NAICOM Cancels Universal Insurance PLC’s Registration , Appoints Receiver/Provisional Liquidator

The National Insurance Commission (NAICOM) has cancelled the certificate of registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the affairs of the insurance company.

The cancellation, which took effect on August 14, 2026, followed the company’s failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period.

In a notice dated August 13, 2026, and addressed to the Chairman of the Board of Directors of Universal Insurance Plc, NAICOM said the cancellation was effected pursuant to the powers conferred on the Commission by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The Commission consequently appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator of the company.

According to the appointment letter dated August 14, 2026, Chukwumerije is required to immediately trace, recover, secure and take over the assets of Universal Insurance Plc.

He is also mandated to collate and settle the liabilities of the company in accordance with the provisions of NIIRA 2025, liaise with NAICOM on information available to the Commission and submit periodic reports on the progress of the process.

NAICOM said the appointment was subject to the receiver signing a Deed of Appointment and complying with the terms of engagement and extant rules governing receivership and liquidation.

In a separate public notice signed by Chukwumerije and dated August 18, 2026, the receiver formally notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of the company’s receivership.

The notice said the receiver had been appointed following the cancellation of Universal Insurance’s licence by NAICOM on account of its failure to meet the applicable minimum capital requirement.

Chukwumerije said that, pursuant to NIIRA 2025 and the terms of his appointment, he was empowered to take over the management and control of Universal Insurance Plc.

He was also authorised to trace, recover, secure and take possession of all assets belonging to the company, as well as take necessary steps for their preservation, protection and realisation.

The receiver is further required to collate, verify and settle the company’s liabilities in accordance with NIIRA 2025 and other applicable laws and NAICOM directives.

He is also to liaise with NAICOM on matters relating to the liquidation and winding-up of the company’s affairs and submit periodic reports to the Commission on the progress and administration of the liquidation process.

The development has also triggered restrictions on dealings with the company’s accounts and affairs.

In the public notice, banks, financial institutions, policyholders, creditors, debtors, agents, customers and members of the public were directed to exercise caution and not honour, process, recognise or act upon any instruction, mandate, request, payment direction, withdrawal instruction, transfer instruction or other communication purportedly issued on behalf of Universal Insurance Plc.

Such instructions, the receiver said, would only be recognised where they were issued by him or by a person expressly authorised in writing by him.

The receiver further directed all persons and institutions dealing with the company’s assets, funds, records, policies, claims, liabilities or affairs to verify the authority of anyone purporting to act for or on behalf of Universal Insurance during the liquidation process.

He said only instructions bearing his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or instructions issued by persons duly authorised by him in writing, would be recognised in connection with the affairs and liquidation of the company.

The public notice also warned individuals and institutions against acting on instructions purportedly emanating from Universal Insurance Plc, its former officers, directors, employees, agents or representatives unless such instructions had been duly authorised by the receiver.

It further required anyone in possession, custody or control of any asset, fund, document, book, record, policy, claim or other property belonging to or relating to the company to cooperate fully with the receiver and comply with all lawful requests and directives issued in furtherance of the liquidation.

According to the receiver, the notice would take immediate effect and remain in force throughout the liquidation process, subject to any further directive or notice issued by NAICOM or the Receiver/Provisional Liquidator.

He said the receivership process was being conducted with the objective of safeguarding the company’s assets and ensuring that valid claims were properly identified, assessed and dealt with in accordance with applicable laws and regulations.

The documents did not disclose the total value of Universal Insurance’s outstanding liabilities, the number of policyholders affected or the value of assets to be recovered.

The development is expected to trigger a process of identifying the company’s assets and liabilities and determining the status of outstanding obligations to policyholders, creditors and other stakeholders.

Universal Insurance Plc’s licence cancellation comes against the backdrop of NAICOM’s enforcement of the minimum capital requirements applicable to insurance companies under the current regulatory framework.

The receiver’s appointment formally transfers the responsibility for managing the company’s affairs and dealing with its assets and liabilities to the appointed receiver, subject to the provisions of NIIRA 2025 and the oversight of NAICOM.

The Commission’s appointment letter was signed by Olusegun Ayo Omosehin, Commissioner for Insurance/Chief Executive Officer of NAICOM.

The receiver’s public notice was dated August 18, 2026.