. Ademoye Shobo, reaffirmed the company’s readiness for the ongoing insurance industry recapitalisation, noting that Lasaco remains committed to operating both life and non-life businesses.

“We have invested in technology and our people. With the new funds, we will further expand and strengthen our position. We will be recapitalised beyond the regulatory minimum,” he stated.

The approved N25bn capital injection marks a significant step in boosting the insurer’s business capacity, operational stability, and long-term growth prospects.

Lasaco Assurance Set for Growth as Shareholders Okay N25bn Capital Injection