Lasaco Assurance Plc has unveiled a major rebranding of its two subsidiaries, Lasaco Properties Limited (LPL) and Lasaco Trading and Investment Limited (LTIL), as part of efforts to improve efficiency, enhance service delivery, and drive overall group performance. The announcement was made in a statement released on Sunday, alongside the appointment of new leadership for one of the subsidiaries.
The company confirmed that Mr. Akinwale Sofile, a seasoned finance and investment professional, has been appointed as the new Managing Director of Lasaco Trading and Investment Limited. Sofile previously served as the Chief Financial Officer of Lasaco Assurance Plc, where he played a key role in strengthening the group’s financial operations.
According to the board, his appointment was based on his strong financial expertise and proven leadership track record within the group. The company expressed confidence that Sofile would steer LTIL towards profitability, sustainable market growth, and increased contribution to the group’s bottom line. “The Board of Lasaco Assurance Plc has strong confidence in Mr. Sofile’s capability to lead LTIL, considering his extensive financial expertise and demonstrated leadership skills within the group. These qualities are expected to be harnessed into driving LTIL towards increased profitability and market growth,” part of the company’s statement read.
While LTIL will benefit from new leadership, Lasaco Properties Limited will continue under the leadership of Mr. Olumide Jayeola. Jayeola is an experienced executive with qualifications in project management, estate management, law, and theology. Under his watch, LPL is expected to maintain its role as a key player in the property and real estate sector while aligning with Lasaco Assurance’s broader business objectives.
The rebranding exercise for both subsidiaries goes beyond a change of name and visual identity. It involves a complete transformation of operations, with process optimisation, service enhancements, and a refreshed board structure. The company revealed that both subsidiaries have been restructured with new directors who bring diverse expertise aimed at strengthening corporate governance and long-term strategy.
The move, according to Lasaco Assurance, reflects the group’s forward-looking approach to business transformation in Nigeria’s competitive financial and real estate markets. By strengthening its subsidiaries, the group seeks to position itself as a stronger player in multiple sectors, while also consolidating its insurance leadership.
Analysts believe that this strategic realignment could significantly improve Lasaco’s financial performance in the short to medium term. Insurance firms in Nigeria are increasingly diversifying into real estate, asset management, and investment services to boost revenue and reduce reliance on traditional insurance premiums.
Lasaco Assurance Plc stated that the restructuring demonstrates its commitment to innovation, customer satisfaction, and stakeholder value creation. The group assured clients that the transformation would deliver more efficient services, improved client engagement, and competitive solutions in insurance, financial services, and real estate.
Market observers note that this step also comes at a time when Nigeria’s insurance industry is under pressure to expand penetration levels and adopt more innovative business models. With inflation and economic challenges affecting disposable income, insurers are expected to explore new growth strategies beyond traditional products.
The dual leadership of Sofile at LTIL and Jayeola at LPL is expected to provide stability and expertise as both subsidiaries contribute to group performance. Sofile’s financial acumen and Jayeola’s broad management experience give the group a blend of skills required for transformation.
Lasaco Assurance Plc further reaffirmed its long-term goal of sustaining growth, building market leadership, and delivering innovative solutions. The company said it is confident that the rebranding will strengthen its identity and help it remain competitive in Nigeria’s evolving financial landscape.
The group concluded by assuring shareholders, clients, and business partners that the new strategy would not only expand its service capacity but also reinforce its position as a trusted provider of insurance, financial, and real estate services.
