The National Insurance Commission (NAICOM) has approved the appointment of Ademoye Shobo as the Managing Director/Chief Executive Officer of Lasaco Assurance Plc.
The approval was disclosed in a statement issued on Tuesday and signed by the company’s Secretary, Gertrude Olutekunbi.
Shobo’s appointment takes effect from February 6, 2026.
What they are saying
According to the statement, the board expressed confidence in Shobo’s ability to drive the company’s strategy and improve overall performance.
- “Lasaco Assurance Plc (the Company) hereby notifies the Nigerian Exchange Limited (NGX), its esteemed shareholders, and the investing public that the National Insurance Commission (NAICOM) has approved the appointment of Mr. Ademoye Shobo as the Company’s Managing Director /Chief Executive Officer effective 6th February, 2026.”
The company noted that Shobo joined Lasaco Assurance in 1993 as an officer in the Audit Department and rose through the ranks to become MD/CEO.
Backstory
In 2025, Lasaco appointed Shobo as Acting Managing Director and Chief Executive Officer following the retirement of Mr. Razzaq Abiodun, who stepped down on November 6, 2025.
- Abiodun had been appointed Managing Director in September 2021 after the retirement of the former MD, Mr. Segun Balogun.
- Before his elevation, Abiodun served as Deputy Managing Director (Technical).
At the time of Shobo’s acting appointment, the company said his extensive experience in insurance operations and strategic management would ensure continuity and stability.
More insights
Shobo holds a Bachelor of Science degree in Chemistry from Lagos State University (1988) and a Master of Business Administration from Nasarawa State University (2023).
He became an Associate Member of the Chartered Insurance Institute of Nigeria in 1998.
Over the years, he has held several leadership roles within the company. In 2013, he was promoted to Deputy General Manager and assigned oversight of the Technical Division. He later served as General Manager (Marketing), where he coordinated marketing activities across the Northern Region.
In 2021, he joined the Board as Executive Director (Technical). He has also participated in numerous professional courses locally and internationally.
What you should know
In December 2025, Lasaco secured shareholder approval to raise fresh capital through a Rights Issue and Private Placement.
The plan is expected to increase the insurer’s minimum share capital to N36.08 billion from N11.08 billion, more than tripling its capital base.
The resolutions were approved at the company’s Extraordinary General Meeting (EGM) held virtually on December 9, 2025, marking one of the most significant capital-raising initiatives in Lasaco’s recent history as it seeks to strengthen its financial position.
