Lasaco Assurance secures shareholder nod to advance capitalisation plans

Lasaco Assurance Plc has received formal commitment letters from shareholders following its recent Extraordinary General Meeting, strengthening confidence in the company’s plan to raise additional capital in line with regulatory requirements and ongoing insurance sector reforms.

Speaking on the development, Ademoye Shobo, acting managing director of Lasaco Assurance Plc, , said the confirmation from shareholders provides clarity and certainty as the company moves to execute its approved capital-raising strategy.

“The commitment letters from our shareholders give us the confidence to proceed with our capitalisation plans in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other regulatory requirements guiding the insurance industry. We will leverage all available opportunities to raise the approved capital, and our existing shareholders should watch out for our rights issue as part of the process,”  Shobo said.

With shareholders’ backing now formally documented, Lasaco Assurance Plc plans to actively pursue available funding options to deliver the approved capital raise. The company plans to deploy a mix of market-based instruments, including a rights issue and other permissible fundraising structures, to ensure timely and effective capital mobilisation.

The Management noted that the commitment letters reinforce investor confidence in the company’s growth strategy, governance framework, and long-term outlook. The capital raise is expected to support balance sheet strengthening, improve underwriting capacity, and provide greater flexibility for business expansion across core insurance segments.

As part of the process, existing shareholders have been advised to watch out for the forthcoming rights issue, which will provide them with the opportunity to participate proportionately in capital expansion. The company reaffirmed its intention to ensure transparency and regulatory compliance throughout the fundraising exercise.

Lasaco Assurance Plc views the capitalisation drive as a strategic step toward sustaining competitiveness, enhancing risk-bearing capacity, and positioning the company for future growth within Nigeria’s insurance market. The initiative also aligns with broader industry efforts aimed at strengthening the company’s financial resilience and protecting policyholders’ interests.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.

A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.

Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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