Lasaco Assurance Plc has obtained shareholder approval to raise its capital to N36 billion, positioning the company well above the minimum capital requirement for composite insurance firms ahead of the industry-wide recapitalisation deadline in July 2026.

Under the recapitalisation framework, life insurers are required to raise N10 billion, general insurers N15 billion, and composite insurance companies a minimum of N25 billion. By targeting N36 billion, Lasaco Assurance aims to strengthen its competitive position among peers post-recapitalisation.

Speaking at an Extraordinary General Meeting (EGM) in Ikeja, Lagos, Chairman Mrs. Teju Philips highlighted that the exercise aligns with the Nigerian Insurance Industry Reform Act 2025, which sets new minimum capital thresholds—N15 billion for non-life insurers and N10 billion for life insurers.

“The new capital standards will enhance the capacity of operators to underwrite more business while maintaining financial stability. Capital remains the primary determinant of underwriting strength in the insurance sector,” Mrs. Philips stated. She also reaffirmed Lasaco’s reputation as a reliable institution with a consistent record of meeting claims obligations and operating transparently.

The EGM approved the issuance of additional shares, increasing the company’s share capital from 11,083,585 units to 36,083,585 units through a combination of private placement and rights issues. The new shares will rank pari passu with existing shares, and the company’s authorised share capital will be adjusted to reflect the N36 billion threshold.

Other resolutions included amendments to the Memorandum and Articles of Association, granting directors the authority to complete the capital raising process, secure regulatory approvals, and appoint professional advisers. The Company Secretary was also empowered to finalize all statutory filings with the Corporate Affairs Commission (CAC).

Present at the meeting alongside the Chairman were Directors Fola Tinubu, Ademola Oshodi, Abiodun Dosunmo, Ademoye Shobo, Deputy Managing Directors Oluwatobiloba Lawal and Rilwan Oshinusi, and Company Secretary Mrs. Gertrude Olutekunbi.