Linkage Assurance Plc has successfully raised N16.2 billion through a fully subscribed rights issue, as recapitalisation nears completion.

The insurer said the capital raise, which involved 12.32 billion ordinary shares at N1.32 per share, was fully subscribed, underscoring shareholders’ confidence in the company’s growth strategy and positioning it to meet the regulatory capital thresholds prescribed by the National Insurance Commission (NAICOM).

The rights issue, which opened on March 11 and closed on April 23, has received the approval of the Securities and Exchange Commission (SEC), with all allotted shares now listed on the Nigerian Exchange Limited (NGX).

The successful exercise adds Linkage Assurance to the growing list of insurers that have raised fresh capital as operators race to comply with the recapitalisation requirement introduced under the NIIRA 2025.

The reforms require life insurance to maintain a minimum paid-up capital of N10 billion, non-life insurers (N15 billion), composite insurers (N25 billion) and reinsurers (N35 billion) before the regulatory deadline.

At the weekend, the insurer announced the completion of the offer via a statement, saying the successful capital raise reflects sustained investor confidence in its board, management and long-term strategic direction.

Commenting on the development, the Managing Director/Chief Executive Officer, Linkage Assurance, Daniel Braie, described the successful completion of the rights issue as a significant milestone in the company’s growth journey, saying the overwhelming response from shareholders demonstrated strong confidence in the company’s vision and prospects.

According to him, the successful fundraising not only positions the company to meet regulators’ recapitalisation requirements but also provides the financial capacity to execute its long-term growth strategy and enhance value creation for shareholders.