LASACO Assurance Gears Up for Growth with ₦36bn Capital Boost
Atume Terfa
LASACO Assurance Plc is set to strengthen its financial foundation and market position with a bold ₦36 billion capital-raising plan, approved by shareholders ahead of the insurance sector’s July 2026 recapitalisation deadline. The move is aimed at meeting new regulatory requirements while expanding the company’s underwriting capacity and competitive edge.
At a recent Extraordinary General Meeting (EGM) in Ikeja, Lagos, shareholders endorsed a comprehensive recapitalisation strategy that will raise the company’s share capital from roughly 11.08 million units to 36.08 million units. The plan combines a private placement and a rights issue, with new shares ranking equally with existing ones. Shareholders also approved amendments to Lasaco’s Memorandum and Articles of Association, empowering the board to finalise the capital-raising process and secure regulatory approvals.
Recent financial results underscore the company’s strong growth trajectory, with revenue and profit gains recorded in early 2025, reflecting resilience in both underwriting and investment activities. Management says the fresh capital will bolster solvency, expand product offerings, fund technological upgrades, and support broader market expansion.
The recapitalisation comes amid a wave of industry consolidation and regulatory tightening in Nigeria, as insurers strive to strengthen financial resilience in a market increasingly influenced by higher risk exposures and economic volatility.
With this capital injection, Lasaco Assurance aims to enhance investor confidence and deepen its market penetration across both life and non-life insurance sectors, positioning itself as one of the most financially robust players in the Nigerian insurance landscape.
