Ibile Holdings Limited has increased its stake in LASACO Assurance Plc to 51%, crossing the 50% ownership threshold following the insurer’s 2026 rights issue.
A review of LASACO’s nine-month 2026 financial filing by Nairametrics Research shows that total issued shares increased from 11.08 billion at the end of December 2025 to 20.32 billion as of September 30, 2026, following the issuance of 9.24 billion new shares.
The rights offer, priced at N2 per share on the basis of five new shares for every six held, significantly reshaped LASACO’s ownership structure.
The combined stake of its two largest shareholders increased to 87.21% from 70.58%, while 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 investment vehicle, increased its ownership in LASACO from 45.93% at the end of December 2025 to 51.00% as of September 30, 2026, crossing the 50% threshold.
Canon Properties and Investments Limited also strengthened its position as the second-largest shareholder, increasing its stake from 24.66% to 36.21%.
- The changes significantly increased ownership concentration, with the two shareholders controlling a combined 17.72 billion shares, or 87.21% of LASACO, compared with 7.82 billion shares, or 70.58%, at the end of 2025.
- This represents a 16.63 percentage-point increase in their combined ownership within nine months.
- Meanwhile, De-Lexus Investment Limited, which held 875 million shares, representing 7.89% at the end of 2025, was recorded with zero shares in the September 2026 substantial-shareholding disclosure.
Although the number of shares classified as free float increased from 2.39 billion to 2.60 billion, their proportion of LASACO’s enlarged share capital fell from 21.52% to 12.78%.
This reflects the much faster expansion in total issued shares, particularly those held by substantial shareholders, following the rights issue.
In its nine-month filing, LASACO acknowledged the development, stating that it was working towards complying with the Nigerian Exchange’s free-float requirements for Main Board-listed companies.
LASACO returns to profit
The ownership restructuring coincided with a significant improvement in LASACO’s financial performance during the nine months ended September 30, 2026, as the insurer returned to profitability following a loss in the corresponding period of 2025.
- Insurance revenue increased by 3.70% to N23.81 billion from N22.96 billion, indicating that the earnings recovery was driven more by improvements in insurance service costs than by strong top-line growth.
- The insurance service result swung from a loss of N2.44 billion to a profit of N5.84 billion, representing an improvement of N8.28 billion.
- Insurance service expenses declined by 22.79% to N15.45 billion from N20.01 billion, while net expenses from reinsurance contracts held fell to N2.52 billion from N5.38 billion.
- Consequently, profit before tax improved to N1.60 billion from a loss of N4.72 billion, while profit after tax recovered to approximately N1.25 billion from a loss of N4.81 billion.
The company’s balance sheet also strengthened during the period.
- Cash and cash equivalents increased to N33.76 billion from N14.82 billion at the end of December 2025, while shareholders’ funds rose to N39.71 billion from N20.36 billion, supported by proceeds from the equity issuance.
However, operating cash flow remained negative at N416.82 million, although this represented a substantial improvement from the N9.64 billion outflow recorded in the corresponding period of 2025.
Rights issue reshapes LASACO’s capital structure
Nairametrics previously reported that LASACO Assurance launched an N18.47 billion rights issue as part of efforts to strengthen its capital base and support future growth.
Managing Director Ademoye Shobo disclosed that the company offered 9,236,321,546 ordinary shares at N2 per share, on the basis of five new shares for every six shares already held.
The acceptance period ran from April 2 to April 24, 2026, with the rights also tradable on the Nigerian Exchange during the offer period.
- The rights issue followed shareholder approval at an Extraordinary General Meeting held on December 9, 2025, where shareholders also approved an increase in the company’s minimum share capital from N11.08 billion to N36.08 billion.
- The capital raise was intended to strengthen LASACO’s underwriting capacity and support expansion in Nigeria’s insurance market.
- According to its September 2026 financial statements, the company recorded approximately N18.10 billion in proceeds from the issuance of shares.
- Its issued share capital increased from N5.54 billion to N10.16 billion, while share premium rose from N9.89 billion to N23.37 billion.
These changes significantly strengthened the insurer’s equity position, although the resulting share allotments also increased the concentration of ownership among its two largest shareholders.
LASACO expands insurance product portfolio with six new offerings
Beyond the capital raise, LASACO has also expanded its insurance product offerings as it seeks to strengthen its competitive position.
Nairametrics reported in October 2026 that the company had introduced six new insurance products earlier in the year, as insurers increasingly focused on product innovation following the industry’s recapitalization exercise.
The new products include Estate Plan, Future Secure and Comprehensive Plus Personal Belongings.
The company also introduced three enhanced third-party motor insurance variants: LASACO Flame Shield, LASACO Safe Asset and LASACO Drive Safe.
According to the report, the products were designed to address insurance coverage gaps and provide customers with broader and more flexible protection options.
The new offerings form part of the company’s efforts to expand its market reach and strengthen its product portfolio following the capital raise.