LASACO Assurance Plc has secured shareholder approval to more than triple its share capital to ₦36.08 billion through a combination of a Rights Issue and Private Placement.
The approval was granted at the company’s Extraordinary General Meeting (EGM) held virtually on December 9, 2025. The move will raise LASACO’s minimum share capital from ₦11.08 billion to ₦36.08 billion, an increase of about ₦25 billion.
Shareholders also approved amendments to the company’s Memorandum and Articles of Association to reflect the new capital structure. The new shares to be issued will rank pari passu with existing ordinary shares.
Under the resolutions, the board is authorised to raise the capital through a Rights Issue for existing shareholders and a Private Placement to attract new strategic or institutional investors. The board will determine the structure, pricing, and timing of the offers, subject to approvals from the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC).
Directors were also given wide powers to appoint advisers, finalise documentation, and complete all regulatory filings required to execute the transactions.
The capital raise aligns with ongoing insurance sector recapitalisation efforts and is expected to strengthen LASACO’s balance sheet, improve underwriting capacity, and support long-term growth.
On the market, LASACO shares closed at ₦2.40 on the NGX on December 15, 2025, down 4 per cent from the previous close. The stock has declined 22.3 per cent year-to-date, from an opening price of ₦3.09.
