Lasaco Assurance Plc said it plans to triple its capital base as shareholders approved raising N25 billion aimed at increasing the insurer’s share capital ahead of the sector-wide recapitalization deadline.
According to a filing on the Nigerian Exchange, the insurer made the disclosure at an extraordinary general meeting (EGM) on Tuesday, December 9, 2025, where shareholders voted on resolutions authorizing the fundraising.
Also read: Lasako Assurance to raise N25bn through private placement, rights issue
According to the company, the fresh capital raising is expected to be a combination of private placement and rights issue, which will increase its minimum share capital from N11.1 billion to N36.1 billion, effectively expanding its capital base by N25 billion.
The capital raise comes at a time of improving financial performance at Lasaco Insurance. Revenue increased to N23.8 billion in Q3'25 from N17.1 billion last year. Net profit fell to N499 million from N1.9 billion the previous year.
The shares to be issued as per the capital raising will rank at par (same) as the existing stock. The EGM resolutions authorized the directors to amend and modify the terms of the rights issue and private placement and to seek approval from the relevant authorities.
Also Read: Lasako Assurance's PAT grows 18% in FY21 on customer engagement, operational efficiency
The management also has the right to appoint professional parties and advisors, finalize and execute all agreements and documents to raise capital.
The capital raising will provide Lasako Assurance with additional scope for expansion across its core insurance franchise, while deepening its footprint and competitive position in the Nigerian insurance industry, particularly ahead of a potential future industry recapitalization exercise. Shareholders also approved changes to the memorandum and articles of association to reflect the new minimum share capital.
