UNIVINSURE: Federal High Court Order Against NAICOM
Universal Insurance Plc has announced that the Federal High Court in Lagos 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 also directed respondents not to take steps that could render the proceedings ineffective pending the next hearing on 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 the company leave to commence proceedings against the National Insurance Commission (NAICOM) and other respondents in Suit No. FHC/LAG/CS/1179/2026.
The suit relates to the purported cancellation of the company's operating licence and the appointment of a Receiver/Manager by NAICOM. The court has directed the respondents to 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 directed the respondents not to take any steps that may create a fait accompli or otherwise render the legal proceedings nugatory while the application remains pending before the court.
The matter has been adjourned to 3 September 2026 for the respondents to show cause. The company stated it will continue to notify the Nigerian Exchange (NGX), its shareholders, and the investing public of material developments as they arise, in line with NGX Issuers' Rules and applicable regulatory requirements. The announcement was signed by Chinedu Onyilimba, Esq., Company Secretary.
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