Underwriting firm, Lasaco Assurance Plc has commenced the process of raising N11.1 billion fresh capital, as part of the strategy to strengthen its financial position in the Nigerian insurance industry.
The company through a private placement is offering 9.25 billion ordinary shares of 50k each at 1.20k per share.
The official signing ceremony was performed by Lasaco Assurance plc’s board of directors, management team, professional partners, and financial advisors its Completion Board Meeting at the Marriott Hotel in Ikeja,
Olateju Phillips, chairman of the Board speaking at the Completion Board Meeting expressed optimism about Lasaco Assurance Plc’s future, emphasizing the importance of aligning the company’s strategies with dynamic market conditions to maintain a strong market presence.
The meeting marked a significant milestone in reaffirming long-term goals, with a clear focus on fostering sustainable growth and providing exceptional value to clients and stakeholders.
Razzaq Abiodun, managing director, expressed enthusiasm about this significant achievement, emphasizing its strategic importance for the organization. He highlighted that the capital raised will enhance Lasaco Assurance’s market share, strengthen its competitive edge, and sustain the company’s enduring legacy.
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The funds have been carefully allocated to critical areas, ensuring maximum impact and supporting sustained growth. This move, he noted is to position the company for greater success and reaffirm its readiness for future opportunities.
He further emphasized that the additional capital will strategically position the company for future recapitalization process as Lasaco Assurance Plc is poised to ever remain not just competitive but also compliant and financially stable.
Sani Ndanusa, an independent director, highlighted the company’s potential to achieve its targets within the set timeframe despite the challenging business environment.
He emphasized that all parties involved, including the Nigerian Exchange Group (NGX), SEC, NAICOM, and, stakeholders should work in the best interest of the company and its shareholders.
Saliu Adeniyi, non-executive director, remarked that the additional capital raise will enable the company to compete more aggressively, specifically in oil and gas sector. With the capitalization boost, Lasaco Assurance Plc is ready to pursue diverse business opportunities and maintain its enviable position within the insurance market.
He also emphasized that raising additional capital was driven by the desire to grow the business, not regulatory pressures, highlighting the company’s proactive approach to growth.
The Completion Board Meeting also reviewed Lasaco Assurance Plc’s recent accomplishments and discussed upcoming projects to ensure they align with the company’s long-term vision. Discussions covered market expansions, new product development, and innovations designed to solidify the company’s position in the Nigerian insurance sector. The board and executive management are committed to driving the company toward sustained success by focusing on innovation, improving service delivery, and expanding its market share.
With the completion of recapitalization exercise, the board and management remains dedicated to pursuing future-oriented strategies to meet the evolving needs of its clients. With the newly raised capital and a solid three-year plan in place, Lasaco Assurance Plc is poised to lead the industry into its next growth phase, delivering exceptional value to clients, partners, and shareholders.
