Economy
Trading in Universal Insurance Shares on NGX Suspended
By Aduragbemi Omiyale
Trading in the securities of Universal Insurance Plc on the Nigerian Exchange (NGX) Limited has been suspended.
The embargo was placed by the NGX Regulation Limited (NGX RegCo), the regulatory arm of NGX Group Plc.
This action followed the revocation of the operating licence of the underwriting company by its sector regulator, the National Insurance Commission (NAICOM), last week.
The organisation’s licence was withdrawn by NAICOM over its failure to boost its capital base as required. The deadline for the insurance industry recapitalisation was July 31, 2026.
In view of this, Universal Insurance is now under a receiver appointed by NAICOM, Mr Ogbonna Chukwumerije, a partner at Pinheiro LP.
The action of the company’s regulator forced NGX RegCo to suspend trading in the shares of Universal Insurance last Thursday.
“Trading License Holders and the investing public are hereby notified that pursuant to the provisions of Rule 7.0, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules) which states that: Notwithstanding any of the foregoing provisions, the exchange, may in accordance with any of its Rules, place the trading of any security on suspension. It may also do so if it is of the view that such suspension will be in the interest of the investing public and in accordance with the SEC Rules; the shares of Universal Insurance Plc have been suspended from trading on the facilities of Nigerian Exchange Limited (NGX), effective Thursday, August 20, 2026, following the revocation of the company’s operational license by the National Insurance Commission (NAICOM) for failing to meet the capital requirement for its category of license and the appointment of a liquidator to take over the assets of the company,” the notice announcing the embargo read.
Recall that Universal Insurance made efforts to meet the new requirements of its regulator, as it floated a rights issue, which received an extension to June 22, 2026.
