Linkage Assurance Plc has successfully completed its N16.2 billion rights issue, securing fresh capital to strengthen its financial position and meet the new regulatory capital requirements set by the National Insurance Commission (NAICOM).
The insurer raised the funds through the issuance of 12.32 billion ordinary shares at N1.32 per share, with the offer receiving full subscription from existing shareholders.
The rights issue, which opened on March 11, 2026, and closed on April 23, 2026, was concluded after obtaining approval from the Securities and Exchange Commission (SEC). Following the approval, all issued shares were allotted to subscribers and admitted for trading on the Nigerian Exchange Limited (NGX).
The successful capital raise forms part of Linkage Assurance’s strategy to comply with NAICOM’s recapitalisation programme for insurance companies, an initiative designed to strengthen the industry’s ability to underwrite larger risks, improve financial stability and provide greater protection for policyholders.
In a statement, the company said the completion of the exercise reflects the confidence of shareholders and stakeholders in the board and management’s ability to execute its long-term growth strategy while maintaining strong corporate governance standards and effective risk management practices.
The insurer explained that the additional capital would improve its capacity to expand underwriting operations, enhance customer service delivery, explore new business opportunities and create sustainable value for shareholders.
According to Linkage Assurance, a significant portion of the proceeds will be used to meet NAICOM’s revised minimum capital requirement, while the remaining funds will support strategic initiatives aimed at improving operational efficiency, expanding market reach and strengthening the company’s competitive position within Nigeria’s insurance sector.
The company reaffirmed its commitment to regulatory compliance, innovation and sustainable growth, noting that the stronger capital base would enable it to take advantage of emerging opportunities in the insurance market.
Linkage Assurance added that the recapitalisation would also contribute to broader economic development by increasing the company’s underwriting capacity and enhancing its ability to provide reliable insurance solutions to individuals and businesses across Nigeria.