LASACO SECURES N19.3BN IN OVERSUBSCRIBED RIGHTS ISSUE

Lasaco Assurance Plc has successfully raised N19.3 billion through its oversubscribed rights issue, marking a significant milestone in the company’s capital raising efforts.

The insurance firm announced the outcome of the rights issue on Friday, revealing that the offer, which was initially targeted at N15 billion, was oversubscribed by 28.67%. The strong investor response reflects confidence in the company’s growth prospects and management team.

Lasaco Assurance Managing Director, Mr. Adewale Ogunmefun, expressed gratitude to shareholders and investors for their overwhelming support. “The successful rights issue demonstrates the market’s belief in our vision and strategy. The funds will be used to strengthen our capital base, expand our product offerings, and pursue strategic opportunities in the insurance industry,” Ogunmefun stated.

The company said the proceeds from the rights issue will be deployed to enhance its underwriting capacity, invest in technology, and support business expansion. Lasaco Assurance has been recording steady growth in premium income and profitability in recent years.

Analysts have applauded the successful capital raise, noting that it positions the company for stronger performance in a competitive insurance market. The oversubscription is also seen as a positive signal for investor appetite in the Nigerian capital market.

The Chairman of Lasaco Assurance, Chief (Mrs.) Aderonke Ojo, said the board is committed to delivering value to shareholders and ensuring the prudent use of the raised capital. She expressed optimism about the company’s future prospects.

The rights issue was managed by a consortium of leading financial institutions, who commended the company for its transparent and efficient process. The successful capital raise is expected to boost Lasaco Assurance’s market standing and support its long-term growth objectives in the Nigerian insurance industry.