NAICOM revokes Universal Insurance’s licence, appoints receiver
By Innocent Anaba
The National Insurance Commission (NAICOM) has revoked the license of Universal Insurance Plc, appointing a receiver and provisional liquidator to oversee the winding up of the company’s affairs.
This action, which became effective on August 14, 2026, was prompted by the company’s alleged failure to meet the Minimum Capital Requirement (MCR) necessary for its specific category of license within the designated compliance period.
In a notice dated August 13, NAICOM informed the Chairman of Universal Insurance’s Board of Directors that the decision was made in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
NAICOM has appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, to serve as the Receiver and Provisional Liquidator. According to the appointment letter, Chukwumerije is tasked with promptly tracing, recovering, securing, and taking possession of the company’s assets. He is also responsible for collating and settling the company’s liabilities as mandated by NIIRA 2025 and is required to coordinate with NAICOM regarding relevant information while submitting periodic reports on the liquidation process.
In a public notice dated August 18, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, customers, and the public about the company’s receivership. He emphasized that his appointment was a direct result of NAICOM’s decision to cancel Universal Insurance’s license due to non-compliance with the minimum capital requirements.
Chukwumerije stated that under NIIRA 2025 and the terms of his appointment, he is authorized to assume management and control of the company’s operations and takes necessary measures to safeguard its assets. He has instructed all individuals and institutions involved with the company’s funds, assets, records, policies, claims, liabilities, or other affairs to verify the credentials of anyone claiming to act on behalf of Universal Insurance.
Furthermore, banks and financial institutions have been advised not to process any instructions, mandates, withdrawals, transfers, or payment directions purportedly issued on behalf of the company unless they are authorized by the receiver.
