Business
Lasaco Assurance’s ₦18.47bn Rights Issue Closes May 13
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.
The post Lasaco Assurance’s ₦18.47bn Rights Issue Closes May 13 appeared first on Business Today NG.
Fidelity Bank Plc has appointed Jonathan Ososuakpor as a Non-Executive Director of the bank, taking effect from 22 May.
The bank disclosed the appointment in a statement posted on NGX Group and signed by the Fidelity Bank’s secretary, Ezinwa Unuigboje, on Monday, noting that Mr Ososuakpor can achieve the bank’s strategic objectives.
According to the statement, the appointment has been approved by the Central Bank of Nigeria, while the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria have also been notified about the appointment.
“The Board of Directors is pleased to announce the appointment of Dr. Jonathan Oniovosa Ososuakpor as a Non-Executive Director of Fidelity Bank Plc with effect from May 22, 2026.
“The appointment has been approved by the Central Bank of Nigeria, and notice of the same has been communicated to the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria.
“The Board is pleased with the appointment and looks forward to working closely with Dr. Jonathan Oniovosa Ososuakpor to achieve the Bank’s strategic objectives,” the bank stated.
The bank said Mr Ososuakpor brings impressive cross-functional experience to the Board.
Profile
Mr Ososuakpor joins the Board of Fidelity Bank Plc with over 40 years of experience in the financial services industry, including Credit and Marketing; Retail; Consumer and Commercial Banking; Public Sector; Banking Operations; and Risk Management.
He enjoyed an illustrious banking career, which commenced in 1983 with Union Bank of Nigeria Plc and served in various capacities at notable financial institutions, including former Gateway Bank, Oceanic Bank, Ecobank Nigeria Plc, and Access Bank Plc.
Mr Ososuakpor held key leadership and management positions before he was appointed Managing Director/Chief Executive Officer of AMJU Unique Microfinance Bank Limited in 2012, a position he held until he retired from the bank in July 2025.
He was Chairman of Universal Finance Consult & Investment Limited from 2007 to 2017, and V-Capital Consulting Limited from 2015 to 2025.
He currently chairs the Board of Directors of Top Rank Oil Services Limited, a leading multifunctional engineering company providing diverse services to the nation’s Oil and Gas industry, Public and Private Sectors.
Mr Ososuakpor holds a Bachelor’s degree in Banking and Finance, and Masters Degree in Banking and Finance from the University of Benin. He also has both a Master of Science and a Doctorate Degree in Economics from Delta State University, Nigeria, and a Master of Business Administration (Finance) Degree from Bangor University, Wales, UK.
His professional qualifications include Fellowship of the Chartered Institute of Bankers of Nigeria; Institute of Credit Administration; Institute of Chartered Economists of Nigeria, and Association of Enterprise Risk Management Professionals.
He is also a Fellow of the Chartered Institute of Taxation of Nigeria; Member of the Nigeria Economic Society, and Chartered Banker Institute, Wales, UK.
READ ALSO: Fidelity Banks first quarter revenue up by 38%
The new non-executive director is also a Certified Expert in Risk Management and a key resource person at local and international training. His areas of interest include Risk Management, Data Analytics, Monetary, Macro, and Microeconomics, Financial Inclusion, and Corporate Governance.
He has attended leadership and executive development programmes at world-class institutions, including the London Business School and United Nations Institute for Training and Research.
The Ondo State Police Command has dismissed claims of an impending terrorist attack in the state following the circulation of a viral video on social media warning residents of possible attacks in some communities.
In a statement issued by the command, the police described the claims contained in the video, allegedly made by a cleric, as unverified and lacking credible intelligence backing.
The command expressed concern over the panic generated by the video and warned residents against spreading unconfirmed information capable of creating fear and tension across the state.
According to the police, security agencies immediately activated intelligence and operational mechanisms to assess the authenticity of the claims and determine whether there was any threat to public safety.
Commissioner of Police in the state, CP Felix Ohagwu, was said to have ordered a thorough investigation into the source and content of the viral video. The command also disclosed that surveillance operations, intelligence gathering and security deployments had been intensified, particularly in vulnerable areas, to forestall any security breach.
The police, however, reassured residents that there is currently no confirmed intelligence suggesting any imminent attack in Ondo State.
The command added that it remains on high alert in collaboration with other security agencies and stakeholders to ensure the safety of lives and property across the state.
Residents were advised to remain vigilant and report suspicious persons or activities to the nearest police station or relevant security agencies while relying only on verified sources for security-related information.
The police further reaffirmed their commitment to maintaining peace and public order through continued collaboration with community leaders, traditional rulers, vigilante groups and other stakeholders in the state.
The post Ondo Police Dismiss Cleric’s Viral Video of Impending Attacks, Tighten Security appeared first on Business Today NG.
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