LASACO pays N190m death benefits to SUBEB, Local Government staff beneficiaries

Lasaco Assurance Plc, one of Nigeria’s foremost insurance underwriters has indemnified 97 beneficiaries of its life insurance scheme to the tune of N190 million.

The company, which took the initiative in fulfilment of its corporate policy of maintaining trust and relationship with its clients, presented a letter of between N629,762.69 and N6,590,999.46 to the families of each of the deceased staff of the Lagos State Universal Basic Education Board (SUBEB) and Local Government and Community Affairs

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Razzaq Abiodun, managing director of Lasaco Assurance, who doled out the letters to the beneficiaries, explained that the company had so far compensated 1,356 deceased staff of the two organizations to the tune of N3 billion since 2017 when the scheme commenced.

Abiodun, traced the company’s life cover for the civil servants of Lagos state to the days of Asiwaju Bola Tinubu, Nigeria’s president-elect, as the governor of the state.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.