The company disclosed this at a signing ceremony involving all transaction parties held at its corporate head office in Victoria Island, Lagos. The event signalled the conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase completed, shareholders of Sovereign Trust Insurance Plc will now have the opportunity to subscribe to 2,510,848,144 ordinary shares of 50 kobo each at N2.00 per share, on the basis of three new ordinary shares for every existing holding.

The management urged shareholders to take full advantage of the offer, noting that the Rights Issue presents an opportunity to increase their stake in the company and benefit from its projected growth.

According to the Managing Director/Chief Executive Officer, Lucas Durojaiye, the company has set an ambitious growth agenda aimed at positioning itself among the top five insurance firms in Nigeria.

He noted that a strong capital base remains critical to achieving this objective, adding that full participation in the Rights Issue would strengthen the company’s capacity for expansion and long-term value creation.

“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda. We therefore call on our shareholders to fully exercise their rights and subscribe to the Rights Issue,” he said.

Durojaiye added that Sovereign Trust Insurance Plc is positioning itself to become one of the most preferred insurance companies in Nigeria, both as a service provider, an investment choice, and an employer of choice.

The Rights Issue forms part of broader efforts by the insurance sector to strengthen capitalisation, enhance competitiveness, and align with regulatory reforms under NIIRA.

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This was disclosed by the company during a signing ceremony that took place at its Head office in Lagos, following the approval by the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

The company had earlier had an extra general meeting where the shareholders supported the move for the company to raise capital from the market, through the process of right issue.

The offer, priced at ₦2.00 per share, involves ordinary shares of 50 kobo each and is being made on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the company, the rights issue is open to shareholders whose names appeared on the register as at the close of business on Friday, February 20, 2026. The acceptance list is scheduled to open on April 2, 2026, and close on April 24, 2026.

The offer is expected to raise approximately ₦18.47 billion, providing fresh capital to enhance the underwriting capacity of the insurer and position it for expansion within Nigeria’s competitive insurance market.

The rights being offered will be tradable on the floor of the Nigerian Exchange Limited for the duration of the offer, giving shareholders the flexibility to either take up their rights or sell them in the market.

Financial advisers to the transaction include Meristem Capital Limited as the Lead Issuing House, alongside PAC Capital as Joint Issuing House.

The capital raise aligns with ongoing efforts by insurance companies to meet regulatory requirements and improve their balance sheets, while also positioning for increased participation in large-ticket risks across sectors of the economy.

The Managing Director, Lasaco Assurance Plc, Mr. Ademoye Shobo said, “At Lasaco, we will continue to ensure that our capital is always robust, so that we’re able to deliver on the mandates to the general public.”

The post Lasaco Assurance Launches N18.47bn Rights Issue April appeared first on Business Today NG.

The signing ceremony, held on Monday, March 16, 2026, covers 5.295 billion ordinary shares of 50 kobo each, offered at ₦1.10 per share. Shareholders are entitled to two new shares for every three existing shares held.

Speaking at the event, Chairman of the Board, Temitope Borishade, described the capital raise as a critical milestone in the company’s transformation agenda. He noted that the initiative will support Guinea Insurance’s plans to scale operations, drive innovation, and deliver improved value to shareholders.

According to him, the Rights Issue underscores the company’s commitment to strengthening its capacity to provide enhanced insurance solutions across key sectors, while also improving returns for investors and service delivery for customers and brokers.

Managing Director, Ademola Abidogun, emphasized that the exercise goes beyond regulatory compliance, positioning the company for sustainable growth and long-term value creation.
He explained that the additional capital will enhance financial stability, boost underwriting capacity, and support investments in technology and operational efficiency.

Abidogun added that the funds will also enable Guinea Insurance to expand into Nigeria’s underpenetrated retail and SME insurance segments, driving growth and supporting broader financial inclusion.

In his remarks, the Group Managing Director of Anchoria Advisory Services Limited, Sam Chidoka, representing the Lead Issuing House, commended the company’s growth trajectory and encouraged shareholders to take up their rights once the offer opens. He also urged prospective investors to explore opportunities presented by traded rights.

Guinea Insurance reiterated its commitment to building a stronger, more competitive, and innovative company, while delivering sustainable value to shareholders and improved protection for customers.

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