LASACO Assurance Plc (NGX: LASACO) has obtained shareholders’ approval to raise additional capital through a combination of a Private Placement and Rights Issue, following resolutions passed at its Extraordinary General Meeting (EGM) held in Lagos on Tuesday, December 9, 2025 .
According to the resolutions adopted at the meeting, the insurance firm will issue new shares to support its recapitalisation plans and strengthen its financial base in line with regulatory requirements in the insurance sector. The shares to be issued under the proposed capital raising exercise will rank pari passu with the company’s existing ordinary shares, ensuring that current shareholders retain equal rights.
As part of the restructuring, shareholders approved an increase in LASACO Assurance’s minimum share capital from ₦11.08 billion to ₦36.08 billion, representing a significant expansion of the company’s capital structure. The company will also amend its Memorandum and Articles of Association to reflect the new minimum share capital.
The EGM further authorised the Board of Directors to determine and conclude the detailed terms of the Rights Issue and Private Placement, subject to approvals from relevant regulatory authorities. The directors were also empowered to appoint professional advisers and other parties required to finalise and execute all necessary agreements and documentation connected to the transactions.
In addition, the company secretary was mandated to take all required steps to give effect to the resolutions at the Corporate Affairs Commission.
The approved capital raising is expected to enhance LASACO Assurance’s capacity to meet statutory capital requirements, improve its balance sheet strength, and position the company for sustainable growth in Nigeria’s evolving insurance market.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
