Lasaco scales NAICOM's recapitalisation deadline

By Nkiruka Nnorom

Lasaco Assurance Plc, under the new leadership of Chief Teju Philips, has scaled the first hurdle of the recapitalisation exercise for insurance and reinsurance companies announced by the National Insurance Commission, NAICOM, to strengthen the financial bases of underwriters.

The company was able to beat the December 31, 2020, deadline given to underwriters to recapitalise by the nation’s insurance regulatory body, NAICOM following the injection of N3.5 billion by its major shareholder.

The laudable feat by Lasaco Assurance has further increased the shareholders’ confidence in the management’s decisions with hope for a better and rewarding future.

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Lasaco Assurance is a registered composite insurance and financial services company in Nigeria that offers life and non-life insurance, oil and gas insurance, asset management and investment financial services.

It was incorporated on December 20, 1979, and was granted licence to carry out insurance and other related businesses on July 7, 1980. On August 1, 1980, the company commenced operations.

The company currently operates from its headquarters at Ikeja, Lagos State, Nigeria, with branches and underwriting offices in 15 other locations.

Vanguard News Nigeria

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