BY NKECHI NAECHE-ESEZOBOR—Ahead of ongoing recapitalization in the financial sectors, the  Federal Competition and Consumer Protection Commission, FCCPC, has warned firms, legal advisers, transaction parties and other stakeholders against non-compliance with statutory obligations relating to mergers, acquisitions and other business combinations under the Federal Competition and Consumer Protection Act, 2018.

The Commission reiterated that, under the FCCPA, it has the power to review, approve, approve subject to conditions, or prohibit mergers and qualifying business combinations once they are notified.

It explained that this framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in the Nigerian economy.

FCCPC noted that any transaction meeting the thresholds set out in the applicable Notice of Threshold for Merger Notification, issued pursuant to Section 93(4) of the FCCPA, must be notified to the Commission for prior review and approval before implementation.

The Commission stated that this requirement applies to a broad range of transactions, including share acquisitions, asset acquisitions, joint ventures, and other arrangements that fall within the legal definition of a merger under the Act and relevant regulations.

It added that the notification process enables the Commission to assess whether a proposed transaction is likely to substantially prevent or lessen competition in any relevant market in Nigeria, or raise public interest concerns. The process also supports the Commission’s responsibility to monitor market developments and maintain an informed understanding of competitive dynamics across sectors.

FCCPC further encouraged parties and their advisers to engage with the Commission at an early stage where a contemplated transaction may be notifiable.

It noted that early engagement, including pre-notification consultations, where necessary, can provide regulatory clarity, support efficient review timelines, and assist parties in meeting applicable compliance requirements.

The Commission emphasised that failure to notify a notifiable transaction constitutes a contravention of the FCCPA and may attract administrative penalties or other enforcement action in accordance with the law.

Accordingly, the Commission advised firms and transaction parties to take all necessary steps to ensure compliance before implementing any transaction that may fall within its merger review jurisdiction.

It added that stakeholders seeking further enquiries or clarification may contact the Commission or visit the FCCPC website.

The Commission reaffirmed its commitment to promoting fair competition, protecting consumers, and supporting a transparent, efficient and competitive business environment in Nigeria.

Following the signing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025),   insurance firms were mandated to shore up their operating capital.

Life   insurance firms are mandated to shore up their operating capital from N2 billion to N10 billion. General insurance firms are to raise theirs from N3 billion to N15 billion. Reinsurance firms are to shore up their capital from N10 billion to N35 billion.

NIIRA has given July 31 deadline for insurance companies to meet the recapitalisation requirement

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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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