Lasaco Assurance Plc has announced the appointment of Mr. Ademoye Shobo as Acting Managing Director and Chief Executive Officer, following the retirement of Mr. Razzaq Abiodun, who officially stepped down from the role on November 6, 2025.
The announcement was made in a formal statement signed by the Company Secretary, Gertrude Olutekunbi, and submitted to the Nigerian Exchange Limited.
The statement confirmed the leadership transition and highlighted the company’s confidence in Mr. Shobo’s capabilities.
“Lasaco Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited, its distinguished shareholders and the general public of the retirement of the Company’s Managing Director, Mr. Razzaq Abiodun, with effect from Thursday, 6th November 2025,” the statement read.
“Consequently, the Board of Directors has approved the appointment of Mr. Ademoye Shobo Executive Director (Technical), as the acting Managing Director/CEO.”
Three decades of experience
Mr. Shobo brings over three decades of experience within Lasaco Assurance Plc, having steadily risen through the ranks to occupy key technical and leadership roles. His extensive background in insurance operations and strategic management is expected to provide continuity and stability for the company.
“The Company has benefited from his wealth of technical experience and exposure on insurance matters,” the statement added, underscoring the Board’s confidence in his ability to steer the organization forward.
Mr. Abiodun’s retirement marks the end of a notable chapter in the company’s leadership history.
What you should know
Mr Razzaq Abiodun was appointed as the Managing Director of the company in September 2021, following the retirement of the former Managing Director, Mr Segun Balogun.
- Prior to the appointment, he was the Deputy Managing Director (Technical) of the company.
- He had over 30 years’ experience in the insurance industry, spanning claims, underwriting and marketing. He began his insurance career with City Union Insurance Company, where he rose to the position of Deputy Manager, Claims/Reinsurance.
- He was also a Senior Manager at Metropolitan Trust Insurance Company (now Consolidated Hallmark). Abiodun also worked at WAPIC Insurance Plc, where he was an Assistant General Manager, before his appointment as pioneer Managing Director of WAPIC Insurance (GHANA) Ltd.
He holds a Master’s degree in Business Administration from Lagos State University, and is a Graduate of Law from the Ghana Institute of Management and Professional Studies (GIMPA).
