Ibile Holdings Limited has elevated its stake in LASACO Assurance Plc to 51%, crossing the 50% ownership threshold following the insurer’s 2026 rights difficulty.
A overview of LASACO’s nine-month 2026 monetary submitting by Nairametrics Research reveals that whole issued shares elevated from 11.08 billion on the finish of December 2025 to 20.32 billion as of September 30, 2026, following the issuance of 9.24 billion new shares.
The rights provide, priced at N2 per share on the idea of 5 new shares for each six held, considerably reshaped LASACO’s ownership construction.
The mixed stake of its two largest shareholders elevated to 87.21% from 70.58%, whereas the free float fell to 12.78% of the enlarged share capital.
Ibile Holdings raises stake to 51% as Canon Properties reaches 36.21%
Ibile Holdings Limited, the Lagos State Government’s funding car, elevated its ownership in LASACO from 45.93% on the finish of December 2025 to 51.00% as of September 30, 2026, crossing the 50% threshold.
Canon Properties and Investments Limited additionally strengthened its place as the second-largest shareholder, growing its stake from 24.66% to 36.21%.
- The modifications considerably elevated ownership focus, with the 2 shareholders controlling a mixed 17.72 billion shares, or 87.21% of LASACO, in contrast with 7.82 billion shares, or 70.58%, on the finish of 2025.
- This represents a 16.63 percentage-point enhance of their mixed ownership inside 9 months.
- Meanwhile, De-Lexus Investment Limited, which held 875 million shares, representing 7.89% on the finish of 2025, was recorded with zero shares within the September 2026 substantial-shareholding disclosure.
Although the quantity of shares categorised as free float elevated from 2.39 billion to 2.60 billion, their proportion of LASACO’s enlarged share capital fell from 21.52% to 12.78%.
This displays the a lot quicker enlargement in whole issued shares, significantly these held by substantial shareholders, following the rights difficulty.
In its nine-month submitting, LASACO acknowledged the event, stating that it was working in the direction of complying with the Nigerian Exchange’s free-float necessities for Main Board-listed corporations.
LASACO returns to revenue
The ownership restructuring coincided with a major enchancment in LASACO’s monetary efficiency throughout the 9 months ended September 30, 2026, as the insurer returned to profitability following a loss within the corresponding interval of 2025.
- Insurance income elevated by 3.70% to N23.81 billion from N22.96 billion, indicating that the earnings restoration was pushed extra by enhancements in insurance coverage service prices than by robust top-line development.
- The insurance coverage service end result swung from a loss of N2.44 billion to a revenue of N5.84 billion, representing an enchancment of N8.28 billion.
- Insurance service bills declined by 22.79% to N15.45 billion from N20.01 billion, whereas web bills from reinsurance contracts held fell to N2.52 billion from N5.38 billion.
- Consequently, revenue earlier than tax improved to N1.60 billion from a loss of N4.72 billion, whereas revenue after tax recovered to roughly N1.25 billion from a loss of N4.81 billion.
The firm’s stability sheet additionally strengthened throughout the interval.
- Cash and money equivalents elevated to N33.76 billion from N14.82 billion on the finish of December 2025, whereas shareholders’ funds rose to N39.71 billion from N20.36 billion, supported by proceeds from the fairness issuance.
However, working money movement remained unfavourable at N416.82 million, though this represented a considerable enchancment from the N9.64 billion outflow recorded within the corresponding interval of 2025.
Rights difficulty reshapes LASACO’s capital construction
Nairametrics beforehand reported that LASACO Assurance launched an N18.47 billion rights difficulty as half of efforts to strengthen its capital base and assist future development.
Managing Director Ademoye Shobo disclosed that the corporate supplied 9,236,321,546 extraordinary shares at N2 per share, on the idea of 5 new shares for each six shares already held.
The acceptance interval ran from April 2 to April 24, 2026, with the rights additionally tradable on the Nigerian Exchange throughout the provide interval.
- The rights difficulty adopted shareholder approval at an Extraordinary General Meeting held on December 9, 2025, the place shareholders additionally authorized a rise within the firm’s minimal share capital from N11.08 billion to N36.08 billion.
- The capital elevate was supposed to strengthen LASACO’s underwriting capability and assist enlargement in Nigeria’s insurance coverage market.
- According to its September 2026 monetary statements, the corporate recorded roughly N18.10 billion in proceeds from the issuance of shares.
- Its issued share capital elevated from N5.54 billion to N10.16 billion, whereas share premium rose from N9.89 billion to N23.37 billion.
These modifications considerably strengthened the insurer’s fairness place, though the ensuing share allotments additionally elevated the focus of ownership amongst its two largest shareholders.
LASACO expands insurance coverage product portfolio with six new choices
Beyond the capital elevate, LASACO has additionally expanded its insurance coverage product choices as it seeks to strengthen its aggressive place.
Nairametrics reported in October 2026 that the corporate had introduced six new insurance products earlier in the year, as insurers more and more targeted on product innovation following the business’s recapitalization train.
The new merchandise embody Estate Plan, Future Secure and Comprehensive Plus Personal Belongings.
The firm additionally launched three enhanced third-party motor insurance coverage variants: LASACO Flame Shield, LASACO Safe Asset and LASACO Drive Safe.
According to the report, the merchandise had been designed to tackle insurance coverage protection gaps and supply prospects with broader and extra versatile safety choices.
The new choices type half of the corporate’s efforts to develop its market attain and strengthen its product portfolio following the capital elevate.
