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LASACO Assurance Plc has received the Securities and Exchange Commission’s (SEC) no-objection approval for the allotment of 9.24 billion ordinary shares, marking a major milestone in its recapitalisation programme aimed at meeting the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The approval covers the allotment of 9,236,321,546 ordinary shares of 50 kobo each at N2.00 per share and brings the insurer closer to completing its capital-raising exercise.
In a letter dated July 8, 2026, the SEC also approved the company’s proposed public announcement of the share allotment, confirming that the rights issue had successfully cleared another key regulatory hurdle.
The rights issue, which opened on April 2 and closed on May 13, 2026, attracted strong support from existing shareholders, with subscriptions exceeding the initial offer.
LASACO said the exercise raised more than N19 billion, surpassing its target and reflecting investor confidence in the company’s strategy, corporate governance and long-term growth prospects.
The insurer added that it had transferred the net proceeds of N18.1 billion into a Central Bank of Nigeria-designated escrow account in line with regulatory requirements, underscoring its commitment to prudent financial management and compliance.
The company also disclosed that the National Insurance Commission (NAICOM), through an independent consultant, conducted a comprehensive verification of its capital position, including the authenticity of the funds raised and compliance with regulatory standards.
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Commenting on the development, the Chief Financial Officer of LASACO Assurance Plc, Mr. Olubukola Moradeyo, said the SEC’s approval marked another significant step in the company’s recapitalisation journey.
“The SEC’s approval of our share allotment marks another defining moment in our recapitalisation journey. It reflects our unwavering commitment to regulatory compliance, sound corporate governance and transparency throughout the process. We deeply appreciate the confidence demonstrated by our shareholders and remain focused on completing the remaining regulatory requirements while positioning LASACO Assurance Plc for stronger growth, greater resilience and enhanced value creation.”
Also commenting, the Head of Strategy, Research and Communications, Mr. Adedayo Adetokun, described the approval as a validation of the company’s long-term transformation agenda.
“This achievement goes beyond regulatory compliance; it is a clear demonstration of the confidence that shareholders, regulators and the investing public have in LASACO Assurance Plc. Our recapitalisation programme is designed not only to meet statutory requirements but also to create a stronger institution with greater underwriting capacity, improved financial resilience and enhanced ability to deliver innovative insurance solutions to our customers.”
He added that the company remained committed to completing the recapitalisation exercise within the regulatory deadline while strengthening its balance sheet, improving underwriting capacity and delivering sustainable value to shareholders.
With the SEC’s approval secured, LASACO said it is now focused on obtaining the remaining regulatory clearances that will enable it to fully deploy the fresh capital to expand its business and reinforce its position in Nigeria’s insurance industry.
