Nigeria: Lasaco Assurance Unveils N18.47bn Rights Issue

Lasaco Assurance Plc has announced a rights issue of 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and support future growth.

This was disclosed by the company during a signing ceremony held on Friday at its Head office in Lagos State.

This is following the approval by the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

The managing director, Lasaco Assurance Plc, Ademoye Shobo, said that the company had earlier had an extra general meeting where the shareholders supported the move for the company to raise capital from the market, through the process of right 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.

He noted that according to details released by the company, the rights issue would be opened to shareholders whose names appeared on the register as at the close of business on Friday, Feb. 20, 2026.

"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 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."

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