LASACO Assurance Plc has raised ₦19.3bn Naira through its recapitalisation exercise, exceeding its ₦18.47bn target.
At the organisation’s 46th Annual General Meeting, AGM, in Lagos, shareholders commended the successful capital raise but expressed concern over the decline in profit before tax from two point six one billion naira to one point four nine billion naira in 2025.
They also urged management to strengthen compliance after the company paid two hundred and six million naira to the National Insurance Commission, NAICOM, over a regulatory infraction.
The Management attributed the profit decline largely to an isolated claim and assured shareholders that measures were being implemented to improve underwriting, claims management, risk selection and cost efficiency.
It also said the regulatory infraction occurred in 2023 and that stronger governance and compliance measures had since been introduced.
The meeting also considered the company’s 2025 audited financial statements, directors’ elections and other statutory resolutions, while the appointment of Babatunde Dabiri as chairman was presented for ratification.
The meeting was presided over by Mr. Oluwatobiloba Lawal following the resignation of former director, Mrs. Teju Phillips, in March 2026. Shareholders were also informed of the appointment of Mr. Babatunde Dabiri as the new Chairman of the company, subject to ratification.
The AGM considered the company’s audited financial statements for the year ended December 31, 2025, alongside reports from the Board of Directors, external auditors and Statutory Shareholders’ Audit Committee.
Other items on the agenda included the election and re-election of directors, ratification of the appointments of Mr. Babatunde Dabiri, Mr. Fola Tinubu and Mr. Yemi Adefarakan as directors, approval of external auditors’ remuneration, election of members of the Statutory Shareholders’ Audit Committee and approval of the remuneration of non-executive directors.
Presenting the Independent Auditor’s Report, Olusegun Anibaba, representative of BDO Professional Services Limited, said the auditors had examined the consolidated and separate financial statements of LASACO Assurance Plc and its subsidiaries for the 2025 financial year.
According to the report, the financial statements gave a true and fair view of the company’s financial position, financial performance and cash flows.
The auditors also confirmed that the statements were prepared in accordance with applicable financial reporting standards, Nigerian laws and relevant regulatory requirements.
They further stated that they obtained the necessary information and explanations required for the audit, while proper books of account were maintained and the financial statements agreed with the accounting records.
During the question-and-answer session, shareholder Mr. Eric Akinduro commended the Board and management for successfully completing the company’s recapitalisation exercise.
He noted that LASACO exceeded its initial recapitalisation target of ₦18.47 billion by raising ₦19.3 billion.
Akinduro also highlighted the company’s revenue growth, which increased from ₦22.82 billion to ₦30.86 billion, while shareholders’ funds rose by 66 per cent from ₦12.3 billion to ₦20.4 billion.
However, he expressed concern over the decline in profit before tax, which fell from ₦2.61 billion to ₦1.49 billion.
He therefore urged management to explain the decline and put measures in place to ensure sustainable profitability and future dividend payments.
The shareholder also questioned the ₦206 million paid to the National Insurance Commission (NAICOM) over a regulatory contravention, urging management to strengthen the company’s compliance framework.
Responding to the concerns, LASACO’s management attributed the decline in profit before tax largely to an isolated claim, which it described as an outlier.
Management assured shareholders that measures had been introduced to prevent a recurrence and return the company to sustainable profitability.
On the ₦206 million regulatory payment, management explained that the infraction occurred in 2023, engagement with NAICOM took place in 2024, while the agreed payment was made in 2025.
Management stressed that no similar infraction had occurred between 2024 and 2026, attributing the improvement to stronger governance and compliance measures.
It also acknowledged that the regulatory infraction was omitted from the Chairman’s Statement and assured shareholders that such an omission would not happen again.
Management said the company would continue to monitor its shareholders’ funds and consider additional capital raising when necessary to support business expansion rather than waiting for regulatory pressure.
It identified emerging risks facing the business to include governance challenges, talent shortages, new business risks and claims leakages.
To improve profitability, the company said it was strengthening technical underwriting, risk selection, pricing and actuarial review, claims management, fraud control, reinsurance capacity, business channels and cost optimisation.
Management expressed appreciation to shareholders for their support during the recapitalisation exercise, particularly acknowledging Ibile Holdings and the Canon Group for their contributions to the capital-raising process.
The company also assured shareholders that questions submitted by investors, including those from Mr. Olugbensun Ariyo of the Exceptional Shareholders Association, would be addressed in writing in line with regulatory requirements.
The meeting subsequently proceeded with the remaining agenda items, including elections, approvals and resolutions.
