Universal Insurance Plc has taken the National Insurance Commission, NAICOM, to the Federal High Court over the cancellation of its operating licence and the appointment of a Receiver/Manager by the regulator.
In a statement signed by the company’s Secretary, Mr. Chinedu Onyilimba, Universal Insurance said the court had directed the respondents to refrain from taking further steps pending the determination of the company’s application.
The insurer informed its shareholders and the investing public that the Federal High Court of Nigeria, Lagos Judicial Division, Ikoyi, is handling the case under Suit No. FHC/LAG/CS/1179/2026.
The suit involves Universal Insurance, NAICOM and other respondents and challenges the cancellation of the company’s operating licence as well as the appointment of a Receiver/Manager.
According to the company, the court has granted it permission to commence legal proceedings against the respondents over the matter.
Universal Insurance added that the court directed the respondents to explain why an interim order should not be issued to suspend further action concerning the cancellation of its licence or actions by the third respondent.
The court also ordered the respondents not to take any action that could create a situation that would be difficult to reverse or undermine the ongoing legal proceedings before the application is determined.
