The shareholders of Lasaco Assurance have approved for the board and management of the firm to raise an additional N25bn in fresh capital via a rights issue and private placement.
The approval was given at the just-held Extraordinary General Meeting of the firm, whose resolutions were filed with the Nigerian Exchange Limited.
The PUNCH reported in October that Lasaco Assurance raised about N11.1bn in fresh capital via private placement. This was disclosed on the floor of the company’s Annual General Meeting by the chairman, Mrs Teju Phillips.
Part of the resolutions taken at the EGM read, “The following resolutions were proposed and duly passed: to raise additional capital by way of private placement and rights issue. The shares to be issued pursuant to the above resolution and the rights attached thereto shall rank pari passu with already issued ordinary shares held by existing members of the Company. That the minimum share capital of the company be and is hereby increased from N11,083,585,855 to N36,083,585,855. The alteration of the Memorandum and Articles of Association of the Company to reflect the new Minimum Share Capital of 36,083,585,855.”
Insurance firms have been raising capital to meet the new minimum capital requirement stipulated in the Nigerian Insurance Industry Reform Act. According to NIIRA 2025, the minimum capital base for non-life insurers has been raised to N15bn, while the capital requirement for life insurance firms is now at least N10bn. Reinsurance companies’ new capital threshold was increased to N35bn.
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