Business
Lasaco Assurance Q1 2026 Profit Jumps to ₦2.36bn on Improved Efficiency
BY NECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has begun the 2026 financial year on a strong note, reporting a significant rise in profitability for the first quarter.
The company’s profit after tax climbed to ₦2.36 billion, reflecting an 81.5% increase compared to the same period in 2025.
This impressive performance was driven by improved operational efficiency, stronger underwriting results, and enhanced investment income, underscoring the insurer’s continued focus on disciplined growth and value creation within Nigeria’s insurance sector.
A major highlight of the results is the sharp improvement in insurance service results, which rose by an impressive 119.6% to ₦4.22 billion from ₦1.92 billion in Q1 2025. This reflects enhanced risk selection, better claims management, and a more profitable insurance portfolio.
Similarly, net insurance and investment results grew by 74.7%, reaching ₦5.14 billion compared to ₦2.94 billion in the prior year. This growth highlights the company’s ability to effectively balance underwriting income with investment returns, even in a dynamic economic environment.
On the balance sheet, Lasaco Assurance Plc recorded a strong expansion in total assets, which increased by 16.6% to ₦46.20 billion from ₦39.63 billion as at March 2025. This growth was driven by improved liquidity and asset accumulation, with cash and cash equivalents rising by 24.5% to ₦18.45 billion from ₦14.82 billion, providing a solid buffer for underwriting and claims obligations.
Reinsurance contract assets also grew significantly by 34.9%, indicating increased risk-sharing capacity and stronger underwriting activities.
From a shareholder value perspective, retained earnings recorded a remarkable turnaround, moving from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This reinforces improved earnings quality and signals a stronger foundation for future growth and dividend potential.
Earnings per share also increased by 81.5%, rising to 21.29 kobo from 11.73 kobo, reflecting enhanced profitability and efficient capital utilization.
Although operating expenses rose by 30.3% to ₦1.81 billion, this was largely driven by strategic investments in operations and growth initiatives. Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position.
The company’s Q1 performance builds on its ongoing strategic initiatives, including product innovation, enhanced customer engagement, and operational optimization. These efforts are clearly translating into measurable financial gains, positioning Lasaco Assurance Plc for sustained momentum in the quarters ahead.
With double-digit growth across major performance metrics, improved balance sheet strength, and a clear focus on value creation, Lasaco Assurance Plc has set a strong tone for the 2026 financial year, reinforcing investor confidence and its long-term growth trajectory within Nigeria’s evolving insurance landscape.
The post Lasaco Assurance Q1 2026 Profit Jumps to ₦2.36bn on Improved Efficiency appeared first on Business Today NG.
Leading financial institution, Fidelity Bank Plc’s international subsidiary, FidBank UK Limited, has announced a commitment to support Nigerians – both individuals and corporations – in acquiring properties in the United Kingdom.
Fidbank UK, which provides a comprehensive suite of financial services, including trade finance, personal and business banking, treasury services, commercial lending, and private banking, is set to deliver tailored financial solutions for high-net-worth individuals (HNIs) seeking to invest in the UK real estate market through its FidBank Buy-to-Let product.
This announcement was made at an exclusive product showcase hosted by the British Deputy High Commissioner, Jonny Baxter, at his residence in Lagos on Tuesday.
The event was attended by a select audience comprising captains of industry and corporate leaders.
Highlighting the significance of the event, the Managing Director/Chief Executive Officer of FidBank UK Ltd, Johnson Enemadu, said: “This event is about showcasing to the market and our customers that there is something exciting in the market and we are able to take them along in this journey, supporting their businesses by bringing capital both in the financial institutions and corporate space and also for our high networth inidividuals. It is a total experience.
“Today’s event is also taking place against the backdrop of strengthened bilateral relations between Nigeria and the United Kingdom, highlighted by the recent state visit of the President of the Federal Republic of Nigeria to the UK. This renewed engagement between both countries continues to unlock new pathways for trade, investment, and financial collaboration; and FidBank UK is pleased to play a leading role in driving this.”
In his welcome remarks, the British Deputy High Commissioner in Lagos, Jonny Baxter said:
“The United Kingdom remains firmly committed to deepening its economic partnership with Nigeria, with a clear focus on driving inclusive, sustainable investment, trade and economic growth. London’s position as a leading global financial centre is central to this, supported by robust financial infrastructure that enables efficient trade flows and seamless cross-border transactions between our markets.
It is therefore encouraging to see institutions such as FidBank UK advancing financial service offerings that not only expand investment opportunities in the UK, but also strengthen the financial systems supporting growing commercial ties. We welcome and support efforts that continue to enhance liquidity, facilitate trade, and drive sustainable UK-Nigeria economic connections.”
READ ALSO: Fidelity Bank Plc appoints new non-executive director
The well-attended event also featured art exhibitions by two of Nigeria’s leading visual art talents -Femi Morakinyo and Oswald Chukwunyeremugo – who displayed their latest works to the admiration of the guests.
Also speaking at the event, the Governor of Lagos State, Babajide Sanwo-Olu, represented by the Honourable Commissioner for Finance, Abayomi Oluyomi, lauded the initiative as it aligned with the administration’s T.H.E.M.E.S. Agenda, saying:
“FidBank UK offers a private banking relationship grounded in regulatory rigour and institutional trust. This is not a catalogue of products, it is a comprehensive financial architecture built for people who live, work and invest across the Nigerian-UK corridor”.
Operating from the heart of the City of London since 1983, FidBank UK provides a comprehensive range of banking services to customers doing business from and into Nigeria and other West African countries, including trade finance, personal banking, business banking, treasury services, commercial lending and private banking.
The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and subscribe to the Financial Services Compensation Scheme.
BY NKECHI NAECHE-ESEZOBOR—When Dr. Aminu Maida took the helm at the Nigerian Communications Commission (NCC) in October 2023, he stepped into a challenging landscape marked by soaring operational costs and stubborn infrastructure gaps.
Yet, over the past few years, the commission has successfully turned these hurdles into stepping stones, steering Nigeria’s telecommunications sector toward a new era of steady growth and digital inclusion.
At the heart of the NCC’s recent success is a massive push to bring reliable phone and internet access to everyday Nigerians, especially those in rural and underserved communities.
By 2025, these deliberate efforts pushed the country’s internet broadband penetration rate to an impressive 48.81 percent, while teledensity—the percentage of the population with telephone connections—reached 79.65 percent.
Industry experts note that this rapid expansion didn’t happen by accident; it is the direct result of the regulatory stability and clear, reliable policy direction the NCC has established.Beyond simply expanding networks, the commission has taken aggressive steps to protect them.
In a major victory for the industry, the NCC actively championed a Presidential Executive Order that officially designates telecom facilities as Critical National Infrastructure.
This critical legal shield gives the government the teeth to fight back against the theft, vandalism, and sabotage that have long plagued network operators, disrupted daily services, and driven up business expenses.
Financially, the NCC has proven to be a vital engine for the nation’s economy. In the 2024 fiscal year alone, the commission generated roughly N195.8 billion through spectrum fees, operating licenses, and other regulatory revenues.
Proving its commitment to national development, the NCC sent more than N111 billion of those earnings straight into the Federal Government’s Consolidated Revenue Fund.
Looking toward the future, the NCC is also reshaping how technology businesses operate in Nigeria. The commission has introduced discussions for a fresh General Authorisation Framework alongside updated licensing systems. This modern approach is designed to cut through red tape for tech startups, welcome innovative business models, and make it much easier to deploy next-generation digital tools.
Ultimately, the NCC has managed a delicate balancing act. Even while navigating tough economic pressures like inflation and rising business expenses, the commission has successfully maintained investor confidence through open, transparent communication with network operators.
At the same time, it has kept its focus squarely on everyday citizens by strictly monitoring service quality and creating tools that help ordinary phone subscribers check network performance, ensuring that Nigeria’s digital future remains both strong and consumer-friendly.
The post From Hurdles to Growth: Inside the NCC’s Push for a Connected Nigeria appeared first on Business Today NG.
-
News4 days agoFAA orders SpaceX to investigate Starship V3 booster failure
-
Health3 days ago
Plateau Specialist Hospital Praises Mutfwang’s Visionary Leadership at Three-Year Anniversary
-
Business2 days agoMutual Benefits Assurance Reports ₦80bn Revenue, Expands Assets to ₦176bn
-
News3 days ago
JUST IN: NDC names electoral committee members for 2027 primaries
