Lasaco Assurance Plc has announced the successful completion of its recapitalisation exercise after receiving official clearance from the National Insurance Commission.
The underwriting firm was listed among the 43 insurance companies approved by NAICOM in its recent regulatory review. This achievement marks a significant milestone in the company’s journey towards long-term financial stability, strict regulatory compliance and sustainable growth within Nigeria’s evolving insurance sector.
The recapitalisation exercise, mandated by NAICOM to bolster liquidity and operational capacity across the industry, raised the minimum capital requirements for underwriters.
Under the regulatory framework, minimum paid-up capital was increased from N2bn to N8bn for life business, N3bn to N10bn for general insurance, N5bn to N18bn for composite underwriters and N10bn to N20bn for reinsurance firms.
The directive aims to fortify the sector against economic shocks, enhance policyholder protection and deepen market penetration.
Lasaco Assurance’s compliance places the company on solid footing to capture emerging market opportunities and build stronger investor confidence.
Speaking on the achievement, the Managing Director, Mr Ademoye Shobo, expressed optimism about the company’s trajectory: “This accomplishment is a testament to the dedication and resilience of our entire team. It reflects our unwavering commitment to excellence, innovation, and the delivery of exceptional value to our clients. We are excited about the future and remain focused on driving growth, enhancing service quality, and contributing meaningfully to Nigeria’s insurance industry.”
Management also expressed gratitude to the company’s workforce, shareholders and clients, noting that their continued trust was critical to navigating the regulatory exercise.
The firm added that it plans to leverage its fortified balance sheet to expand its digital distribution channels, optimise claims settlement processes and deepen its market penetration across the country.
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