Firm Share Capital Jumps 83% To 20.3bn Units After N18.47bn Rights Issue

Lasaco Assurance Plc has increased its total issued and fully paid-up share capital by 83.4 per cent following the listing of an additional 9.236 billion ordinary shares on the Nigerian Exchange Limited (NGX).

The new shares, listed on August 12, 2026, arose from a rights issue of five new shares for every six shares held at N2.00 per share.

With the listing, Lasaco’s total shares outstanding have risen from 11.084 billion to 20.320 billion ordinary shares of 50 kobo each, representing a capital raise of about N18.47 billion.

Lasaco has raised a record N19.3 billion through a rights issue, underscoring the growing scramble by underwriters to strengthen their capital bases as the industry positions for a new era of stronger underwriting capacity and increased competition under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The capital raise exceeded the company’s initial target of N18.47 billion by about 4.5 per cent.

Insurers are repositioning for a post-recapitalisation era expected to be driven by stronger balance sheets, improved underwriting capacity, enhanced risk retention and increased competition.

The development also reinforced investors’ growing confidence in insurance stocks amid sweeping reforms that have transformed the sector over the past year.

The managing director/chief executive officer of Lasaco Assurance, Ademoye Shobo, described the successful capital raise as a significant milestone in the company’s transformation journey and a clear endorsement of its long-term strategy by shareholders and investors.

According to him, the overwhelming response to the rights issue demonstrates the investment community’s confidence in the company’s governance standards, financial fundamentals, and future growth prospects.

“This successful capital raise represents far more than regulatory compliance. It reflects the confidence our shareholders have in our vision and reinforces our commitment to building a stronger, more resilient and more competitive insurance company. We are grateful for the trust reposed in us and remain committed to delivering sustainable value to all stakeholders.”