The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc, effective August 14, 2026, citing the company's failure to raise its capital to the level required under its licence category within the compliance period. The commission appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator to manage the winding-up of the company.
Regulatory Action Under NIIRA 2025
NAICOM announced the revocation in a notice addressed to the chairman of Universal Insurance's board, dated August 13, 2026, and signed by Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive of NAICOM, as reported by Punch. The commission acted under powers granted by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the notice, Universal Insurance failed to meet the minimum capital requirement for its licence category within the allowed timeframe. The revocation takes immediate effect, and the company is no longer authorised to conduct insurance business in Nigeria.
Liquidator Takes Charge of Assets and Liabilities
NAICOM appointed Ogbonna Chukwumerije as receiver/provisional liquidator under a letter dated August 14, 2026. His mandate includes the immediate location, recovery, and securing of all Universal Insurance assets, as well as the compilation and settlement of the company's liabilities in line with NIIRA 2025. He is also required to liaise with NAICOM and submit regular progress reports throughout the liquidation process.
On August 18, 2026, Chukwumerije published a formal public notice addressed to banks, financial institutions, policyholders, creditors, debtors, agents, and the wider public, announcing the commencement of the receivership. He stated that he had assumed full control and management of Universal Insurance Plc under the authority of NIIRA 2025 and the terms of his appointment.
Warning to Banks and Policyholders
The receiver directed all banks and financial institutions to stop processing, honouring, or acting on any payment instructions, withdrawal requests, or transfer directions purportedly issued on behalf of Universal Insurance. He emphasised that only communications bearing his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those from persons he has explicitly authorised in writing, would be recognised during the liquidation.
Chukwumerije also warned against following instructions from the company's former directors, officers, employees, or agents unless he had granted them written authority to act. Anyone holding assets, funds, records, or documents connected to Universal Insurance was directed to cooperate fully with the receivership process.
The public notice stated it took immediate effect and would remain in force for the duration of the liquidation, subject to any further directives from NAICOM or the receiver. The documents released did not disclose the total value of the company's outstanding liabilities, the number of policyholders affected, or the estimated worth of assets to be recovered.
Impact on Policyholders and Next Steps
The next steps will involve a full assessment of the company's assets and obligations to policyholders, creditors, and other stakeholders. Policyholders and creditors are advised to await further communication from the receiver regarding claims and settlement procedures.
This revocation follows a similar action by NAICOM against Nigeria Reinsurance Corporation, whose operating licence was withdrawn after it failed to meet the required capital threshold for its category. Senior Advocate of Nigeria Muiz Banire was appointed receiver and provisional liquidator for Nigeria Reinsurance Corporation, effective August 3, 2026, and the company's bank accounts have been frozen as the liquidation process begins.
