Universal Insurance licence revoked by NAICOM

The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc after the company failed to meet the minimum capital requirements mandated by the Nigerian Insurance Industry Reform Act 2025.

Following the cancellation, which took effect in mid-August 2026, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as the receiver and provisional liquidator. Chukwumerije is tasked with securing the insurer’s assets, verifying liabilities, and managing the winding-up process in accordance with regulatory standards.

The regulatory action creates significant uncertainty regarding a planned N7.128 billion recapitalisation deal. Universal Insurance had recently disclosed a private placement agreement with FPNG Co-Nvest Limited, which would have granted FPNG a 50.1 percent controlling stake. While the company intended this investment to strengthen its solvency and meet regulatory thresholds, the appointment of a liquidator now places the future of the transaction and the company's operations under receiver-led control.