Lasaco Assurance raises N19.3bn in Right Issue

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By Elizabeth Adegbesan

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Lasaco Assurance Plc has recorded another significant milestone in its ongoing recapitalisation programme, raising N19.3 billion from existing shareholders in its recently concluded Right Issue.

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This figure surpasses the intended N18.47 billion subscription level by 4.5 percent.

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According to the Company, this milestone reinforces its commitment to meeting the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and positioning the Company for long-term sustainable growth.

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The Company noted that 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.

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Lasaco explained that 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.

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In addition, the independent consultant appointed for the exercise, carried out an extensive verification of the Company’s shareholders’ funds, assets, and liabilities.

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The company added that 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.

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Commenting on the achievement, the Managing Director/Chief Executive Officer of Lasaco Assurance Plc, Mr. Ademoye Shobo, said:

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“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’’.

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