Linkage Assurance Completes N16.2bn Rights Issue Ahead of NAICOM Deadline

Linkage Assurance Plc has completed its N16.2 billion Rights Issue, raising fresh capital to strengthen its balance sheet and meet the National Insurance Commission’s (NAICOM) revised minimum capital requirements for insurance companies.

The company announced that the Rights Issue, which offered 12.32 billion ordinary shares at N1.32 per share, opened on March 11, 2026, and closed on April 23, 2026.

Following the approval of the Securities and Exchange Commission (SEC), all allotted shares have been successfully listed on the Nigerian Exchange (NGX).

According to the company, the Rights Issue was fully subscribed, reflecting strong shareholder confidence in Linkage Assurance’s board, management, corporate governance, financial performance, and long-term strategic direction.

The capital raise forms part of the company’s response to NAICOM’s insurance recapitalisation directive, aimed at strengthening the financial resilience of insurance operators and enhancing the industry’s capacity to underwrite larger risks.

Linkage Assurance stated that the proceeds will primarily be used to satisfy the new regulatory minimum capital requirements while also funding business expansion initiatives aligned with its long-term growth strategy.

The company noted that its strengthened capital position will enhance its underwriting capacity, improve service delivery to customers, support prudent risk management, and create sustainable value for shareholders.

The successful completion of the Rights Issue comes as insurers race to meet NAICOM’s recapitalisation deadline by July 31, 2026, with several operators raising fresh equity through rights issues, private placements, and other capital market transactions to reinforce their capital bases and position themselves for future growth.