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  • LASACO, NIIA, AASME, royal fathers call for strategic cultural diplomacy

    LASACO, NIIA, AASME, royal fathers call for strategic cultural diplomacy

    Nigeria must urgently reposition itself by deploying culture as a strategic national asset capable of driving economic growth, strengthening global reputation, and attracting international investment, Chief (Mrs.) Olateju Philips,Chairman of LASACO Assurance Plc, made the call in her keynote address, titled ‘Repositioning Nigeria through Strategic Cultural Engagement,’ at the Maiden Cultural Diplomacy Conference held in Lagos,

    The event brought together traditional rulers, policymakers, government functionaries, business leaders, cultural practitioners, development partners, and students from Nigerian universities.

    Describing cultural diplomacy as more than soft power, Philips said culture represents reputation capital that lowers investor risk, attracts tourism, and builds diplomatic trust.

    She stressed that Nigeria’s music, film, fashion, and art exports are not merely entertainment but credible ambassadors of national standards, capable of signalling structured opportunity to the global community.

    Adding a diplomatic perspective, she called for stronger institutions, investments in cultural infrastructure, protection of intellectual property rights, and “triple-helix collaboration” between government, private sector, and cultural stakeholders to unlock the full economic value of the creative sector.

    Ambassador Zainah Mohammed, Convener  said the event aims to strengthen Africa’s cultural presence in global discourse, train young cultural diplomats, and promote heritage preservation and creative economy development.

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    She disclosed that selected students would undergo mentorship to help them tell African stories and promote positive narratives across borders.

    Speaking President, Dr Ebiekure Jasper Eradiri, of All-African Association of Small and Medium Enterprises (AASME), represented  by Dr Anire Okogun urged African governments to place culture and SMEs at the heart of trade diplomacy.

    Dr Okogun said from a continental economic angle, African entrepreneurs are already practising cultural diplomacy through cross-border trade and innovation, but face challenges including complex regulations, weak digital infrastructure, and limited market intelligence.

    She called for harmonised customs systems and SME-friendly policies to support inclusive growth.

     Hajia Islamiat Oshodi, National President of the Association of Childhood Education Practitioners (ACEP), speaking on values and upbringing, she urged parents to instill positive cultural values in children from an early age, stressing that African culture promotes language, food, fashion, music, hospitality, and tourism.

    The conference was graced by the Royal Father of the Day, HRH King Sir Emperor J.D. Nkpe II, JP, Paramount Ruler of Eleme Kingdom, Rivers State, who emphasised the role of traditional institutions in preserving African values and serving as custodians of heritage in a rapidly globalising world.

    Also present was Alhaja Sinatu Aderoju Ojikutu, the first elected female Deputy Governor in Nigeria, who called for greater integration of culture into governance and national development strategies, noting that leadership without cultural consciousness risks losing national identity and social cohesion.

    Other prominent voices included Prof. Eghosa Oshahae, Director-General of NIIA, who spoke on bridging nations through cultural diplomacy; Ms Yemisi Ransome-Kuti, Founder of the Nigeria Network of NGOs; and Mrs Yekeene-Ajani, President of Women in Fashion Tech, who urged young people to embrace culture as a pathway to purpose, entrepreneurship, and global relevance.

    Mrs Helen Onwuau, Head of Public Affairs at the Nigerian Institute of International Affairs (NIIA), described culture as a strategic asset for nation-building and sustainable development, noting that cultural diplomacy strengthens people-to-people relations and enhances Nigeria’s credibility in international affairs.

    Highlighting the creative dimension of the event, Engr Oyama Osam  Ntun thrilled the audience with Africa Ekuum Bass with electrifying and mystic performance m

     Barrister Adeyinka Titilayo Adeyafa captivated the audience with spoken-word poetry celebrating Africa’s rich cultural heritage, while fashion parades and traditional performances showcased the diversity of African identity.

    Stakeholders at the conference concluded that cultural diplomacy, when aligned with economic strategy, offers Nigeria and Africa a human-centred, inclusive, and sustainable pathway to global influence and shared prosperity, with traditional institutions, government leadership, and the creative economy acting as key drivers of a reimagined global identity.

  • Lasaco pledges to sustain quality service with strong rating

    Lasaco pledges to sustain quality service with strong rating

    Lasaco Assurance Plc has reaffirmed its commitment to adopting more prudent underwriting practice, enhancing operational efficiency, and leveraging technology to ensure it sustains its strong rating.

    This is as Global Credit Rating has again affirmed its national scale financial strength rating of A(NG) with a Stable Outlook, marking the third consecutive year Lasaco has maintained this rating.

    The affirmation reflects Lasaco’s sound risk-adjusted capitalisation and solid liquidity position, strengthened by the N10.8 billion capital injection through private placement. As of June 30, the company’s shareholders’ fund rose by 80.2 per cent to N22.1 billion, boosting the firm’s capital adequacy ratio to 3.6x – indication of improved loss-absorbing capacity and resilience.

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    Liquidity also improved, with cash and liquid assets making up 67.2 per cent of the investment portfolio, ensuring Lasaco can meet obligations and drive innovation in the insurance market.

    Lasaco’s insurance revenue grew by 24.8 per cent to N22.8 billion in 2024, a testament to the company’s expansion, diversified business lines, and customer-focused approach. The company’s subsidiaries, Lasaco Trading and Investment Limited and Lasaco Properties Limited, also contributed to the strength of the overall business portfolio.

    The company noted that maintaining this rating is a reflection of its financial standing and vision to deepen retail penetration, embrace digital transformation, and enhance customer experience.

  • ‘Firm: come for your outstanding claims’

    ‘Firm: come for your outstanding claims’

    Lasaco Assurance Plc has called on customers, claimants, and stakeholders with outstanding claims yet to be finalised by the company to come forward with documents for resolution.

    In a statement, the company said this notification applies to individuals, businesses, or entities with pending claims or unresolved matters.

    Lasaco advised claimants to provide documents (where applicable), such as original copy of the insurance policy or certificate, outstanding relevant documents substantiating the insurance claim, and valid means of identification (National ID, International Passport, or Driver’s Licence).

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    It said: “Claimants are encouraged to submit their documents in person at any of our branch offices or electronically via email to info@lasacoassurance.com

    “For assistance with document preparation or clarification on required documents, please contact us via info@lasacoassurance.com

    Lasaco Assurance Plc remains dedicated to upholding the highest standards of service excellence.

    “This aims to ensure that all valid claims are processed and resolved. We appreciate your cooperation and patience as we work towards closing any outstanding claims.”

  • LASACO Assurance maintains stable performance

    LASACO Assurance maintains stable performance

    LASACO Assurance Plc has maintained the A(NG) performance rating in the latest GCR rating. 

     The company in a statement said it hit the “stable outlook” standard in the last performance assessment of the world-acclaimed rating agency, maintained the feat through professional discipline, customer relations, prompt claims payment, and innovation.

     According to the company, the rating signifies Lasaco’s robust financial strength, competitive position, and improved financial profile.

    The statement further read: “The rating placed the company at the top echelon of the claim underwriting business in the country as it reflects the company’s effective management of its financial resources and competitive professional muscle.

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    “The feat also reinforced the company’s creativity and commitment to long-term growth and sustainability, providing reassurance to investors, stakeholders, and customers.

    “Lasaco Assurance has effectively managed its financial resources and demonstrated a strong competitive stance that has made it a force to reckon with in the industry. “

    “The company has also prioritised its claims settlement to customers and made significant progress in enhancing its financial performance.’’

  • LASACO donates N10m to Lagos Trust Fund

    To ensure that Lagos State remains safe, LASACO Assurance Plc has donated N10 million to Lagos State Security Trust Fund (LSSTF).

    LASACO Managing Director Mr Segun Balogun said the company iwas donating to the fund to help the organisation to continue providing the basic equipment to the security agencies in and around the state.

    He said the cash would go a long way to support to LSSTF  in its fight to ensure a crime-free state.

    Balogun pledged to be an ambassador of the LSSTF in the insurance industry, adding that there was the need for more organisations to support the fund.

    LSSTF Executive Secretary Dr. Abdurrazaq Balogun said it was becoming difficult for organisations to assist the fund.

    He stated that Lagos has about 9,400 roads that need to be secured.

    He said: “We believe that if we have just 1000 vehicles, that would be one vehicle to 900 roads; that is grossly insufficient. But if have 10,000 vehicles, it would be one to 90. The assets that we have are not enough but we will continue to manage the little that we have.

    “We urge other organisations that have not donated to the fund to make sacrifices for the security and prosperity that we all desire.’’

  • LASACO unveils solutions for accident victims

    As a strategy of boosting its customer satisfaction drive, LASACO Assurance Plc has unveiled a speedy and more responsive claim settlement solution that would make policyholders get compensation under their motor insurance policies faster. It has also launched an instant rescue solution which provides free towing service for vehicles with severe damage particularly for vehicles owners insured by LASACO and generally for motorists operating within major parts Lagos State.

    The claim settlement solution, tagged LASACO Blue Response, which is targeted at automobile insurance operations, would enable the company solve the most critical aspect of claim assessment and settle minor automobile insurance claims immediately upon notification.

    The solution, first in the industry in Nigeria, would reduce the time frame between accident and claim settlement and encourage more interaction between insurance operators and their clients.

    Covering minor accidents, the solution would only be available to policyholders in Lagos (excluding Epe, Imota and Badagry for now) who, in the event of an accident, would be required to call the company on 07000LASACO (07000527226) and their trained claim assessor would reach the location of accident within 30 minutes.

  • LASACO launches motor power bikes for prompt claims settlement

    TO boost its customer satisfaction drive, LASACO Assurance Plc has launched motor power bikes for prompt claims settlement

    Tagged LASACO Blue Response,  it is targeted at auto insurance, would enable the company solve the most critical aspect of claim settlement, assessment, in record time.

    The Managing Director, Segun Balogun, in a statement, said the bikes will aid speedy and more scientific claim settlement solution that would make policy holders get compensation faster and more robustly.

    According to him, the solution, first in the industry in Nigeria, would reduce the time frame between accident and claim settlement and encourage more interaction between insurance operators and their clients.

    He said it operates with fully kitted and “ready-to-go” motorbike riders who will always “swing into action” whenever there is notification of a claim.

    Balogun said: “The riders would inspect the accident vehicle at the scene of the accident, adjust the claim and offer an on-the-spot settlement.

    “This novel solution would promote efficient claim settlement response and elicit a more enduring relationship between insurance underwriters and their clients, as many people will, through it, have more confidence in insurance, especially automobile insurance operations.”

    The company’s Deputy Managing Director, Corporate Services, Rilwan Oshinusi, believed that with the initiative, ‘’customers and the public are assured of our focus on excellent service through prompt claims settlement”.

    LASACO Assurance Plc is a registered composite insurance and financial services company in Nigeria that specialises in General Insurance, Oil and Gas Insurance, Asset Management and Investment Financial services.

    The company was incorporated on December 20, 1979 and was granted licence to carry out the business of insurance and other related businesses on July 7, 1980.

    On August 1, 1980, the company started operations.

    In accordance with the decree, LASACO’s shares were offered to the public and were admitted to the Nigerian Stock Exchange (NSE) by way of introduction, thus becoming the first company to be so listed on the NSE. In 1991, the company became a Public Limited Liability Company (Plc). It operates from its headquarters at Ikeja, Lagos State Nigeria with branches and underwriting offices in 13 locations.

     

  • LASACO records N6.6b premium

    LASACO Assurance Plc has recorded a Gross Premium Income of N6.6 billion for the year, representing 10 per cent growth over the premium recorded in 2016.

    The net underwriting income of the firm increased by a record 105 per cent from N1.9 billion in 2016 to 3.9 billion in 2017, largely due to a decrease in the unearned premium income and reinsurance cost.

    Similarly, the underwriting profit increased by N1 billion from N235 million achieved in 2016 to N1.2 billion in 2017.

    Operating expenses for the year reduced by 28 per cent from N2.4 billion in 2016 to N1.7 billion in 2017 while profit before tax for the year reduced by 25 per cent from N1.1 billion achieved in 2016 to N854 million in 2017.

    Chairman of the firm, Mrs. Aderinola Disu, who spoke at the firm’s 38th Annual General Meeting in Lagos said this was due to the 80 per cent reduction in assets from N19 billion in 2016 to N18 billion in 2017 while the shareholders’ fund increased by 300 million from N7.85 billion in 2016 to N8.15 billion in 2017.

    She stated that the firm will sustain its proactive steps to shore up its identity and improve its positioning in the market.

    She said: “Our emphasis on the ease of doing business will increase as we continue to focus on the critical market. We are strategically repositioning in new products development to harness the newly identified market potentials. This is expected to increase our market share and enable us operate more efficiently and profitably.

     

     

    “Our digital revolution has enhanced our reach to our customers, and made it easier to provide personalised services in a cost-effective and measurable manner. Mobile customers can now efficiently access our products,” she added

  • lasaco resumes sale of annuities

    lasaco resumes sale of annuities

    Customers of LASACO Assurance Plc no longer have to worry much about old age and life after retirement as the firm has resumed the underwriting of Annuity policies that would make beneficiaries earn salaries for a certain period after leaving office.

    The insurance firm re-commenced the Annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM) to again take on the underwriting of the product across the country.

    With this, the public can now invest a lump sum with the company with which a monthly stream of income can be generated and paid to them for a fixed period.

    National Pension Commission (PENCOM) which earlier placed a short embargo on the business against insurance operators in the country, demanding them to transfer their Annuity asset holdings to Pension Funds Custodian, lifted the restriction on some of the operators (including LASACO) after they had met the conditions for doing so.

    LASACO Managing Director, Mr Segun Balogun, who spoke on the development said his company achieved the feat through prudent management and strict adherence to professionalism and promised that the company would do more to meet the needs of the people through policies that would guarantee better deals for them.

    Contributing, General Manager, Life Operations of the company, Mr Dimeji Olona, explained that the company’s Annuity product was designed to provide security and peace of mind for the holders as it is meant to ensure regular payments in retirement for the duration of the owner’s life.

     

     

     

     

  • LASACO gets PTAD’s commendation

    LASACO gets PTAD’s commendation

    The Pension Transitional Arrangement Directorate (PTAD), through its Divisional Manager, Mrs Christianah Adebote, has commended Lasaco Assurance Plc for settling the Legacy Funds in its custody.

    Adebote gave the thumbs up in Abuja when the company transferred N1.063 billion meant for pensions of six Federal Governement parastatals under the Definded Benefit Scheme (DBS).

    She gave the company a Letter of Clearance on behalf of the directorate and urged other companies that are yet to settle their obligations based on the directive to take a cue from those that have complied.

    Adebote said the directorate, last year, issued demand notices on the insurance companies holding legacy funds meant for payment of pensioners under the Defined Benefit Scheme (DBS) to transfer outstanding funds into “our dedicated e-Collection account with the Central Bank of Nigeria (CBN)’’

    She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities in PTAD and warned that it has become imperative for other concerned companies still holding onto the legacy funds to transfer them to PTAD without further delay.

    She also noted that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension.

    The General Manager (Marketing) LASACO Assurance Plc, Ademoye Shobo while collecting the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of six Federal Government parastatals as required by Section 42 of the Pension Reform Act (2014) was fully remitted in July 2017.