…as NAICOM appoints liquidator, revokes license
Universal Insurance Plc has failed to meet the revised minimum capital requirement for non-life insurers.
This is as the National Insurance Commission (NAICOM) announced the revocation of the company’s operating licence and appointed a receiver and provisional liquidator to take over the company.
The regulatory intervention took effect on August 14, 2026, following an official notice issued to the board of Universal Insurance pursuant to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Under the Act, the Commission holds the statutory authority to cancel the licences of underwriting firms that fail to remedy capital deficiencies and regulatory breaches within prescribed timeframes.
NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as the Receiver and Provisional Liquidator.
Chukwumerije has been tasked with taking immediate possession of the insurer’s assets, securing its operational records, evaluating outstanding liabilities, and executing settlements in accordance with statutory provisions.
In a formal notice to financial institutions, policyholders, and creditors, the receiver directed banks not to honour payment mandates, withdrawals, or fund transfers issued on behalf of Universal Insurance without explicit authorisation from the receivership team.
Reacfting, the Spokesperson for Universal Insurance, Chinedu Onyilimba confirmed receipt of the revocation notice, disclosing that the insurer has formally appealed the decision before the NAICOM board.
Prior to the July 31, 2026 recapitalisation deadline, shareholders of Universal Insurance had approved a ₦15 billion capital-raising plan across multiple equity instruments alongside a ₦1.5 billion statutory deposit with the Central Bank of Nigeria.
However, the underwriter was among six insurers that failed to complete the required capitalisation process before the cutoff.
Across the wider insurance industry, 48 underwriting firms and two reinsurance companies successfully met the new capital thresholds, pooling approximately ₦720 billion in total capital under the regulatory reform framework.
Meanwhile, Universal Insurance shares declined by 9.41 percent on the Nigerian Exchange to close at ₦0.77 as the firm transitions into legal and receivership proceedings.