Linkage Assurance Plc has received regulatory approval to raise N16.26 billion through a Rights Issue aimed at strengthening its capital base and supporting business expansion.
The company disclosed this in a notice submitted to the Nigerian Exchange Group on Thursday, stating that the offer involves 12.32 billion ordinary shares of 50 kobo each priced at N1.32 per share.
According to the company secretary, Moses Omorogbe, the approval for the capital raise was granted by the Securities and Exchange Commission.
Omorogbe explained that the Rights Issue is designed to enable the insurer to comply with the new minimum capital requirements introduced under the Nigeria Insurance Industry Reform Act, 2025.
“The company has obtained the approval of the Securities and Exchange Commission to commence its Rights Issue of 12,320,000,000 ordinary shares of ₦0.50 each at ₦1.32 per share,” he said.
The offer provides existing shareholders the opportunity to increase their equity stake in the company. It will be issued on the basis of two new ordinary shares for every three shares held as of January 22, 2026, which serves as the qualification date for participation.
The Rights Issue is scheduled to remain open for six weeks, running from March 11, 2026, to April 23, 2026.
Linkage Assurance noted that the capital raised will primarily be used to meet the new industry capital threshold while also supporting expansion into strategic segments of the insurance market.
The move forms part of broader efforts by insurers to strengthen their financial capacity in response to ongoing regulatory reforms within Nigeria’s insurance sector.
