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Ibile Holdings and Canon Properties increased their combined ownership of LASACO Assurance to 87.21 percent following the ₦18.47 billion rights issue.
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The insurer issued 9.24 billion new shares, expanding its share capital to 20.32 billion shares as of September 2026.
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Public investors’ proportion of the expanded share capital declined to 12.78 percent, bringing LASACO’s free-float position into focus.
November 02, (THEWILL) – LASACO Assurance Plc has recorded a significant shift in its ownership structure following an ₦18.47 billion rights issue, with two major shareholders now controlling 87.21 percent of the insurer’s expanded share capital.
Ibile Holdings Limited, an investment company owned by the Lagos State Government, increased its stake from 45.93 percent at the end of December 2025 to 51 percent as of September 30, 2026.
Canon Properties and Investments Limited also raised its ownership from 24.66 percent to 36.21 percent during the period.
The latest figures in LASACO’s nine-month financial statements show that the two investors jointly held 17.72 billion shares, compared with 7.82 billion shares at the end of 2025. Their combined ownership consequently rose from 70.58 percent to 87.21 percent.
The increased concentration followed the insurer’s rights issue, which added 9.24 billion shares to its issued capital and expanded the total number of shares from approximately 11.08 billion to 20.32 billion.
Rights Issue Reshapes Shareholder Structure
Under the offer, existing shareholders were entitled to subscribe for five new shares for every six shares held at ₦2 per share. The acceptance period ran from April 2 to April 24, 2026.
LASACO reported approximately ₦18.10 billion in proceeds from the exercise, while the rights issue was valued at ₦18.47 billion.
The capital raise increased the insurer’s issued share capital from ₦5.54 billion to ₦10.16 billion, while its share premium rose from N9.89 billion to ₦23.37 billion.
Although the proportion of shares held by other investors declined from 21.52 percent to 12.78 percent, their absolute holdings increased from 2.39 billion to 2.60 billion shares.
The change, therefore, reflects the faster expansion of the holdings of the two major shareholders relative to the rest of the shareholder base, rather than an outright reduction in the number of shares held by other investors.
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Free-Float Position Comes Into Focus
The increased concentration of ownership raises questions about LASACO’s free-float position and its compliance with the Nigerian Exchange’s requirements for companies listed on its Main Board.
Free float represents the portion of a listed company’s shares available for public trading, excluding strategic holdings and shares held by controlling or substantial shareholders.
With Ibile Holdings and Canon Properties accounting for 87.21 percent of LASACO’s expanded share capital, the remaining 12.78 percent represents the portion held by other investors, although the precise regulatory free float may depend on the classification of individual shareholders.
The September disclosure also showed that De-Lexus Investment Limited, which held 875 million shares, representing 7.89 percent of LASACO at the end of 2025, was no longer listed among the insurer’s substantial shareholders.
The ownership changes followed a capital-raising exercise that increased LASACO’s equity base. The extent to which the new capital translates into stronger underwriting capacity, investment income and sustainable earnings will be important in assessing the financial impact of the rights issue.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
