Lasaco Assurance Plc has recorded a major milestone in its recapitalisation programme following a No-Objection Approval from the Securities and Exchange Commission for the allotment of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share.
This was contained in a statement issued by the firm on Monday.
The approval represents a significant advancement in the company’s strategic efforts to strengthen its capital base in line with the enhanced minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act 2025.
Quoting a letter dated 8 July 2026, the statement read, “The SEC conveyed its no-objection to both the allotment of the shares and the proposed public announcement of the offer, affirming that the Rights Issue had successfully progressed through another critical regulatory milestone.”
Commenting on the development, the Chief Financial Officer of Lasaco Assurance Plc, Olubukola Moradeyo, said, “The SEC’s approval of our share allotment marks another defining
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