Universal Insurance Sues NAICOM Over Licence Revocation

Universal Insurance Plc has initiated legal proceedings against the National Insurance Commission (NAICOM) to challenge the cancellation of its operating licence and the appointment of a receiver/provisional liquidator. This legal action was disclosed in a notice filed with the Nigerian Exchange on Tuesday, signed by the company secretary, Chinedu Onyilimba.

The Federal High Court in Lagos has granted Universal Insurance permission to commence proceedings against NAICOM and other respondents regarding what the company termed the “purported cancellation” of its licence. The court has also directed the respondents to show cause by September 3, 2026, why an interim order should not be issued to halt actions related to the licence cancellation and receivership.

The dispute arose after NAICOM revoked Universal Insurance's licence for failing to meet the compliance deadline for new minimum capital requirements by July 31, 2026. Following the cancellation, effective August 14, 2026, Ogbonna Chukwumerije from Pinheiro LP was appointed as Receiver/Provisional Liquidator.

The outcome of this case could impact a proposed N7.13 billion equity investment by FPNG Co-Nvest Limited.