Key Takeaways
- Lasaco Assurance Plc raises N19.3 billion in recent Right Issue.
- The amount surpasses the intended N18.47 billion target by 4.5 percent.
- The successful exercise demonstrates strong shareholder and investor confidence in the company.
Lasaco Assurance Plc has reached a significant milestone in its ongoing recapitalisation programme, raising N19.3 billion from existing shareholders in its recently concluded Right Issue. This figure exceeds the intended N18.47 billion subscription level by 4.5 percent.
The Company notes that this milestone reinforces its commitment to meeting the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and positioning the Company for long-term sustainable growth. The successful exercise reflects the strong confidence of shareholders and investors in Lasaco Assurance Plc’s strategic direction, financial fundamentals, and long-term growth prospects.
Regulatory Approval and Verification
As part of the regulatory review, the National Insurance Commission (NAICOM) conducted a comprehensive verification of the source of funds raised through the Rights Issue and subsequently issued a confirmation to the Securities and Exchange Commission (SEC), affirming the credibility and admissibility of the capital raised. Following this, the SEC granted its final approval for the Rights Issue, marking another significant milestone in the Company’s recapitalisation journey.
An independent consultant appointed for the exercise carried out an extensive verification of the Company’s shareholders’ funds, assets, and liabilities. The verification reaffirmed Lasaco Assurance Plc’s current admissible capital position, with the recently raised capital expected to further strengthen the Company’s capital base upon its incorporation into the final computation.
Commenting on the achievement, the Managing Director/Chief Executive Officer of Lasaco Assurance Plc, Mr. Ademoye Shobo, said: “Our recapitalisation journey reflects our unwavering commitment to transparency, accountability, and responsible corporate governance. The overwhelming support from our shareholders and the successful completion of key regulatory milestones further validate the confidence reposed in our Company”.
Why This Matters
This development is crucial as it demonstrates the company’s ability to meet regulatory requirements and attract investor confidence, ultimately contributing to the stability and growth of the insurance industry in Nigeria.
The successful completion of the Right Issue and the regulatory approvals received underscore Lasaco Assurance Plc’s commitment to long-term sustainability and its position as a leading player in the Nigerian insurance market. With this significant milestone achieved, the company is well-positioned to drive growth, improve its services, and increase its competitiveness in the industry.