Linkage Assurance Plc has disclosed plans to lift N16 billion in new capital as a part of efforts to strengthen its steadiness sheet and place the corporate for development.
In a submitting with the Nigerian Change, the insurer disclosed that its board has been authorised to supply extra funds by a mixture of fairness choices, together with non-public placement, rights subject, public provide, or a mix of those, topic to prevailing market circumstances and regulatory approvals.
“The Board of Administrators of the Firm be and is hereby licensed to lift extra N16,000,000,000 (Sixteen Billion Naira) capital or such different quantity as it might decide by means of both Non-public Placement, Rights Problem, Public Supply or a mix, on such phrases and circumstances, together with value, and on dates and time as could also be decided by the Board of Administrators of the Firm, topic to acquiring all related regulatory approval,” the assertion signed by Firm Secretary, Moses Omorogbe, learn.
As a part of the capital increase, Linkage Assurance may also improve its authorised share capital to accommodate the brand new issuance.
The corporate confirmed that the brand new shares will rank equally with current odd shares and can be registered with the Securities and Change Fee (SEC), the Company Affairs Fee (CAC), and the Nigerian Change (NGX).
“The Memorandum and Articles of Affiliation of the Firm be amended accordingly to replicate the Firm’s new share capital construction and any relevant amendments consistent with the Firms and Allied Issues Act (CAMA 2020) thereto,” the submitting said.
The board has been empowered to nominate skilled advisers and execute all essential paperwork to implement the capital increase. Additionally it is authorised to finalise and signal all required agreements, meet regulatory necessities, and perform extra actions to provide full impact to the resolutions.
Linkage Assurance additional confirmed that each one prior actions taken by the board or administration in relation to the capital-raising course of have been accredited and ratified, making certain continuity and compliance within the execution of the plan.
In its {financial} outcomes for the primary quarter ended 31 March 2025, Linkage Assurance reported a pre-tax revenue of N829.5 million—up 7.83% from the N769.3 million recorded in the identical interval of 2024.
The rise in earnings was supported by increased insurance coverage income, which reached N6.05 billion—an 18.2% improve from N5.1 billion a 12 months earlier.
A lot of the income got here from the oil and gasoline phase, contributing N7.5 billion, adopted by motor and hearth insurance coverage at N5.07 billion and N3.7 billion respectively, with different enterprise traces accounting for the rest.
