The National Insurance Commission, NAICOM, has revoked the operating licence of Universal Insurance Plc and appointed a receiver/provisional liquidator to begin the process of winding up the company’s affairs.
The licence cancellation took effect on August 14, 2026, following the company’s alleged failure to meet the prescribed Minimum Capital Requirement, MCR, for its category of licence within the required compliance period.
In a notice dated August 13, 2026, and addressed to the Chairman of Universal Insurance’s Board of Directors, NAICOM said the decision was made under the powers granted to the commission by the Nigerian Insurance Industry Reform Act, NIIRA, 2025.
NAICOM subsequently appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator.
According to the appointment letter dated August 14, Chukwumerije is expected to immediately trace, recover, secure and take possession of the company’s assets.
He is also responsible for identifying and settling the company’s liabilities in line with NIIRA 2025, liaising with NAICOM on information available to the commission and submitting periodic reports on the progress of the liquidation process.
In a separate public notice issued on August 18, 2026, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, customers and members of the public about the company’s receivership.
He said his appointment followed NAICOM’s revocation of Universal Insurance’s licence over its failure to satisfy the applicable minimum capital requirement.
Chukwumerije said that under NIIRA 2025 and the terms of his appointment, he had the authority to assume control and management of the company and take steps necessary to preserve, protect and realise its assets.
He also advised individuals and institutions dealing with Universal Insurance’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone claiming to act on behalf of the company.
Banks and other financial institutions were further directed not to honour or process any instruction, mandate, withdrawal, transfer or payment request issued in the name of Universal Insurance unless it had been authorised by the receiver.
