Universal Insurance Extends N3.2bn Rights Issue Trading Period

Universal Insurance Plc has announced an extension of the trading period for its N3.2 billion rights issue on the Nigerian Exchange (NGX) Limited, giving shareholders and investors more time to trade their rights and subscribe to the offer.

The insurer disclosed the extension in a notice filed with NGX, stating that “trading in Universal Insurance Plc’s rights issue of 2.667 billion ordinary shares of 50 kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as at the close of business on March 30, 2026, opened on May 13, 2026.

“Trading Licence Holders are notified that Universal Insurance has obtained the approval of the Securities and Exchange Commission (SEC) to extend the period of the rights issue. Consequently, trading in the Company’s Rights will now close on June 22, 2026.

Recently, the chairman of Universal Insurance, Jasper Nduagwuike, said, “we have a very solid foundation. For a company that has spent over 60 years in the industry, survived economic cycles and industry challenges, and is still standing strong, it speaks volumes about our resilience.”

The chairman highlighted that the company has maintained steady growth over the past five years and remains one of the few insurance firms established in the early 1960s that is still operational today.

He emphasised that the ongoing recapitalisation exercise is a strategic necessity that will further strengthen the company’s operations, improve its competitive edge, and significantly enhance its share of the Nigerian insurance market.

“The ongoing recapitalisation exercise would further strengthen the company’s operations, improve its competitiveness, and enhance its market share. I urge stakeholders and shareholders to support the offer and ensure it is oversubscribed,” Nduagwuike added.

The successful completion of the rights issue is expected to have a transformative impact on the firm’s financial standing. By reinforcing its capital base and improving underwriting capacity, Universal Insurance aims to support new strategic growth initiatives that will drive operational efficiency and deepen its presence across the industry.