NAICOM Withdraws Universal Insurance Operating Licence

By Aduragbemi Omiyale

The operating licence of Universal Insurance Plc has been withdrawn by the National Insurance Commission (NAICOM).

This action was taken by the regulator over the failure of the underwriting firm, which is listed on the Nigerian Exchange (NGX) Limited, to meet the new recapitalisation requirements on or before July 31, 2026.

NAICOM said it revoked the company’s licence based on its powers stipulated in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The regulator has appointed a Receiver/Provisional Liquidator for the insurance company, and he is Mr Ogbonna Chukwumerije, a partner at Pinheiro LP.

He will immediately trace, recover, secure and take possession of Universal Insurance’s assets, collate its liabilities and facilitate their settlement in accordance with the provisions of NIIRA 2025.

He is also required to liaise with NAICOM and submit periodic reports on the progress of the receivership and liquidation process.

Already, Mr Chukwumerije has informed banks, financial institutions, policyholders, creditors, debtors, customers and members of the public that Universal Insurance had entered receivership, advising parties dealing with the company’s funds, assets, records, policies, claims and liabilities to verify the authority of anyone claiming to act on its behalf.

Banks and other financial institutions were specifically warned against honouring withdrawals, transfers, payment mandates or other instructions issued on behalf of Universal Insurance unless authorised by the receiver.

However, Universal Insurance has taken steps to appeal NAICOM’s decision. The organisation was among six insurers that failed to meet the recapitalisation deadline.