NAICOM Revokes Universal Insurance Licence Over Capital Shortfall, Appoints Liquidator

The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc after the company allegedly failed to meet the minimum capital requirement for its category.

The cancellation took effect on August 14, 2026, with NAICOM appointing Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver and provisional liquidator to begin the process of winding up the insurer’s affairs.

NAICOM announced the decision in a notice dated August 13 and addressed to the Chairman of Universal Insurance’s Board of Directors. The commission said the action was taken under powers granted by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Chukwumerije’s appointment requires him to immediately identify, recover, secure and take possession of Universal Insurance’s assets. He is also expected to establish the company’s liabilities and oversee their settlement in line with the provisions of NIIRA 2025.

The receiver will further work with NAICOM on information available to the regulator and provide periodic updates on the progress of the liquidation process.

In a separate public notice issued on August 18, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, customers and other stakeholders that Universal Insurance was now under receivership.

He said his mandate gives him control over the company’s management and affairs, including taking steps necessary to preserve, protect and realise its assets. He also urged anyone dealing with the company to verify the authority of individuals claiming to represent Universal Insurance.

Banks and other financial institutions were specifically advised not to process withdrawals, transfers, payments or other instructions issued on behalf of the insurer unless they had been authorised by the receiver.

The regulatory action places Universal Insurance’s assets, liabilities, policies and claims under a formal liquidation process as NAICOM moves to address the company’s failure to satisfy the capital requirements set for its licence category.