Lasaco Assurance Plc has unveiled plans to strengthen its financial position with a rights issue of 9,236,321,546 ordinary shares, aimed at boosting capital and supporting future expansion.
The announcement was made during a signing ceremony held at the company’s head office in Lagos, following regulatory approvals from the Nigerian Exchange Group and the Securities and Exchange Commission.
The Managing Director, Ademoye Shobo, explained that shareholders had earlier endorsed the move at an extraordinary general meeting, backing the company’s plan to raise funds through a rights issue.
According to him, the offer is priced at N2.00 per share and consists of ordinary shares of 50 kobo each. It is structured on the basis of five new shares for every six existing shares held by shareholders.
He added that only shareholders listed on the company’s register as of the close of business on Feb. 20, 2026, would be eligible to participate in the offer.
“The acceptance list is scheduled to open on April 2, 2026, and close on April 24, 2026.
“The offer is expected to raise approximately N18.47 billion, providing fresh capital to enhance the underwriting capacity of the insurer and position it for expansion within Nigeria’s competitive insurance market.
“The rights being offered will be tradable on the floor of the Nigerian Exchange Ltd for the duration of the offer, giving shareholders the flexibility to either take up their rights or sell them in the market.
“Financial advisers to the transaction include Meristem Capital Limited as the Lead Issuing House, alongside PAC Capital as Joint Issuing House,” he said.
Shobo noted that the capital raising effort reflects broader industry trends, as insurers reposition to meet stricter regulatory requirements and strengthen their balance sheets. He added that the move would also enable the company to participate more actively in large and complex risk underwriting across key sectors.
“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.”
