Linkage Assurance to Raise N16.26bn via Rights Issue

Linkage Assurance Plc has unveiled plans to raise about N16.26 billion through a rights issue as part of efforts to strengthen its capital base and support the expansion of its operations.

In a notice to shareholders and the Nigerian Exchange Limited (NGX), the insurer stated that it had secured approval from the Securities and Exchange Commission (SEC) to proceed with the rights issue of 12.32 billion ordinary shares of 50 kobo each at N1.32 per share.

The offer is being extended to existing shareholders on the basis of two new ordinary shares for every three ordinary shares held as of January 22, 2026.

The company said the rights circular will be distributed to shareholders by the registrars to the offer, Apel Capital Registrars Limited, and will also be accessible on both the company’s website and the registrar’s online portal.

According to the notice, the offer will open on March 11, 2026 and close on April 23, 2026, while the rights will be tradable on the floor of the NGX during the acceptance period.

Shareholders may participate in the offer through a dedicated online platform or by completing a paper participation form obtainable from the registrar’s website. Completed forms, along with payment or proof of payment for the full subscription amount, must be submitted on or before April 23, 2026 to any of the issuing houses or receiving agents listed in the rights circular.

Linkage Assurance noted that the rights issue provides existing shareholders with an opportunity to increase their equity stake in the company while strengthening their participation in its growth.
The company added that the funds raised from the exercise will be used to meet the new minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act 2025 and to support expansion into key segments of the insurance market.