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LASACO beats first phase of recapitalisation deadline
- Updated: January 7, 2021
LASACO Assurance Plc has announced the completion of its the phase of the recapitalisation exercise stipulated by the National Insurance Commission (NAICOM).
According to the company, it was able to sail through the first recapitalisation hurdle, following the injection of 3.5 billion by its major shareholder.
The feat by LASACO has further increased the shareholders’ confidence in the management’s decisions with hope for a better and rewarding future. The underwriting firm disclosed it eyes real estate, others to enhance returns on investment.
Composite insurance (those that operate both general and life insurance) are to recapitalise to the tune of N18 billion as against the pervious amount of N5 billion.
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.
Sunnews