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 Nigeria Centre for Disease Control and Prevention (NCDC) has reported one confirmed case of COVID-19 in Cross River State, noting that there is currently no evidence of wider transmission.
In a release, the health authority disclosed that the affected individual has been placed in isolation and is in stable condition, receiving care in accordance with national treatment protocols.
The agency stated that containment steps such as contact identification, active monitoring, and infection control procedures have been deployed in partnership with the Cross River State Ministry of Health and other stakeholders.
Residents were encouraged to uphold good hygiene practices, stay indoors when feeling ill, and depend on information from verified health institutions.
The Cross River State Government, however acknowledged the case, assuring residents that the situation is being managed and does not warrant panic.
The State Commissioner for Health, Dr. Henry Ayuk, identified the patient as a 53-year-old Chinese national employed by a company in Akamkpa Local Government Area.
He noted that the individual showed mild symptoms at first and was later admitted to the University of Calabar Teaching Hospital, where samples were taken and the infection was confirmed.
BY SUNDAY SAMUEL—The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured the conviction of a dismissed staff member of the National Examinations Council (NECO), Abdulwahab Sule, for offences bordering on certificate forgery and related corrupt practices.
The conviction was delivered by the High Court of Niger State sitting in Minna, presided over by Honourable Justice Abdullahi Mikailu, in Charge No: NSHC/ICPC/1C/2023.
Mr. Sule, who was dismissed from NECO in 2020 following the discovery of irregularities in his credentials, was found guilty on a three-count charge of dishonestly using a forged document as genuine, possession of a forged document, and making false statements.
Investigations by the ICPC revealed that the convict fraudulently used a forged Diploma certificate purportedly issued by the Federal University of Technology, Yola (now Modibbo Adama University, Yola) to secure employment with NECO in January 2009, where he remained until his dismissal in September 2020.
Further findings showed that the certificate, dated March 18, 2008, did not emanate from the institution, as confirmed by the university during verification.
The Commission also established that the convict had not completed his studies and still had outstanding courses at the time he claimed to have graduated.
In addition, Mr. Sule was found to have knowingly made false representations to NECO’s Director of Human Resource Management in August 2020, falsely claiming that he had obtained the Diploma certificate.
During ICPC’s investigation, the convict admitted that he did not complete his studies and disclosed that he paid the sum of N30,000 to procure the forged certificate from an individual.
Upon conviction, the Court sentenced him to twelve (12) years imprisonment on Count One, ten (10) years on Count Two, and two (2) years on Count Three. The sentences are to run concurrently, meaning he will effectively spend twelve (12) years in prison.
The ICPC reiterates its commitment to sanitising public institutions and warns that individuals who engage in forgery, falsification of records, and other corrupt practices will be brought to justice.
The Commission also urges organisations to sustain regular verification of staff credentials to prevent similar occurrences and strengthen institutional integrity.