Lasaco Assurance Plc has raised ₦19.30 billion through a rights issue that exceeded its fundraising target, marking a significant step in the insurer’s recapitalisation programme as it works to comply with the Nigerian Insurance Industry Reform Act 2025.
The company said the rights issue was oversubscribed by 4.5%, with existing shareholders subscribing above the targeted ₦18.47 billion, underscoring investor confidence in the insurer’s growth strategy and financial position.
The successful capital raise represents a key milestone for Lasaco as Nigerian insurers continue to strengthen their capital base in response to the industry’s new regulatory requirements.
Regulatory approvals secured
Lasaco disclosed that the capital-raising exercise has received the necessary regulatory approvals following a comprehensive review process.
As part of the exercise, the National Insurance Commission (NAICOM) conducted a verification of the source of funds raised and subsequently issued a confirmation of admissibility to the Securities and Exchange Commission (SEC).
Following NAICOM’s clearance, the SEC granted its final approval for the rights issue, paving the way for the company to complete the transaction.
The insurer also noted that an independent consultant appointed for the exercise verified its shareholders’ funds, assets and liabilities, reaffirming the company’s admissible capital position.
Management highlights governance commitment
Commenting on the successful fundraising, Lasaco Assurance Managing Director and Chief Executive Officer, Ademoye Shobo, described the recapitalisation exercise as a demonstration of the company’s commitment to sound corporate governance and transparency.
He said the strong response from shareholders and the successful completion of critical regulatory processes reflected investors’ confidence in the company’s long-term strategy.
Shobo added that Lasaco remains focused on completing the remaining phases of its recapitalisation programme while strengthening its competitive position in Nigeria’s insurance market.
Stronger capital to support growth
According to the company, the additional capital will enhance its underwriting capacity, improve risk retention capabilities and strengthen its financial resilience.
Lasaco said the recapitalisation is expected to position the insurer for sustainable growth, enabling it to write larger risks while creating greater value for shareholders and other stakeholders.
The successful rights issue comes as insurers across Nigeria continue to bolster their capital positions to meet evolving regulatory standards and enhance their ability to support larger and more complex insurance transactions in the country’s growing economy.
