NAICOM Cancels Universal Insurance Registration, Appoints Receiver, Provisional Liquidator

The National Insurance Commission (NAICOM) has cancelled the certificate of registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the affairs of the company.

The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period.

In a notice dated August 13, 2026, and addressed to the chairman of the Board of Directors of Universal Insurance, NAICOM said the cancellation was effected pursuant to the powers conferred on the Commission by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The Commission consequently appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator of the company.

According to the appointment letter dated August 14, 2026, Chukwumerije is required to immediately trace, recover, secure and take over the assets of Universal Insurance Plc.

He is also mandated to collate and settle the liabilities of the company in accordance with the provisions of NIIRA 2025, liaise with NAICOM on information available to the Commission and submit periodic reports on the progress of the process.

NAICOM said the appointment was subject to the receiver signing a Deed of Appointment and complying with the terms of engagement and extant rules governing receivership and liquidation.

In a separate public notice dated August 18, 2026, Chukwumerije formally notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of the company’s receivership.

The notice stated that the receiver had been appointed following the cancellation of Universal Insurance’s licence by NAICOM on account of its failure to meet the applicable minimum capital requirement.

Pursuant to NIIRA 2025, the receiver said he was empowered to take over the management and control of Universal Insurance Plc, and to trace, recover, secure and take possession of all assets belonging to the company for preservation, protection and realisation.

He was further directed to collate, verify and settle the company’s liabilities in accordance with NIIRA 2025 and other applicable laws, and to liaise with NAICOM on matters relating to the liquidation.

The development comes against the backdrop of NAICOM’s ongoing enforcement of minimum capital requirements for insurance companies under the current regulatory framework.

It will be recalled that Universal Insurance had a N3.2 billion rights issue in June 2026.

The purpose was to strengthen Universal Insurance’s capital position ahead of NAICOM’s recapitalisation. Despite the rights issue, Universal Insurance is now facing the NAICOM licence-revocation.