December 16, (THEWILL) — LASACO Assurance Plc has announced plans to raise its share capital to N36.08 billion through a combination of a Rights Issue and a Private Placement, as the insurer moves to strengthen its capital base and position itself for sustained long-term growth.
The proposed capital raise, subject to shareholder and regulatory approvals, would see the company’s share capital nearly triple from its current level. Management stated that the initiative is to improve LASACO’s capacity to underwrite larger and more complex risks, expand its operational footprint, and remain aligned with evolving regulatory capital requirements within Nigeria’s insurance industry.
Under the plan, the Rights Issue will allow existing shareholders to increase their equity holdings in proportion to their current stakes, helping them preserve value while participating in the company’s growth strategy. The Private Placement, on the other hand, is expected to attract new investors, including institutional and strategic partners, potentially broadening LASACO’s shareholder base and enhancing market visibility.
The insurer noted that proceeds from the capital raise will be deployed to reinforce its balance sheet, strengthen risk-management frameworks, invest in digital infrastructure, and support growth across its insurance and allied financial services businesses. Analysts say the move could improve the company’s competitive positioning, particularly as insurers face rising claims, inflationary pressures, and tighter regulatory scrutiny.
LASACO added that further details on the size, pricing, and timing of both the Rights Issue and the Private Placement will be communicated to the market once all necessary approvals are secured, in line with disclosure requirements
Ogochukwu Onwaeze
