Lagos, Nigeria – Linkage Assurance Plc has informed shareholders and the Nigerian Exchange that it has secured approval from the Securities and Exchange Commission to list 12.32 billion ordinary shares through a rights issue, priced at N1.32 per share. The offer, worth N16.26 billion (approximately $10.4 million), will be open from March 11 to April 23, 2026.
Okay News reports that the shares will be offered to existing shareholders on the basis of two new ordinary shares for every three units previously held as of January 22, 2026. The company stated that the rights issue will help meet new minimum capital requirements introduced by the Nigerian Insurance Industry Reform Act, 2025, and support growth across key business segments.
Under the new framework, non-life insurers must raise their capital from N3 billion to N15 billion. Linkage Assurance currently has 18.47 billion ordinary shares listed on the Nigerian Exchange with a market capitalization of about N33.4 billion, a figure expected to rise to 30.79 billion ordinary shares after the new listing.
Shareholders can participate through the registrar’s online portal or by completing participation forms that will be made available. The company’s shares closed flat following the announcement but are up more than 15 percent year-to-date, with total traded volume exceeding 957 million shares. Linkage Assurance reported an unaudited pretax profit of N4.3 billion in 2025, down from N5.2 billion recorded in the previous year, while claims paid rose to N5.9 billion from N4.5 billion in 2024. This rights issue forms part of the company’s strategy to meet regulatory capital requirements and strengthen its financial position.
, will be open from March 11 to April 23, 2026.){kind=link}