Lasaco Assurance Plc said it is planning to triple its capital base as shareholders approve the raising of N25 billion in a move aimed at bolstering the insurer’s share capital ahead of a sector-wide recapitalisation deadline.
The insurer disclosed in an Extraordinary General Meeting (EGM) on Tuesday, December 9, 2025, where shareholders voted on resolutions authorising the fundraising, according to a filing on the Nigerian Exchange.
Read also: Lasaco Assurance to raise N25bn through private placement, rights issue
The new capital raise, according to the company, is expected to be a combination of a private placement and a rights issue, which would 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 rose to N23.8 billion in Q3’25 from N17.1 billion in the previous year. Net profit had a fall, to N499 million from N1.9 billion previous year.
The shares to be issued pursuant to the capital raise will rank pari-passu (equally) with existing stock. The EGM resolutions authorised the Directors to modify and conclude the terms of the Rights Issue and Private Placement, and seek approvals from relevant authorities.
Read also: Lasaco Assurance PAT rises 18% FY on customer engagement, operational efficiency
Management is also empowered to appoint professional parties and advisers, finalise, and execute all agreements and documents for the capital raise.
The capital raise would provide Lasaco Assurance with additional headroom for expansion across its core insurance franchise, while deepening its footprint and competitive standing in the Nigerian insurance industry, particularly ahead of potential future industry recapitalisation exercises. Shareholders also approved the alteration of the Memorandum and Articles of Association to reflect the new Minimum Share Capital.