BREAKING: NAICOM Cancels Universal Insurance Licence, Appoints Receiver

The National Insurance Commission (NAICOM) has cancelled the registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company.

According to NAICOM, the cancellation became effective on August 14, 2026, after the insurer failed to meet the required Minimum Capital Requirement for its licence category within the stipulated compliance period.

The commission communicated the decision in a notice dated August 13 and addressed to the Chairman of Universal Insurance’s Board of Directors.

NAICOM said the action was taken under the powers vested in it by the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).

Following the cancellation of the insurer’s registration, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator.

The appointment letter was signed by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, according to an official statement released by the commission.

Receiver Takes Control of Universal Insurance Assets

Under the terms of his appointment, Chukwumerije is required to immediately trace, recover, secure and take possession of the company’s assets.

He is also expected to identify, verify and settle the insurer’s liabilities in accordance with the provisions of NIIRA 2025.

The receiver will liaise with NAICOM on information available to the commission and submit periodic reports detailing the progress of the liquidation exercise.

In a public notice dated August 18, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, agents, customers and members of the public that Universal Insurance had formally entered receivership.

He said the provisions of NIIRA 2025 and the terms of his appointment empowered him to assume control and management of the company.

Banks Warned Against Unauthorised Transactions

Chukwumerije also cautioned individuals and institutions dealing with Universal Insurance’s assets, funds, records, policies, claims, liabilities and other affairs to verify the authority of anyone claiming to represent the company.

Banks and other financial institutions were specifically warned not to honour or process payment instructions, withdrawals, transfers or other directives purportedly issued on behalf of Universal Insurance unless they were issued by Chukwumerije or an individual authorised by him in writing.

According to the receiver, only instructions carrying his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those issued by persons formally authorised by him, would be recognised.

He further directed anyone in possession of Universal Insurance’s assets, funds, books, documents, records, policies, claims or other property to cooperate with the liquidation process.

Liquidation Process Takes Immediate Effect

The directive took effect immediately and will remain in force throughout the liquidation process, subject to any further instructions from NAICOM or the receiver.

Chukwumerije said the exercise would focus on safeguarding the insurer’s assets while ensuring that legitimate claims are properly identified, assessed and handled in accordance with applicable laws and regulations.

However, the documents released by NAICOM did not disclose the total value of Universal Insurance’s outstanding liabilities, the number of affected policyholders or the overall value of the company’s assets.