Lasaco Assurance Plc is preparing to secure N11.1 billion in new capital through a private placement of 9.25 billion ordinary shares, each valued at 50k, priced at 1.20k per share. This initiative is a proactive step in anticipation of the upcoming recapitalisation exercise within the insurance sector.
The signing ceremony was conducted by the board of directors, management team, professional partners, and financial advisors of Lasaco Assurance Plc in Ikeja, Lagos.
This capital-raising initiative aims to bolster Lasaco Assurance Plc’s financial standing in Nigeria’s insurance market.
Chairman Olateju Phillips conveyed his optimism regarding the future of Lasaco Assurance Plc, highlighting the necessity of aligning the company’s strategies with evolving market dynamics to sustain a robust market presence.
The meeting represented a pivotal moment in reaffirming the company’s long-term objectives, with a strong emphasis on promoting sustainable growth and delivering exceptional value to clients and stakeholders.
Managing Director Razzaq Abiodun expressed his excitement about this significant milestone, underscoring its strategic relevance for the organization. He pointed out that the capital raised will enhance Lasaco Assurance’s market share, fortify its competitive position, and uphold the company’s lasting legacy.
The funds have been strategically allocated to essential areas to ensure maximum impact and support ongoing growth. He noted that this initiative is designed to prepare the company for greater success and to affirm its readiness for future opportunities.
He also stressed that the additional capital will strategically position the company for the forthcoming recapitalisation process, ensuring that Lasaco Assurance Plc remains not only competitive but also compliant and financially sound.
Independent director Sani Ndanusa emphasized the company's capability to meet its objectives within the designated timeline, even amidst a challenging business landscape. He urged all stakeholders, including the Nigerian Exchange Group (NGX), SEC, NAICOM, and others, to collaborate for the benefit of the company and its shareholders.
Non-executive director Saliu Adeniyi noted that the recent capital increase will empower the company to enhance its competitive stance, particularly in the oil and gas sector.
With the infusion of capital, Lasaco Assurance Plc is well-positioned to explore a variety of business opportunities and uphold its strong standing in the insurance market. He stressed that the motivation for raising additional funds stemmed from a commitment to business growth rather than regulatory demands, underscoring the company's proactive growth strategy.
The Completion Board Meeting also assessed Lasaco Assurance Plc’s recent achievements and deliberated on forthcoming projects to ensure alignment with the company’s long-term objectives. Topics of discussion included market expansion, new product initiatives, and innovations aimed at reinforcing the company’s position within the Nigerian insurance industry.
The board and executive management are dedicated to steering the company towards sustained success by prioritizing innovation, enhancing service delivery, and increasing market share.
Following the completion of the recapitalization process, the board and management reaffirmed their commitment to implementing forward-thinking strategies that address the evolving needs of their clients. With the newly acquired capital and a robust three-year plan established, Lasaco Assurance Plc is set to spearhead the industry’s next growth phase, providing exceptional value to clients, partners, and shareholders.