Lasaco Assurance Lists Additional 9.25bn Shares On NGX

Lasaco Assurance Plc has achieved a significant milestone with the listing of 9.25 billion additional ordinary shares of 50 kobo each on the daily official list of the Nigerian Exchange Limited (NGX).

This move follows the successful completion of a private placement exercise aimed at raising capital to strengthen the company’s operations and strategic initiatives.

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The private placement involved the issuance of 9.25 billion shares at a premium price of ₦1.20 per share, resulting in a total capital raise of ₦11.1 billion. With this development, the company’s total issued and fully paid-up shares have surged from 1.83 billion to 11.08 billion ordinary shares, marking a significant expansion of its equity base.

The capital raise is a strategic step by Lasaco Assurance Plc to bolster its financial position, improve its capacity to underwrite larger insurance volumes, and meet regulatory requirements for solvency and capitalisation.

Speaking at the signing ceremony held at the Marriott Hotel in Lagos, Chairman of Lasaco Assurance, Mr. Olateju Phillips, emphasised the importance of aligning the company’s strategies with evolving market dynamics.
“This capital raise marks a significant milestone in our journey towards sustainable growth and exceptional value for our clients and stakeholders,” Mr. Phillips noted.

Managing Director of Lasaco Assurance Plc, Mr. Razzaq Abiodun, also highlighted the significance of the additional capital. “This achievement enhances our market share and strengthens our competitive edge. The funds will be allocated to critical areas to support sustained growth and position us for future opportunities,” he stated.

The additional funds are expected to support Lasaco Assurance’s growth initiatives, enabling the company to scale its operations, deliver enhanced value to clients, and further solidify its position in the Nigerian insurance market.