LINKAGE ASSURANCE SEALS N16.2BN CAPITAL RAISE AHEAD OF REGULATORY DEADLINE

Linkage Assurance Plc has successfully completed a N16.2 billion rights issue, issuing 12.32 billion ordinary shares at N1.32 each to strengthen its capital base and meet new regulatory requirements.

The offer, which ran from March 11 to April 23, 2026, was fully subscribed. The Securities and Exchange Commission has approved the allotment, and the new shares are now listed on the Nigerian Exchange Limited.

The capital raise responds to the National Insurance Commission’s recapitalisation directive under the Nigerian Insurance Industry Reform Act 2025. Non-life insurers must raise their minimum capital from N3 billion to N15 billion by the July 31, 2026 deadline. Linkage said the proceeds will satisfy this requirement and fund business expansion, improved underwriting capacity and enhanced customer services.

Company Secretary Moses Omorogbe noted that the strong shareholder support reflects confidence in the board, management and long-term strategy. The insurer reaffirmed its commitment to full regulatory compliance, prudent risk management and sustainable value creation for stakeholders as it positions itself for growth in Nigeria’s evolving insurance market.