Eight Nigerian Insurers Seek N78.66bn for Recapitalization

Eight insurance companies listed on the Nigerian Exchange (NGX) are aiming to raise an estimated N78.66 billion through various capital raising programs as part of their efforts to strengthen their capital base ahead of the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The companies involved include Lasaco Assurance PLC, Intern Energy Insurance PLC, Linkage Assurance PLC, Guinea Insurance PLC, Universal Insurance PLC, Sunu Assurance Nigeria PLC, Sovereign Trust Insurance PLC, and Regency Alliance Insurance PLC.

Lasaco Assurance PLC has successfully concluded a capital raising program, raising N19.30 billion through a rights issue, exceeding its target of N18.47 billion. Mr. Ademoy Shobo, Managing Director and Chief Executive Officer of Lasaco Assurance, described the success as a strong vote of confidence in the company's long-term strategy.

Other companies are also engaging in capital raising efforts, with Intern Energy Insurance PLC targeting N17.50 billion, Linkage Assurance PLC seeking N16.26 billion, and Guinea Insurance PLC aiming for N5.82 billion through rights issues.