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LASACO Assurance Plc has taken a major step towards meeting the recapitalisation requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 after raising N19.3 billion through its recently concluded rights issue, surpassing its N18.47 billion target.
The company said the rights issue was oversubscribed by 4.5 per cent, reflecting strong shareholder confidence in its growth strategy and financial outlook.
LASACO disclosed that it has also secured key regulatory approvals for the capital raising exercise, bringing it closer to completing its recapitalisation programme ahead of the industry’s deadline.
According to the insurer, the National Insurance Commission (NAICOM) conducted a comprehensive verification of the source of funds raised during the rights issue and subsequently issued a confirmation to the Securities and Exchange Commission (SEC), affirming the credibility and admissibility of the capital.
Following NAICOM’s confirmation, the SEC granted its final approval for the rights issue, marking another milestone in the company’s recapitalisation process.
LASACO also said an independent consultant appointed for the exercise carried out an extensive verification of its shareholders’ funds, assets and liabilities.
The verification, it noted, reaffirmed the company’s admissible capital position, while the newly raised funds are expected to further strengthen its capital base once fully incorporated into the final computation.
The company said the successful completion of the regulatory reviews demonstrates its commitment to sound corporate governance, financial transparency and compliance with industry regulations.
Commenting on the development, the Managing Director and Chief Executive Officer of LASACO Assurance Plc, Mr. Ademoye Shobo, said the company remains committed to completing the remaining phases of its recapitalisation programme.
“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,” Shobo said.
The company stated that the recapitalisation programme is progressing in line with regulatory expectations and will strengthen its financial capacity, improve underwriting capabilities, enhance risk retention and reinforce its position in Nigeria’s insurance market.
LASACO added that it remains committed to prudent capital management, operational excellence, innovation and customer-focused service delivery as it works towards completing the exercise.
The insurer said the stronger capital base will enable it to create greater value for shareholders, protect policyholders’ interests and contribute to the growth and development of Nigeria’s insurance industry.
