By Rosemary Iwunze

Ahead of insurance industry recapitalisation deadline slated for July 2026, Lasaco Assurance Plc has secured the approval of its shareholders to raise its capital level to N36 billion.

This will allow the company surpassed the minimum capital requirements for a composite insurance companies.

Under the ongoing exercise, Life Insurance companies are expected to recapitalise to the tune of N10billion, General insurers N15 billion and composite underwriting firms are to jack up capital to minimum of N25 billion.

And as a composite insurer, the targeted capital level will keep Lasaco Assurance solid among its peers post-recapitalisation.

Addressing shareholders at an Extraordinary General Meeting of the company in Ikeja, Lagos on Tuesday, its chairman, Mrs. Teju Philips explained that, the meeting was convened to consider the company’s recapitalisation plan in line with the Nigerian Insurance Industry Reform Act 2025 which sets a new minimum capital requirement of N15 billion for non-life insurers and N10 billion for life insurance firms.

She stated that, the new standards would strengthen operators and enable them to take on more business, adding that, capital remains the primary determinant of underwriting capacity in the insurance sector.

She reaffirmed that Lasaco remains a dependable institution with a strong record of meeting claims obligations and maintaining transparency in all operations.

Mrs Philips presented the seven point agenda, with the central proposal being the increase of the company’s share capital from 11,083,585 units to 36,083,585 units through a private placement and rights issue.

The meeting also agreed that the new shares would rank pari passu with existing ordinary shares and that the company’s authorised share capital should be adjusted to reflect the new threshold of N36 billion.

Additional resolutions approved included amendments to the Memorandum and Articles of Association, granting directors the authority to conclude terms of the capital raising exercise, obtain necessary regulatory approvals and appointment of professional advisers.

The company secretary was also authorised to complete all statutory filings at the Corporate Affairs Commission(CAC) .

Shareholders voted electronically on all resolutions.

In her closing remarks, Mrs Philips thanked shareholders and observers for their participation, noting that, all matters on the agenda had been concluded.

She then formally declared the Extraordinary General Meeting closed.

Those present at the meeting included the chairman, Mrs Teju Philips, directors; Fola Tinubu, Ademola Oshodi, Abiodun Dosunmo, Ademoye Shobo and Oluwatobiloba Lawal, the Deputy Managing Director, Rilwan Oshinusi, and the Company Secretary, Mrs Gertrude Olutekunbi.