Lasaco Assurance Plc has announced plans to raise N18.47 billion through a rights issue as part of efforts to strengthen its capital base and support future growth.
The disclosure was made during a signing ceremony held on Friday at the company’s head office in Lagos.
The capital raise follows regulatory approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), positioning the insurer to expand its operations in Nigeria’s competitive insurance market.
What Lasaco is saying
The Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, said the move had earlier received shareholder backing at an Extraordinary General Meeting.
He stated that the company is offering 9,236,321,546 ordinary shares at N2.00 per share, based on five new shares for every six existing shares held by shareholders.
He noted that the offer is open to shareholders on the register as of the close of business on February 20, 2026.
- “The acceptance list is scheduled to open on April 2, 2026, and close on April 24, 2026.”
- “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 offer is expected to raise approximately N18.47 billion, which will enhance the company’s underwriting capacity and support expansion plans.
Get up to speed
Lasaco Assurance had earlier secured shareholder approval to raise fresh capital through a combination of a rights issue and private placement.
The approval was granted at the company’s Extraordinary General Meeting held virtually on December 9, 2025.
Shareholders approved an increase in the company’s minimum share capital from N11.08 billion to N36.08 billion.
This represents an increase of about N25 billion aimed at strengthening the company’s financial position.
The capital raise forms part of broader efforts to reposition the company for growth and improved competitiveness in the insurance sector.
More insights
Financial advisers to the transaction include Meristem Capital Limited as Lead Issuing House and PAC Capital as Joint Issuing House.
Shobo noted that the capital raise aligns with industry-wide efforts to meet regulatory requirements and improve balance sheets.
He added that stronger capital positions will enable insurers to take on larger and more complex risks across various sectors.
- “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.”
The initiative is expected to enhance Lasaco’s capacity to participate more actively in high-value insurance transactions.
What you should know
The capital raise comes amid a broader recapitalization drive within Nigeria’s insurance sector aimed at improving resilience and market competitiveness.
Operators across the industry are strengthening their capital buffers to support growth and expand product offerings.
- The move is expected to improve underwriting capacity across general and special risk insurance segments.
- Analysts view the exercise as a strategic step to reinforce Lasaco’s balance sheet and support long-term growth initiatives.
- With shareholder approval secured, market focus is expected to shift to the execution of the rights issue and private placement, which will play a key role in shaping the company’s future growth trajectory.
