The National Insurance Commission (NAICOM) has cancelled the certificate of registration of Universal Insurance Plc and appointed a Receiver/Provisional Liquidator to take over the company’s affairs and commence the process of winding it up.
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The cancellation took effect on August 14, 2026, following the insurance company’s failure to meet the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period.
In a notice dated August 13, 2026, addressed to the Chairman of the Board of Directors of Universal Insurance Plc, NAICOM said it exercised its powers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to cancel the company’s registration.
Following the cancellation, the Commission appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator of Universal Insurance Plc.
According to the appointment letter dated August 14, 2026, Chukwumerije is required to immediately trace, recover, secure and take over the assets of the insurance company.
He is also mandated to collate, verify and settle the company’s liabilities in accordance with NIIRA 2025, liaise with NAICOM on information available to the Commission and submit periodic reports on the progress of the receivership and liquidation process.
NAICOM stated that the appointment was subject to the receiver executing a Deed of Appointment and complying with the terms of engagement as well as applicable rules governing receivership and liquidation.
In a separate public notice dated August 18, 2026, Chukwumerije formally notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of his appointment following the cancellation of Universal Insurance Plc’s licence.
He said the cancellation followed the company’s failure to satisfy the applicable minimum capital requirement and that, pursuant to NIIRA 2025 and the terms of his appointment, he had assumed authority over the management and control of the company.
The receiver said he was empowered to trace, recover, secure and take possession of all assets belonging to Universal Insurance Plc and take necessary steps to preserve, protect and realise those assets.
He is also required to collate, verify and settle the company’s liabilities in accordance with NIIRA 2025, other applicable laws and directives issued by NAICOM.
Chukwumerije further stated that he would liaise with NAICOM on all matters relating to the liquidation and winding-up of the company and submit periodic reports to the Commission on the administration and progress of the process.
The receivership has also resulted in restrictions on dealings with Universal Insurance Plc’s accounts, funds, assets and other affairs.
Banks, financial institutions, policyholders, creditors, debtors, agents, customers and members of the public were directed not to honour, process, recognise or act on any instruction, mandate, request, payment direction, withdrawal instruction, transfer instruction or other communication purportedly issued on behalf of Universal Insurance Plc unless it originated from the receiver or a person expressly authorised by him in writing.
The receiver further directed all persons and institutions dealing with the company’s assets, funds, records, policies, claims, liabilities or other affairs to verify the authority of anyone claiming to act for Universal Insurance Plc during the liquidation process.
According to the notice, only instructions bearing Chukwumerije’s official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or instructions issued by persons expressly authorised by him in writing, would be recognised in connection with the company’s affairs.
The public was also warned against acting on instructions purportedly issued by former officers, directors, employees, agents or representatives of Universal Insurance Plc unless such instructions had been duly authorised by the receiver.
Persons or institutions in possession, custody or control of any asset, fund, document, book, record, policy, claim or other property belonging to or relating to the company were directed to cooperate fully with the receiver and comply with lawful requests and directives issued in furtherance of the liquidation.
Chukwumerije said the notice took immediate effect and would remain in force throughout the liquidation process, subject to any subsequent directive or notice issued by NAICOM or the Receiver/Provisional Liquidator.
He stated that the exercise was aimed at safeguarding the company’s assets and ensuring that valid claims were properly identified, assessed and dealt with in accordance with applicable laws and regulations.
The documents did not disclose the total value of Universal Insurance Plc’s outstanding liabilities, the number of policyholders affected or the value of assets expected to be recovered.
The development will consequently trigger the process of identifying and securing the company’s assets, determining its liabilities and addressing outstanding obligations to policyholders, creditors and other stakeholders.
Universal Insurance Plc’s registration cancellation comes amid NAICOM’s enforcement of minimum capital requirements applicable to operators under the current insurance regulatory framework.
With the appointment of the Receiver/Provisional Liquidator, responsibility for managing the company’s affairs and dealing with its assets and liabilities has formally passed to the receiver, subject to NIIRA 2025 and the regulatory oversight of NAICOM.
NAICOM’s appointment letter was signed by the Commissioner for Insurance and Chief Executive Officer of the Commission, Olusegun Ayo Omosehin.
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