Linkage Assurance Plc has secured approval to commence a N16.26 billion capital raise through a Right Issue offering 12,320,000,000 ordinary shares of N0.50 each at N1.32 per share, news.ng reports.
This was disclosed in a notice sent to the Nigerian Exchange Group (NGX) on Thursday.
According to the notice signed by the company secretary, Moses Omorogbe, the Right Issue is key to securing funds to meet the insurance sector’s new minimum capital requirement.
Omorogbe stated that “the Company has obtained the approval of the Securities and Exchange Commission to commence its Rights Issue of 12,320,000,000 ordinary shares of ₦0.50 each at ₦1.32 per share.”
The N1.32 offer price enables existing shareholders to increase their stake in the company.
“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 Offer is being made to existing shareholders on the basis of two (2) new ordinary shares for every three (3) ordinary shares held as at 22 January 2026,” he added.
Shareholders qualified for this opportunity are investors who were on the register on or before January 22, 2026. The offer will run for six weeks, from March 11, 2026, to April 23, 2026.
More importantly, the company noted that the funds will be channelled toward meeting the required new capital base in accordance with the Nigeria Insurance Industry Reform Act, 2025.
“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,” it noted.
