Lagos, Nigeria – Lasaco Assurance Plc has unveiled plans to raise N18.47 billion through a rights issue to strengthen its capital base and support future expansion. The announcement was made at a signing ceremony held at the company’s head office in Lagos on Friday.
Okay News reports that the transaction follows regulatory approvals from the Nigerian Exchange Group and the Securities and Exchange Commission, clearing the way for the insurer to bolster its balance sheet in a competitive market. The rights issue is part of a broader move to recapitalise and reposition the company for growth.
Lasaco’s Managing Director, Ademoye Shobo, said the company is offering 9,236,321,546 ordinary shares at N2.00 each, based on a five‑for‑six ratio of new shares to existing holdings. The offer is open to shareholders on the register as of February 20, 2026, with the acceptance list due to open on April 2, 2026, and close on April 24, 2026. The rights will be tradable on the Nigerian Exchange during the offer period.
The capital raise stems from an earlier Extraordinary General Meeting held in December 2025, where shareholders approved an increase in the company’s minimum share capital from N11.08 billion to N36.08 billion. The additional N25 billion elevation is designed to deepen the insurer’s financial strength and improve its ability to underwrite larger and more complex risks. Shobo said the proceeds will enhance underwriting capacity and support expansion across general and special‑risk insurance lines.
Financial advisers on the deal include Meristem Capital Limited as Lead Issuing House and PAC Capital as Joint Issuing House. The move aligns with a wider sector‑wide push in Nigeria to strengthen insurance companies’ balance sheets and meet regulatory expectations. Analysts see the rights issue as a strategic step to fortify Lasaco’s capital position, allowing it to participate more actively in high‑value transactions and sustain long‑term growth ambitions.
