Universal Insurance Targets N3.2 Billion Capital Boost

Universal Insurance Plc is advancing its capital restructuring with a target to raise N3.2 billion through a rights issue, as confirmed during a ceremony in Lagos. The company plans to issue 2,666,666,667 ordinary shares at a price of N1.20 per share, with eligibility for participation based on the shareholder register closing on March 30, 2026.

Chairman Jasper Nduagwuik emphasized the company's resilience over its 60-year history and its steady growth over the past five years. The ongoing recapitalization exercise is critical for enhancing the company's competitive edge and market share in the Nigerian insurance sector.

This capital raise is a direct response to the Nigeria Insurance Industry Reform Act 2025, signed by President Bola Tinubu, which mandates a 500% increase in minimum capital requirements for insurance companies to maintain their licenses. Universal Insurance aims to bridge the gap to avoid potential licensing issues and align with the sector's growth objectives.