Linkage Assurance concludes N16.2bn rights issue, boosts capital

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Linkage Assurance Plc has announced the successful completion of its N16.2bn rights issue, raising fresh capital through the issuance of 12.32bn ordinary shares at N1.32 per share, in a move aimed at strengthening its financial position and meeting new regulatory capital requirements.

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The rights issue, which opened on 11vMarch 2026, and closed on 23 April 2026, received full subscription from shareholders. Following approval by the Securities and Exchange Commission, all the shares have been allotted to subscribers and admitted for trading on the Nigerian Exchange Limited.

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The capital raise forms part of the company’s response to the National Insurance Commission’s recapitalisation programme for insurance companies, which seeks to strengthen the industry’s capacity to underwrite larger risks, improve financial resilience, and enhance policyholder protection.

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Linkage Assurance said the successful completion of the offer demonstrates the continued support of its shareholders and other stakeholders, reflecting confidence in the board and management’s ability to execute the company’s long-term strategy while maintaining sound corporate governance and prudent risk management practices.

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The insurer noted that the strengthened capital base places it in a stronger position to expand its underwriting capacity, enhance service delivery to customers, pursue new growth opportunities across key market segments, and create sustainable value for shareholders.

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According to the company, the proceeds from the rights issue will primarily be deployed to meet the new minimum capital requirement prescribed by NAICOM, while also funding strategic business expansion initiatives designed to improve operational efficiency, deepen market penetration, and reinforce its competitive position within Nigeria’s insurance industry.

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The company reaffirmed its commitment to maintaining full regulatory compliance, delivering innovative insurance solutions, and driving sustainable growth that benefits customers, shareholders, employees, and other stakeholders. With the successful completion of the recapitalisation exercise, Linkage Assurance said it is well positioned to capitalise on emerging opportunities in the evolving insurance market while supporting economic growth through increased underwriting capacity and enhanced financial strength.

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