Lasaco Assurance Opens N18.47bn Rights Issue

Lasaco Assurance Plc has unveiled plans to raise N18.47 billion through a rights issue as part of efforts to reinforce its capital base and position the company for future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following regulatory approvals from the Nigerian Exchange Limited and the Securities and Exchange Commission.

Speaking on the development, Managing Director Ademoye Shobo said the capital raise had earlier received shareholder approval at an Extraordinary General Meeting. He explained that the company is offering 9.24 billion ordinary shares at N2.00 per share, based on five new shares for every six existing shares held.

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“The acceptance list is scheduled to open on April 2, 2026, and close on April 24, 2026,” Shobo said.
“The rights being offered will be tradable on the floor of the Nigerian Exchange Ltd for the duration of the offer.”

He added that the proceeds from the offer would enhance the company’s underwriting capacity and support expansion plans, enabling it to compete more effectively in Nigeria’s insurance industry.

The capital raise forms part of a broader strategy approved by shareholders to increase the company’s minimum share capital from N11.08 billion to N36.08 billion, representing an increase of about N25 billion.

Financial advisers to the transaction include Meristem Capital Limited as Lead Issuing House and PAC Capital as Joint Issuing House.

Shobo noted that strengthening capital positions is critical across the insurance sector, particularly as firms seek to meet regulatory requirements and take on more complex risks.

“At Lasaco, we will continue to ensure that our capital is always robust, so that we’re able to deliver on our mandates to the general public,” he said.

The initiative is expected to boost the company’s ability to participate in high-value insurance transactions while supporting long-term growth and stability.