NAICOM Cancels Universal Insurance Licence, Appoints Receiver

The National Insurance Commission (NAICOM) has cancelled the registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to begin the winding-up of the company.

NAICOM said the cancellation took effect on August 14, 2026, after Universal Insurance failed to meet the prescribed Minimum Capital Requirement for its category of licence within the stipulated compliance period.

The Commission conveyed the decision in a notice dated August 13 and addressed to the Chairman of Universal Insurance’s Board of Directors. NAICOM said it acted under the powers granted to it by the Nigerian Insurance Industry Reform Act 2025.

Following the cancellation, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator. Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, signed the appointment letter, according to an official statement from the commission released to Naija News earlier today, August 18.

Under the appointment, Chukwumerije must immediately trace, recover, secure and take possession of the insurer’s assets. He must also collate, verify and settle its liabilities in accordance with NIIRA 2025.

The receiver must liaise with NAICOM on information available to the Commission and submit periodic reports on the progress of the liquidation process.

In a public notice dated August 18, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, agents, customers and members of the public that Universal Insurance had entered receivership.

He said NIIRA 2025 and the terms of his appointment empowered him to take over the management and control of the company.

Chukwumerije also directed anyone dealing with Universal Insurance’s assets, funds, records, policies, claims, liabilities or other affairs to verify the authority of anyone claiming to act for the company.

Banks and financial institutions were warned against honouring or processing instructions, payment directions, withdrawals, transfers or other communications purportedly issued on behalf of Universal Insurance unless Chukwumerije or someone authorised by him in writing had issued them.

The receiver said only instructions bearing his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those issued by persons he had authorised in writing, would be recognised.

He further directed anyone holding the company’s assets, funds, documents, books, records, policies, claims or other property to cooperate fully with the liquidation process.

The notice took immediate effect and will remain in force throughout the liquidation, subject to further directives from NAICOM or the receiver.

Chukwumerije said the process would focus on protecting Universal Insurance’s assets and ensuring that valid claims were properly identified, assessed and handled under 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 its assets.