Linkage Assurance looks to existing shareholders for N16.3bn fresh capital

In a strategic move to fortify its financial standing, Linkage Assurance Plc has officially approached its existing shareholders to raise N16.3 billion through a Rights Issue.

Linkage Assurance notified its shareholders and Nigerian Exchange Limited (NGX) that the Company has obtained the approval of the Securities and Exchange Commission (SEC) to commence its Rights Issue of 12.320 billion ordinary shares at N1.32 per share.

The Rights Issue is being made to existing shareholders on the basis of two (2) new ordinary shares for every three (3) ordinary shares held as at January 22, 2026.

The Offer to existing shareholders opens on March 11, 2026 and closes on April 23, 2026. The Rights being offered are tradable on the floor of NGX for the duration of the Acceptance Period.

This capital injection is designed to strengthen the company’s balance sheet, ensure compliance with evolving regulatory benchmarks, and provide the “dry powder” necessary to scale operations in an increasingly competitive insurance landscape.

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By offering these new shares to existing investors, the underwriter aims to leverage existing shareholders’ loyalty to fund its next phase of digital transformation and market expansion.

“The Rights Circular will be distributed to shareholders by the Registrars to the Offer, Apel Capital Registrars Limited, and can also be accessed on the Company’s website. Shareholders are encouraged to participate in this issue through the dedicated platform.

“The Rights Issue provides existing shareholders with the opportunity to increase their equity holdings in the Company, thereby reinforcing their participation in and support of the Company.

“The capital raised will be deployed to meet the required Minimum Capital introduced by the Nigeria Insurance Industry Reform Act, 2025, and to expand into key areas of insurance business.

“Shareholders are advised to contact their stockbrokers and/or financial advisors for further information regarding the Offer,” Linkage Assurance said in a notice at the NGX while announcing the Rights Issue.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.