Lasaco Assurance Plc has received formal commitments from shareholders to support its ongoing recapitalisation plan, aligning with regulatory requirements and insurance sector reforms.
The approvals follow a recent Extraordinary General Meeting and come shortly after the company launched six new insurance products to expand coverage for individuals and businesses.
Acting MD Ademoye Shobo confirmed that shareholder commitment letters provide certainty for the company to proceed with the capital raise. Lasaco plans to use a combination of market-based instruments, including a rights issue, to strengthen its balance sheet, enhance underwriting capacity, and expand operations.
Shobo emphasised that the recapitalisation is a strategic move to sustain competitiveness and improve the company’s long-term growth potential. Shareholders have been advised to monitor the upcoming rights issue to participate in the capital expansion. The recapitalisation deadline is June 2026.
