Cynthia Ezekwe
Lasaco Assurance Plc has successfully completed a private placement of 9.25 billion ordinary shares, priced at N1.20k per share, amounting to a total capital raise of N11.1 billion. The move is aimed at strengthening the company’s financial position and enhancing its competitiveness within the Nigerian insurance market.
The official signing ceremony was performed by Lasaco Assurance plc’s board of directors, management team, professional partners and financial advisors, at the company’s board meeting in Ikeja, Lagos state, recently.
The event, according to the company, marks a significant milestone in reaffirming its long-term goals, with a clear focus on fostering sustainable growth and providing exceptional value to clients and stakeholders.
Olateju Phillips, chairman, Lasaco Assurance Plc, expressed her delight over the company’s future, emphasising the importance of aligning the company’s strategies with dynamic market conditions to maintain a strong market presence.
Razzaq Abiodun, the company’s managing director, stated that the capital raised would enhance Lasaco Assurance’s market share, strengthen its competitive edge, and sustain the company’s enduring legacy.
The Lasaco Assurance MD explained that the funds have been carefully allocated to critical areas, ensuring maximum impact and supporting sustained growth.
He noted that the strategic move was to position the company for greater success and future opportunities, reaffirming the company’s commitment to remain financially stable amid the economic headwinds.
Also speaking, Saliu Adeniyi, a non-executive director at LASACO Assurance Plc, highlighted the additional capital raise was driven by the desire to grow the business, not regulatory pressures, highlighting the company’s proactive approach to growth.
According to Adeniyi, the additional capital raise will enable the company to compete more in the oil and gas sector, and maintain its position within the insurance market.
With the newly raised capital and a solid three-year plan in place, Lasaco Assurance Plc, stated that it is poised to lead the industry into its next growth phase, delivering exceptional value to clients, partners and shareholders.
