WorldStage– The Federal High Court in Lagos has granted Universal Insurance Plc leave to commence legal proceedings against the National Insurance Commission (NAICOM) following the regulatory body’s attempt to cancel the company’s operating licence and appoint a Receiver/Manager.
According to an official corporate announcement released to the Nigerian Exchange Group (NGX), the order was issued by the Ikoyi Judicial Division in Suit No. FHC/LAG/CS/1179/2026.
Court Directive: The Honourable Court directed NAICOM and other respondents to show cause why an interim order staying further action on the licence cancellation and receiver appointment should not be granted.
Status Quo Maintained: The court instructed the respondents to refrain from taking any actions that would create a fait accompli or render the legal proceedings nugatory while the case is under review.
Next Hearing Date: The matter has been adjourned to September 3, 2026, for the respondents to show cause.
In a statement signed by Company Secretary Chinedu Onyilimba, Esq., Universal Insurance reassured shareholders, investors, and the general public that it will provide ongoing updates on material developments in accordance with NGX Issuers’ Rules.
REVOCATION
NAICOM earlier revoked Universal Insurance Plc’s operating licence because the company failed to meet the new minimum capital requirement (MCR) for non-life insurance companies by the regulatory deadline.
Key Context & Regulatory Action
Capital Shortfall: Under the enforcement of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, non-life insurers were required to raise their minimum capital threshold to ₦15 billion. Universal Insurance failed to achieve compliance within the stipulated window that closed on July 31, 2026.
Revocation Date: The cancellation officially took effect on August 14, 2026 (following a formal notice issued on August 13).
Appointment of Liquidator: NAICOM appointed Ogbonna Chukwumerije (a partner at Pinheiro LP) as Receiver/Provisional Liquidator to secure the company’s assets, manage its liabilities, and protect policyholders’ interests during the liquidation process.
Universal Insurance attempted a last-minute capital injection of ₦7.128 billion through an agreement with FPNG Co-Nvest Limited, but the deal was finalized on August 14—the exact day the licence was revoked—rendering the capital unusable for compliance purposes.
