Lasaco Assurance Plc has secured regulatory approval for its recapitalisation, emerging among 43 insurance companies cleared by the National Insurance Commission (NAICOM) following its latest review of insurers’ capital positions.
The approval marks a major step for the insurer as Nigeria’s insurance industry transitions toward higher capital thresholds introduced by the regulator to strengthen the sector’s financial resilience and improve protection for policyholders.
Lasaco said the successful outcome demonstrates its compliance with NAICOM’s enhanced capital requirements and reinforces its focus on financial strength, sustainable growth and long-term value creation for stakeholders.
The recapitalisation programme was introduced by NAICOM as part of broader efforts to strengthen the financial capacity of insurance companies operating in Nigeria. Higher capital levels are expected to improve insurers’ ability to absorb losses, underwrite larger risks and meet claims obligations while supporting greater confidence among policyholders and investors.
For Lasaco, regulatory clearance provides a platform for the company to pursue additional growth opportunities and expand its competitive position in the Nigerian insurance market.
Speaking on the development, Lasaco Assurance Managing Director, Ademoye Shobo, described the approval as a reflection of the commitment and resilience of the company’s workforce.
“This accomplishment is a testament to the dedication and resilience of our entire team. It reflects our unwavering commitment to excellence, innovation, and the delivery of exceptional value to our clients,” Shobo said.
He added that the company was optimistic about its next phase of growth, with plans to further improve service delivery and strengthen its contribution to the development of Nigeria’s insurance industry.
The managing director said Lasaco would remain focused on enhancing service quality, driving innovation and delivering value to customers as the company builds on the momentum created by the recapitalisation exercise.
The insurer also expressed appreciation to its employees, business partners and customers for their support throughout the capital-raising process, noting that stakeholder confidence had been instrumental in reaching the latest milestone.
Lasaco’s regulatory clearance follows its reported success in raising N19.3 billion through its capital-raising exercise, providing additional financial capacity as the company positions itself for the next stage of its development.
The approval comes at a critical point for Nigeria’s insurance industry, with recapitalisation reshaping the competitive landscape and compelling operators to strengthen their balance sheets, improve operational capacity and pursue more sustainable growth strategies.
With the regulatory requirement now met, Lasaco is expected to leverage its strengthened capital position to pursue market expansion while continuing to provide insurance products and services to individuals and businesses across Nigeria.
