Universal Insurance Secures Shareholder Approval for N15 Billion Capital Raise

Universal Insurance Plc has received shareholder approval to raise N15 billion in fresh capital following a resolution passed at its Extraordinary General Meeting (EGM) held in Lagos on February 10, 2026. The company's Company Secretary, Chinedu Onyilimba, filed the disclosure statement.

The capital raise aims to meet new regulatory minimum capital requirements and enhance the company's financial position. Shareholders have authorized the Board of Directors to raise additional capital through various channels, including public offers, private placements, and rights issues.

The move is part of Universal Insurance's strategy to achieve regulatory compliance and long-term growth. The company's plan to raise N15 billion aligns with the Insurance Commission's revised minimum capital requirements for non-life insurers, with an issuance of 14 billion shares expected to help meet regulatory thresholds and attract investor interest.

The Nigerian government's Insurance Industry Reform Act, signed by President Bola Ahmed Tinubu, aims to strengthen the sector's financial resilience through new capital requirements.