Universal Insurance Secures Court Order Extension Against NAICOM

Universal Insurance Plc has successfully obtained an extension of a restraining order against the National Insurance Commission (NAICOM) and the appointed receiver, as it continues its legal challenge against regulatory actions. This development was disclosed in a notice to the Nigerian Exchange Limited dated September 4, 2026.

The case was scheduled for hearing on September 3, 2026, at the Federal High Court in Lagos; however, it could not proceed due to late filing of court processes by the respondents. The court has now adjourned the matter until September 16, 2026, when the substantive suit is expected to be heard.

Universal Insurance remains committed to protecting the interests of its shareholders, policyholders, employees, and other stakeholders. NAICOM had previously canceled Universal Insurance's operating license on August 14, 2026, citing the company's failure to meet recapitalization requirements.

The company had entered into a binding investment agreement with FPNG Co-Nvest Limited for an equity injection of approximately N7.128 billion through a private placement. The Association of Securities Dealing Houses of Nigeria has called for a review of the license revocation, expressing concerns about the impact of regulatory actions on investor confidence.