Lasaco Assurance completes N11.1bn capital raising

Lasaco Assurance Plc has successfully concluded its capital raising initiative, securing N11.1bn via a private placement of 9.25 billion ordinary shares at 1.20k per share.

This was disclosed by the Chairman of Lasaco Assurance, Olateju Phillips at the signing ceremony, held at the Marriott Hotel in the Ikeja area of Lagos state on Tuesday.

Phillips expressed optimism about the company’s future, stating, “Aligning our strategies with dynamic market conditions is crucial to maintaining a strong market presence. This capital raise marks a significant milestone in our journey towards sustainable growth and exceptional value for our clients and stakeholders.”

The Managing Director, Razzaq Abiodun, highlighted the importance of the capital infusion, adding, “This achievement enhances our market share and strengthens our competitive edge. The funds will be allocated to critical areas to support sustained growth and position us for future opportunities,” he noted

Also commenting on the capital raise, an independent director of Lasaco Assurance, Sani Ndanusa, highlighted that despite the challenging business environment, the company is well-positioned to achieve its targets within the set timeframe.

He stressed the need for collaboration among stakeholders, including the Nigerian Exchange Group, the Securities and Exchange Commission and the National Insurance Commission, to work in the best interests of the company and its shareholders.

A Non-Executive Director, Saliu Adeniyi, noted that the capital raise would enable Lasaco to compete more aggressively, particularly in the oil and gas sector.