Prime Business AfricaThe two majority shareholders in Lasaco Assurances, Ibile Holdings Ltd, owned by the Lagos state government, and Canon Properties & Investments Ltd, owned by Akin Doherty, have reduced their investment in Lasaco Assurance.
Lagos state reduced its stake in the insurer to 27.65 percent at the end of the second quarter (Q2) 2025, from 45.93 percent at the end of the first quarter (Q1) of this year.
Join our WhatsApp ChannelAccording to Lasaco Assurance’s unaudited financial statements for the period ended June 30, 2025, released on July 30, the shares held by Ibile Holdings decreased by 4.58 billion in the second quarter.
Prime Business Africa’s analysis showed that the shareholding of Ibile Holdings dropped from 5.09 billion shares, which were valued at N13.18 billion as of March 30, to 506.94 million shares, worth N2.28 billion as of August 14.
Also, the stake held by Doherty, the company’s second-largest investor, dropped from 24.67 percent to 12.74 percent within the same period, as his total shares (direct and indirect) dropped from 2.73 billion to 233.67 million.
Doherty’s indirect shares, held through Canon Properties and Investments Ltd, dropped from 2.73 billion – which was valued at N7.07 billion – at the end of the first quarter, to 506.94 million, valued at N2.28 billion, at the end of the second quarter.
However, Doherty’s indirect shares remained unchanged at 737,411 in the first half of the year, but their value increased from the N1.90 million they were worth at the end of the first quarter to N3.31 million at the end of June.
The increase in the value of Doherty’s direct shares was due to the 73.74 percent appreciation recorded by Lasaco Assurance’s share price, which rose from N2.59 kobo to N4.5 kobo from June 30 to date.
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