LASACO holds 40th AGM, shareholders approve 5k dividend

Wednesday, September 16, 2020 4:14 pm

L-R: Company Secretary, Lasaco Assurance PLC, Mrs Gertrude Olutekunbi; acting Chairman, Engineer Sanni Ndanusa; and MD, Segun Balogun; during the 40th AGM. Photo credit: The Nation

…praise Management

Shareholders of Lasaco Assurance plc have approved the payment of 5k per unit of share for the year ending 31 December, 2019.
They took the decision on Tuesday, 15 September, 2020 during the 40th Annual General Meeting (AGM) which took place at Oriental Hotels, Lagos.
The approval to pay the dividend was taken sequel to a motion moved by the acting Chairman of the AGM, Engineer Sani Ndanusa which was supported by Mrs Bisi Bakare.
The approval was granted by 288 shareholders who voted by proxy and 13 shareholders who were physically present at the venue of the AGM.
Engineer Ndanusa presided over the event as acting Chairman in the absence of the erstwhile Chairman of the company, Mrs Aderinola Disu, who resigned shortly before the AGM.
Addressing the gathering, Engineer Ndanusa heaped praises on the Derin Disu led management saying that her tenure brought positive and remarkable changes to the company.
“Mrs Disu really performed well and her tenure brought about remarkable changes to Lasaco.
“It was during her time that Lasaco started paying dividends. During her time, staff welfare improved remarkably and during her time, the equity of the company also improved.
“It was also during her time that Lasaco built a befitting headquarters that can compete with any of its contemporary in Nigeria and beyond, and she did a lot in the rebranding of the company.
“We are saying thank you to Mrs Disu for her service to this company,” he said.
Shareholders at the meeting also reelected both Engineer Ndanusa and Otunba Akin Doherty as directors of the company while Mr Mathew Akinlade was elected as the Shareholders’ representative at the Statutory Audit Committee.
The shareholders also voted to authorise the Directors to fix the remuneration of the Auditors.

About LASACO

LASACO Assurance Plc is, as published on its website, a composite insurance and financial services company incorporated on 20th of December 1979 under the Companies Decree of 1968. The Company, then known as Lagos State Assurance Company Limited obtained License as an Insurer on 7th July 1980 and commenced business operations on 1st of August 1980.

With the vast opportunities presented by increased capitalization for business expansion and growth, LASACO became a Public Liability Company in 1991 when its Shares were admitted for the first time to the Nigerian Stock Exchange (NSE) through listing by Introduction. Now in its third decade, LASACO has grown considerably in size, business coverage, profits, capital base and assets with its operations spanning all classes of the Insurance and Special Risks business, high impact financial services and Real Estate. The Company’s businesses are conducted through a network of thirteen regional and branch offices spread across Nigeria, administered by well qualified, experienced and dedicated personnel.
Following our successful recapitalization in 2007, the Company’s total assets increased to N9, 897,073,000 with a combined authorized Group Share Capital in excess of N 6.5 billion and a paid-up share capital of N3.6 billion.

LASACO’s business portfolio currently includes leadership and significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwriting businesses in major sectors of the economy, from heavy Engineering, and Construction, Banking and Finance, Manufacturing Agriculture, Tourism, Life Covers to the high-tech capital intensive, special risks areas of Oil and Gas, and Aerospace. LASACO’s business interests also include Real Estate, and through its various non-core business investments. The Company also holds Shares in many blue chip enterprises.