Lasaco Assurance gets SEC approval for share allotment, advances recapitalisation drive

Lasaco Assurance Plc has recorded another major milestone in its ongoing recapitalisation programme following the receipt of a No-Objection Approval from the Securities and Exchange Commission (SEC) for the allotment of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share.

The approval represents a significant advancement in the Company’s strategic efforts to strengthen its capital base in line with the enhanced minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

In a letter to Lasaco, SEC conveyed its no-objection to both the allotment of the shares and the proposed public announcement of the offer, affirming that the Rights Issue had successfully progressed through another critical regulatory milestone.

The issue proceeds have since been remitted to Lasaco Assurance Plc. The Rights Issue, which opened on April 2, 2026, and closed on May 13, 2026, attracted overwhelming support from existing shareholders, with subscriptions exceeding the initial offer.

The exercise generated over N19 billion, surpassing the amount originally targeted and further demonstrating the confidence of shareholders and investors in the Company’s strategic direction, governance framework and long-term growth prospects.

In further demonstration of its commitment to regulatory compliance and prudent financial management, Lasaco Assurance Plc subsequently transferred N18.1 billion net rights issue proceeds into the Central Bank of Nigeria-designated escrow account, reinforcing its readiness to satisfy all statutory capital requirements.

The Company’s recapitalisation process has also undergone rigorous regulatory scrutiny. The National Insurance Commission (NAICOM), through its appointed independent consultant, carried out a comprehensive verification of the Company’s capital position, including the authenticity of the funds raised and compliance with applicable regulatory standards. The successful completion of this exercise further validates the integrity, transparency and credibility of Lasaco Assurance Plc’s recapitalisation programme.

With the SEC’s no-objection approval now secured, the Company is progressing towards the final phase of the recapitalisation process and remains confident of obtaining the necessary regulatory clearances that will enable the full deployment of the newly raised capital to support business growth and enhance long-term shareholder value.

Commenting on the development, Olubukola Moradeyo, chief financial officer of Lasaco Assurance Plc, Mr. stated “The SEC’s approval of our share allotment marks another defining moment in our recapitalisation journey. It reflects our unwavering commitment to regulatory compliance, sound corporate governance and transparency throughout the process. We deeply appreciate the confidence demonstrated by our shareholders and remain focused on completing the remaining regulatory requirements while positioning Lasaco Assurance Plc for stronger growth, greater resilience and enhanced value creation.”

Also speaking on the milestone, Adedayo Adetokun, Head, Strategy, Research and Communications, described the approval as a strategic validation of the Company’s long-term transformation agenda.

“This achievement goes beyond regulatory compliance; it is a clear demonstration of the confidence that shareholders, regulators and the investing public have in Lasaco Assurance Plc.