By David Akinmola
Ibile Holdings Limited, the investment vehicle of the Lagos State Government, has increased its stake in LASACO Assurance Plc to 51 per cent, becoming the insurer’s majority shareholder following the company’s N18.47 billion rights issue.
The increase, disclosed in LASACO’s nine-month financial filing for the period ended September 30, 2026, saw Ibile Holdings’ ownership rise from 45.93 per cent at the end of December 2025 to 51 per cent, crossing the majority ownership threshold.
The rights issue involved the allotment of 9.24 billion new ordinary shares at N2 each, on the basis of five new shares for every six held. This expanded LASACO’s issued shares from 11.08 billion to 20.32 billion as of September 2026.
Canon Properties and Investments Limited, the insurer’s second-largest shareholder, also increased its stake from 24.66 per cent to 36.21 per cent during the period.
The two shareholders now control a combined 87.21 per cent of LASACO’s enlarged share capital, compared with 70.58 per cent at the end of 2025. Consequently, the proportion of shares available to public investors fell from 21.52 per cent to 12.78 per cent.
The ownership changes followed LASACO’s capital-raising exercise, which was aimed at strengthening its capital base and underwriting capacity amid the ongoing recapitalisation of Nigeria’s insurance industry.
The development coincided with an improvement in the insurer’s financial performance. LASACO recorded a profit before tax of N1.60 billion in the first nine months of 2026, compared with a loss of N4.72 billion in the corresponding period of 2025.
Insurance revenue rose by 3.7 per cent to N23.81 billion from N22.96 billion, while the insurance service result moved from a loss of N2.44 billion to a profit of N5.84 billion. Profit after tax stood at approximately N1.25 billion, against a loss of N4.81 billion a year earlier. <Cite refs={[“turn626497search0”
LASACO’s increased ownership concentration comes as insurers seek stronger capital positions to meet regulatory requirements and improve their capacity to underwrite larger risks.
The company has also acknowledged the need to comply with the Nigerian Exchange’s free-float requirements for Main Board-listed companies, following the reduction in the proportion of shares held by public investors.
The rights issue and resulting change in ownership mark a significant shift in LASACO’s shareholder structure, with Ibile Holdings moving from a major investor to a majority shareholder.
