Lasaco Insurance Targets Expansion with N18.47bn Tradable Rights Issue

Lasaco Assurance PLC has said it is targeting expansion with the N18.472 billion rights issue.

The company also seems to strengthen its capital base and meet regulatory requirements in Nigeria’s insurance sector

Shareholders approved the tradable offer at an extraordinary general meeting.

The capital raise, which opens to existing shareholders, is expected to enhance the company’s underwriting capacity, support digital transformation, and position the insurer for expanded market share in a competitive operating environment.

The company in a notification to the trading licence holders said that trading in Lasaco Assurance’s rights issue of 9.236 billion ordinary shares of 50 kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as at the close of business on February 20, 2026, opened on April 2, 2026 to close on May 13, 2026.

The managing director of Lasaco Assurance Plc, Ademoye Shobo, said that the company had earlier held an extraordinary general meeting, at which shareholders supported raising capital from the market through a rights issue.

Shobo said the offer, priced at N2.00 per share, involved ordinary shares of 50 kobo each and was being made on the basis of five new shares for every six existing shares held by shareholders.

According to him, the offer is expected to raise approximately N18.47 billion, providing fresh capital to enhance the insurer’s underwriting capacity and position it for expansion in Nigeria’s competitive insurance market.

“The rights being offered will be tradable on the floor of the Nigerian Exchange for the duration of the offer, giving shareholders the flexibility to either take up their rights or sell them in the market.”

Shobo noted that the capital raise aligned with ongoing efforts by insurance companies to meet regulatory requirements and improve their balance sheets, while also positioning for increased participation in large-ticket risks across sectors of the economy.

“At Lasaco, we will continue to ensure that our capital is always robust, so that we’re able to deliver on the mandates to the general public,” he said.