Universal Insurance Plc Court Order Against NAICOM Explained
Universal Insurance Plc has announced that the Federal High Court of Nigeria, Lagos Division, granted the company leave to commence legal proceedings against NAICOM and other respondents over the purported cancellation of its operating licence and appointment of a Receiver/Manager. The court has directed respondents not to take steps that could render proceedings nugatory, with the matter adjourned to 3 September 2026.
Universal Insurance Plc (UNIVINSURE) disclosed on 25 August 2026 that the Federal High Court of Nigeria, Lagos Judicial Division, Ikoyi, has granted it leave to commence proceedings in Suit No. FHC/LAG/CS/1179/2026 against the National Insurance Commission (NAICOM) and other named respondents.
The suit relates to the purported cancellation of the company's operating licence and the appointment of a Receiver/Manager. The court directed the respondents to appear and show cause why an interim order staying any further action on the licence cancellation — including any action by the third respondent — should not be granted.
Additionally, the court ordered that the respondents must not take any steps that could create a fait accompli or otherwise render the court proceedings ineffective, pending the determination of the application.
The matter has been adjourned to 3 September 2026, the next hearing date, at which the respondents are expected to show cause. Universal Insurance stated it will continue to notify the Nigerian Exchange (NGX), its shareholders, and the investing public of material developments in line with NGX Issuers' Rules and applicable regulatory requirements. The announcement was signed by Chinedu Onyilimba, Esq., Company Secretary.
