Lasaco Assurance alerts shareholders as rights issue gathers momentum

Lasaco Assurance Plc has informed its shareholders and the investing public that her ongoing Rights Issue, duly approved by the Securities and Exchange Commission (SEC), is scheduled to close on May 13, 2026. This timeline provides eligible shareholders with sufficient opportunity to participate in the capital raising exercise.

The offer comprises 9,236,321,546 ordinary shares of 50 kobo each, priced at N2.00 per share, on the basis of five (5) new shares for every six (6) existing shares held. The Rights Issue is open to shareholders whose names appeared on the Company’s register as at the close of business on February 20, 2026.

The exercise is expected to raise approximately N18.47 billion, which will be strategically deployed to strengthen the Company’s capital base, enhance underwriting capacity, and support the expansion of its market presence within Nigeria’s competitive insurance landscape.

Meristem Capital Limited is acting as Lead Issuing House, while PAC Capital serves as Joint Issuing House on the transaction.

Commenting on the development, Ademoye Shobo, managing director of Lasaco Assurance Plc, reaffirmed the Company’s commitment to maintaining a robust capital position to meet its obligations and deliver sustained value to policyholders and stakeholders.

This initiative aligns with broader efforts across the Nigerian insurance industry to meet evolving regulatory capital requirements, strengthen balance sheets, and position operators to underwrite larger and more complex risks across key sectors of the economy.