Lasaco Assurance Plc has recorded a major milestone in its ongoing recapitalisation programme, reinforcing its commitment to meeting the requirements of the Nigerian Insurance Industry Reform Act 2025.
The company recently concluded its rights issue, raising N19.30bn from existing shareholders against a target of N18.47bn, representing a 4.5 per cent over-subscription.
According to the firm’s statement on Wednesday, the successful exercise reflects the strong confidence of shareholders and investors in Lasaco Assurance’s strategic direction and financial fundamentals.
The capital-raising exercise has also received key regulatory clearances. As part of the regulatory review, the National Insurance Commission conducted a comprehensive verification of the source of the funds raised and subsequently issued a confirmation of admissibility to the Securities and Exchange Commission.
Following the NAICOM clearance, the SEC granted its final approval for the rights issue. Related News Standard Chartered urges investors to diversify amid market volatility FG grants Shell $11.5/barrel tax credit to unlock $20bn investment Leverage networks for business expansion, AFC tells CEOs
