ASHON Challenges NAICOM's Revocation of Universal Insurance

The Association of Securities Dealing Houses of Nigeria (ASHON) has requested an urgent review of the National Insurance Commission’s (NAICOM) revocation of Universal Insurance Plc’s operating licence, which took effect on August 14, 2026. ASHON, led by Chairman Sehinde Adenagbe, expressed concerns that the revocation could destabilize investor confidence in the Nigerian capital market.

The association highlighted a N7.128 billion recapitalisation deal with FPNG Co-Nvest Limited, disclosed on the same day as the licence cancellation, which would have made FPNG the majority shareholder. ASHON criticized the timing of NAICOM's action, describing it as a "military-style swoop" that denied the company an orderly regulatory process.

NAICOM appointed Ogbonna Chukwumerije as Receiver/Provisional Liquidator following the revocation, which was based on Universal Insurance's failure to meet new capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The matter is set for a court hearing on September 3, 2026.