BY NKECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has announced that v will officially close on May 13, 2026, marking the end date for eligible shareholders to participate in the capital raising exercise.

The offer is part of the company’s strategy to strengthen its financial base, boost underwriting capacity, and support its expansion plans within Nigeria’s insurance sector.

The offer comprises 9,236,321,546 ordinary shares of 50 kobo each, priced at ₦2.00 per share, on the basis of five (5) new shares for every six (6) existing shares held. The Rights Issue is open to shareholders whose names appeared on the Company’s register as at the close of business on February 20, 2026.

The exercise is expected to raise approximately ₦18.47 billion, which will be strategically deployed to strengthen the Company’s capital base, enhance underwriting capacity, and support the expansion of its market presence within Nigeria’s competitive insurance landscape.

Meristem Capital Limited is acting as Lead Issuing House, while PAC Capital serves as Joint Issuing House on the transaction.

Commenting on the development, the Managing Director of Lasaco Assurance Plc, Ademoye Shobo, reaffirmed the Company’s commitment to maintaining a robust capital position to meet its obligations and deliver sustained value to policyholders and stakeholders.

This initiative aligns with broader efforts across the Nigerian insurance industry to meet evolving regulatory capital requirements, strengthen balance sheets, and position operators to underwrite larger and more complex risks across key sectors of the economy.

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BY GABRIEL MICHEAL—The Federal Government has prohibited the entry of poultry-related items, cement, medicines, and agricultural goods originating from countries outside the Economic Community of West African States (ECOWAS).

In a directive released by the Federal Ministry of Finance and endorsed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, authorities listed 17 categories of products now restricted from being brought in through the nation’s ports. The move is expected to significantly affect importers, freight handlers, and end users.

A key aspect of the directive is the broad limitation placed on pharmaceutical imports. The updated Trade Import Ban list applies specifically to selected goods coming from non-ECOWAS nations.

The directive also introduces an Import Adjustment Levy affecting 192 tariff classifications, with a plan for gradual removal in line with Nigeria’s obligations under the African Continental Free Trade Area (AfCFTA).

According to the statement, beginning January 2027, these levies—except those on items under the AfCFTA’s 3 per cent category—will be reduced yearly until they are completely eliminated by 2036.

Additionally, the government confirmed that excise charges, including an environmental surcharge, will take effect from July 1, 2026, with a 90-day window provided for compliance.

The restricted items include:

1. Poultry, whether alive or processed, including frozen varieties
2. Pork and beef products, including parts such as liver, tongue, and shoulder
3. Eggs, except those intended for breeding and research
4. Processed vegetable oils, excluding certain types like linseed, castor, olive oil, and crude oils
5. Sugar derived from cane or beet, including flavored or colored forms
6. Cocoa-based products such as butter, powder, and cakes
7. Tomatoes in all forms, including paste and concentrates
8. Sweetened or flavored water and other non-alcoholic drinks
9. Cement packaged in bags
10. Various categories of medicines
11. Discarded pharmaceutical products
12. Fertilisers containing nitrogen, phosphorus, and potassium (NPK)
13. Cleaning products such as soaps and detergents
14. Corrugated paper materials including cartons and boxes
15. Glass containers exceeding 0.15 litres in capacity
16. Coated or plated iron and steel sheets measuring 600mm or more in width
17. Ballpoint pens and their components, including ink refills (excluding tips)

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