Universal Insurance Pays N1.5bn to CBN for Recapitalization

Universal Insurance Plc has announced the successful payment of a statutory deposit amounting to N1.5 billion to the Central Bank of Nigeria (CBN) as part of its compliance with the recapitalization requirements mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This payment is crucial as the deadline for insurance firms to meet minimum capital requirements approaches.

The company, under the leadership of its Managing Director and CEO, Dr. Japhet Duru, confirmed that it has concluded plans to raise a total of N15 billion for recapitalization purposes.

This includes an additional N1.165 billion to meet the minimum capital requirement, alongside N335 million already paid during an extraordinary general meeting (EGM) held in Lagos. Universal Insurance is optimistic about its position in the industry and anticipates being included in the list released by NAICOM on July 31, 2026.