Lasaco beats recapitalisation target, raises N19.3bn in rights issue

Lasaco Assurance Plc has recorded another significant milestone in its ongoing recapitalisation programme, reinforcing its commitment to meeting the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and positioning the Company for long-term sustainable growth.

The Company recently concluded its Rights Issue with an impressive subscription level, raising N19.30 billion from existing shareholders instead of N18.47 billion thereby surpassing expectation by 4.5 percent. The successful exercise reflects the strong confidence of shareholders and investors in Lasaco Assurance Plc’s strategic direction, financial fundamentals, and long-term growth prospects.

The recapitalisation exercise has also received the necessary regulatory validations, underscoring the transparency and integrity of the process.

As part of the regulatory review, the National Insurance Commission (NAICOM) conducted a comprehensive verification of the source of funds raised through the Rights Issue and subsequently issued a confirmation to the Securities and Exchange Commission (SEC), affirming the credibility and admissibility of the capital raised. Following this, the SEC granted its final approval for the Rights Issue, marking another significant milestone in the Company’s recapitalisation journey.

In addition, the independent consultant appointed for the exercise, carried out an extensive verification of the Company’s shareholders’ funds, assets, and liabilities. The verification reaffirmed Lasaco Assurance Plc’s current admissible capital position, with the recently raised capital expected to further strengthen the Company’s capital base upon its 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.

Commenting on the achievement, Ademoye Shobo, managing Director/CEO of Lasaco Assurance Plc, said “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. We remain focused on concluding the remaining phases of the exercise and positioning Lasaco Assurance Plc for sustained growth, enhanced competitiveness, and greater value creation for all our stakeholders.”

The Company noted that the recapitalisation programme is progressing in line with regulatory expectations and is expected to further strengthen its financial capacity, improve underwriting capabilities, enhance risk retention, and reinforce its position as one of Nigeria’s leading composite insurance companies.

Lasaco Assurance Plc reiterated its commitment to building a stronger and more resilient institution through prudent capital management, operational excellence, innovation, and customer-centric service delivery.

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.