Lasaco Assurance Plc has announced its intention to raise N18.47 billion through a rights issue, a strategic move designed to fortify its capital base and fuel future expansion initiatives. The company made this disclosure during a ceremony held at its head office in Lagos.

This significant capital raise has secured the necessary regulatory approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), positioning Lasaco Assurance to enhance its competitive standing within Nigeria's dynamic insurance market.

The Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, confirmed that the plan had previously received endorsement from the company's shareholders during an Extraordinary General Meeting.

He detailed that the company is offering 9,236,321,546 ordinary shares at a price of N2.00 per share. This offer is structured on a basis of five new ordinary shares for every six existing ordinary shares held by shareholders.

The offer is specifically open to shareholders whose names appear on the company's register as of the close of business on February 20, 2026.

The acceptance list for the rights issue is scheduled to open on April 2, 2026, and will conclude on April 24, 2026. Importantly, the rights being offered will be tradable on the floor of the Nigerian Exchange Ltd throughout the duration of the offer period.

Mr. Shobo further elaborated that the capital raise is anticipated to generate approximately N18.47 billion. These funds are earmarked to bolster the company's underwriting capacity and provide crucial support for its expansion strategies.

This capital raise initiative follows an earlier approval from shareholders at an Extraordinary General Meeting held virtually on December 9, 2025. At that meeting, shareholders sanctioned an increase in the company's minimum share capital from N11.08 billion to N36.08 billion, representing an increase of approximately N25 billion.

The capital raise is a key component of broader strategies aimed at repositioning Lasaco Assurance for sustained growth and enhanced competitiveness within the insurance sector.

Meristem Capital Limited is serving as the Lead Issuing House for this transaction, with PAC Capital acting as the Joint Issuing House. Mr. Shobo emphasized that this capital raise aligns with industry-wide efforts to meet regulatory requirements and strengthen balance sheets, enabling insurers to undertake larger and more complex risks across various sectors.