Lasaco secures N19.3bn in oversubscribed rights issue

Lasaco Assurance Plc has successfully concluded a rights issue, raising N19.30 billion and surpassing its N18.47 billion target by 4.5 percent. This significant capital injection is a key step in the company's ongoing recapitalization program, aimed at meeting the stringent requirements of the Nigerian Insurance Industry Reform Act 2025.

The strong performance of the rights issue, which saw overwhelming support from existing shareholders and investors, reflects a high level of confidence in Lasaco Assurance's strategic direction and financial stability. The exercise has secured crucial regulatory clearances, including comprehensive verification of funds by the National Insurance Commission (NAICOM) and final approval from the Securities and Exchange Commission (SEC).

An independent consultant's verification of the company's shareholders' funds, assets, and liabilities further affirmed Lasaco's current admissible capital position. Managing Director and CEO Ademoye Shobo emphasized the company's commitment to transparency and corporate governance throughout the recapitalization journey.

"Our recapitalisation journey reflects our unwavering commitment to transparency, accountability, and responsible corporate governance," Shobo stated. "The overwhelming support from our shareholders and the successful completion of key regulatory milestones further validate the confidence reposed in our company." Lasaco Assurance anticipates that this recapitalization will substantially enhance its financial capacity, improve underwriting capabilities, increase risk retention, and solidify its standing as a leading composite insurance company in Nigeria.

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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.