The National Insurance Commission (NAICOM) has cancelled the certificate of registration of Universal Insurance Plc after the company failed to meet the minimum capital requirement for its licence category.
NAICOM said the cancellation took effect on August 14, 2026, according to a notice issued to the company’s board on August 13.
The commission said it exercised its powers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to cancel Universal Insurance’s registration.
NAICOM has also appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator to oversee the affairs of the insurer.
Chukwumerije subsequently notified Universal Insurance’s policyholders, creditors, debtors, banks and other stakeholders that he had assumed the role in a notice issued on August 18.
He said his responsibility would include overseeing the company’s affairs and taking steps to protect its assets throughout the process.
The receiver also directed banks and other financial institutions to deal only with instructions issued or authorised by him in matters concerning Universal Insurance.
He further asked individuals and organisations holding the insurer’s funds, assets, records, policies or claims to cooperate with the process and provide relevant information whenever required.
Capital Raise Before Licence Cancellation
The cancellation came despite Universal Insurance having been pursuing a fresh capital injection to strengthen its financial position.
In a market update filed with the Nigerian Exchange Limited (NGX) on August 14, the insurer disclosed a proposed ₦7.12 billion investment by FPNG Co-Nvest Limited through a private placement.
Universal said the proposed transaction would make FPNG its majority shareholder, with a 50.1 percent stake.
The insurer had said the investment would take its capital above NAICOM’s required threshold and improve its solvency position.
“The Board and Management of the Company is progressing with engagements with the National Insurance Commission (NAICOM) and other relevant regulators regarding the Transaction,” the company said.
Universal also stated that the necessary board and shareholder approvals for the transaction had been obtained, while noting that further engagement with NAICOM and other regulators was still required.
Source: NAICOM / Universal Insurance Plc
