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 oversee the winding-up of the insurance company.

According to Ireporter Online, the cancellation took effect on August 14, 2026, following the company’s failure to meet the prescribed Minimum Capital Requirement for its category of insurance licence within the period allowed for compliance.

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 pursuant to its powers under the Nigerian Insurance Industry Reform Act 2025.

Following the cancellation, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator. The appointment was signed by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin.

Chukwumerije has been mandated to immediately identify, recover, secure and take possession of the company’s assets, while also compiling, verifying and settling its liabilities in accordance with the provisions of the 2025 insurance law.

He is also expected to work closely with NAICOM and provide periodic reports on the progress of the liquidation process.

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

He explained that his appointment under the Nigerian Insurance Industry Reform Act empowered him to assume control of the company’s management and affairs.

The receiver further warned individuals and institutions dealing with Universal Insurance’s funds, assets, records, policies, claims and other affairs to verify the authority of anyone claiming to represent the company.

Banks and other financial institutions were specifically directed not to honour payment instructions, withdrawals, transfers or other directives issued in the name of Universal Insurance unless such instructions were authorised by Chukwumerije or a person formally empowered by him.

He said only instructions carrying his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those issued by individuals authorised in writing, would be recognised.

Chukwumerije also directed anyone in possession of the company’s assets, funds, documents, books, records, policies, claims or other property to cooperate fully with the receivership process.

The directive took immediate effect and will remain operational throughout the liquidation process, subject to further instructions from NAICOM or the receiver.

According to the receiver, the process will focus on safeguarding the company’s assets while ensuring that legitimate claims are properly identified, assessed and handled in line with applicable laws and regulations.

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