Lasaco Assurance Shareholders Approve ₦25bn Capital Raise to Strengthen Competitiveness
Lasaco Assurance Plc has taken a decisive step toward future-proofing its business model and strengthening its competitive edge, as shareholders unanimously approved a ₦25 billion capital raise at the company’s Extraordinary General Meeting (EGM) in Lagos.
The bold move signals renewed confidence in the insurer’s long-term growth trajectory and positions the company to outperform in a rapidly evolving regulatory and macroeconomic landscape.
The capital raise—structured as a combination of private placement and rights issue—is expected to significantly bolster Lasaco’s financial base, enhance underwriting capacity, and strategically prepare the company for the insurance industry’s ongoing recapitalisation framework.
According to resolutions passed at the EGM, all new shares issued will rank pari passu with existing shares, ensuring equal rights, privileges, and investor protection. The board received full authorisation to determine issuance modalities, appoint advisers, and secure necessary regulatory approvals. Amendments to the company’s Memorandum and Articles of Association were also approved to reflect the updated capital structure.
“We Are Strengthening Our Competitive Stand” — Chairman
Chairman of Lasaco Assurance, Chief (Mrs.) Maria Olateju Phillips, described the recapitalisation programme as both timely and strategic.
“This exercise will enable us to meet regulatory requirements and strengthen our competitive position as a company,” she said.
“We are custodians of shareholder value, and this step reflects our long-term vision to deliver sustainable returns.”
Phillips emphasised that shareholder yield and improved profitability remain central to the company’s strategic drive.
Beyond Compliance: Lasaco Positions for Market Leadership
Acting Managing Director, Mr. Ademoye Shobo, reassured stakeholders that Lasaco’s recapitalisation strategy aligns fully with the organisation’s ambition to enhance both its life and non-life insurance segments.
“Our recapitalisation plan confirms our commitment to operating robustly across all business lines. We have invested heavily in technology and people, and with the new funds, we will further expand and strengthen our position,” Shobo noted.
He added that Lasaco aims to emerge “recapitalised beyond the regulatory minimum,” signalling an appetite for market dominance in an industry undergoing deep structural changes.
BRANDECONOMY Insight
Lasaco’s ₦25bn capital raise underscores a broader trend reshaping Nigeria’s insurance industry: scale, solvency, and technological transformation are now the currency of competitiveness.
With inflation, FX volatility, and rising claims costs putting pressure on insurers, companies with weak capital buffers risk consolidation or stagnation. By proactively increasing its capital, Lasaco is sending a strong signal to regulators, investors, and policyholders that it intends to be among the industry’s long-term winners.
Equally important is the company’s investment in tech infrastructure. In an era where retail penetration, automated underwriting, and instant claims processing are increasingly defining market share, capital alone is not enough—capital plus innovation is the real differentiator.
Lasaco’s move is therefore not just about compliance; it is an offensive strategy to capture emerging opportunities in microinsurance, bancassurance, agency distribution, digital retail, and SME risk solutions.
The next 18–24 months will reveal the speed of execution—and determine how aggressively the company climbs Nigeria’s insurance leaderboard.
