Linkage Assurance completes N16.2bn rights issue to meet NAICOM capital rule
Linkage Assurance Plc has completed its N16.2 billion rights issue, strengthening its capital base as it moves to comply with the National Insurance Commission’s (NAICOM) recapitalisation directive and position itself for future business expansion.
The company disclosed in a corporate filing with the Nigerian Exchange Limited (NGX) on Monday that the exercise involved the issuance of 12.32 billion ordinary shares to existing shareholders at N1.32 per share.
The rights issue, which opened on March 11 and closed on April 23, 2026, has received the approval of the Securities and Exchange Commission (SEC), with all allotted shares now listed on the NGX.
Linkage Assurance said the offer was fully subscribed, describing the outcome as a strong vote of confidence by shareholders in the company’s board, management, corporate governance framework, financial performance and long-term strategy.
According to the company, the successful capital raise reinforces its commitment to regulatory compliance, prudent risk management and sustainable growth.
“The company remains committed to full regulatory compliance and prudent risk management.
“With its strengthened capital base, the company is well positioned to provide more robust services to its teeming customers and deliver sustainable value to stakeholders,” the company stated.
It added that proceeds from the rights issue would be deployed to meet NAICOM’s revised minimum capital requirement for insurance companies while supporting its long-term expansion plans and strengthening its capacity to compete in the evolving insurance market.
The successful completion of the exercise places Linkage Assurance among insurers that have taken concrete steps to strengthen their financial position ahead of the industry’s recapitalisation deadline.
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