Lasaco Targets N18.47bn Capital Boost to Strengthen Market Position

Olufemi Adeyemi In a strategic move to reinforce its financial footing and position itself for long-term growth, Lasaco Assurance Plc has unveiled plans to raise N18.47 billion through a rights issue. The announcement was made during a formal signing ceremony held at the insurer’s head office in Lagos, signaling a significant step in the company’s capital expansion drive. The initiative follows regulatory clearance from both the Nigerian Exchange Group and the Securities and Exchange Commission, paving the way for the insurer to deepen its presence in Nigeria’s increasingly competitive insurance landscape. Managing Director, Ademoye Shobo, disclosed that the capital raise had earlier secured shareholder approval at an Extraordinary General Meeting. According to him, the company will offer 9.24 billion ordinary shares at N2.00 each, structured on the basis of five new shares for every six existing shares held. Eligibility for participation is limited to shareholders listed in the company’s register as of the close of business on February 20, 2026. The offer is scheduled to open on April 2 and close on April 24, 2026, with the rights expected to be tradable on the floor of the Nigerian Exchange for the duration of the exercise. Shobo emphasized that the fundraising effort is designed to enhance Lasaco’s underwriting capacity while supporting broader expansion plans. By strengthening its capital base, the insurer aims to take on larger and more complex risks across key sectors of the economy. This latest move builds on earlier resolutions reached during the company’s Extraordinary General Meeting held virtually in December 2025, where shareholders approved a substantial increase in minimum share capital from N11.08 billion to N36.08 billion. The N25 billion increment reflects a deliberate effort to bolster the company’s financial resilience and competitive positioning. The capital raise is part of a broader strategy that includes both a...