Linkage Assurance Secures SEC Approval for N16.26bn Rights Issue

Linkage Assurance Plc has secured approval from the Securities and Exchange Commission (SEC) for a rights issue valued at N16.26 billion. This initiative will enable existing shareholders to acquire two new ordinary shares for every three shares they currently hold, with a share price set at N1.32.

The rights issue is scheduled to open on March 11, 2026, and will close on April 23, 2026. This move is aimed at meeting the new minimum capital requirement introduced by the Nigerian Insurance Industry Reform Act 2025, which mandates a minimum capital of N15 billion for non-life insurance companies.

The Act was signed into law by President Bola Ahmed Tinubu in August 2025. Following the rights issue, Linkage Assurance's total ordinary shares listed on the Nigerian Exchange will increase from 18.47 billion to approximately 30.79 billion, raising its market capitalization from N33.4 billion.

The company reported a pretax profit of N4.3 billion for 2025, a decrease from N5.2 billion in the previous year.