NAICOM Revokes Another Insurance Company Licence, Appoints Liquidator
- NAICOM revoked Universal Insurance Plc's operating licence after the company failed to meet the minimum capital requirement
- The commission appointed Ogbonna Chukwumerije of Pinheiro LP as receiver/provisional liquidator
- Chukwumerije issued a public notice warning banks, policyholders and creditors not to act on any instructions
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Insurance Commission (NAICOM) has cancelled the operating licence of Universal Insurance Plc and named a receiver/provisional liquidator to manage the winding-up of the company, effective August 14, 2026.
NAICOM said the revocation followed Universal Insurance's failure to raise its capital to the level required under its licence category within the period allowed for compliance.
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The commission acted under powers granted to it by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
A notice conveying the decision was addressed to the chairman of the company's board and dated August 13, 2026. It was signed by Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive of NAICOM, Punch reports.
Liquidator Takes Charge
NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator under a letter dated August 14. His mandate covers the immediate location, recovery and securing of all Universal Insurance assets, as well as the compilation and settlement of the company's liabilities in line with NIIRA 2025.
He is also required to liaise with NAICOM and submit regular progress reports throughout the liquidation.
On August 18, 2026, Chukwumerije published a formal public notice addressed to banks, financial institutions, policyholders, creditors, debtors, agents and the wider public, announcing the commencement of the receivership.
He said he had assumed full control and management of Universal Insurance Plc under the authority of NIIRA 2025 and the terms of his appointment.
Warning to Banks and Policyholders
The receiver directed all banks and financial institutions to stop processing, honouring or acting on any payment instructions, withdrawal requests or transfer directions purportedly issued on behalf of Universal Insurance.
He said only communications bearing his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those from persons he has explicitly authorised in writing, would be recognised during the liquidation.
Chukwumerije also warned against following instructions from the company's former directors, officers, employees or agents unless he had granted them written authority to act.
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Anyone holding assets, funds, records or documents connected to Universal Insurance was directed to cooperate fully with the receivership process.
The public notice stated it took immediate effect and would remain in force for the duration of the liquidation, subject to any further directives from NAICOM or the receiver.
The documents released did not disclose the total value of the company's outstanding liabilities, the number of policyholders affected, or the estimated worth of assets to be recovered.
The next steps will involve a full assessment of the company's assets and obligations to policyholders, creditors and other stakeholders.
Nigeria Reinsurance Corporation
Earlier, Legit.ng reported that the insurance regulator has also withdrawn Nigeria Reinsurance Corporation's operating licence after it failed to meet the required capital threshold for its category.
Senior Advocate of Nigeria Muiz Banire has been appointed receiver and provisional liquidator, effective August 3, 2026.
The company’s bank accounts have been frozen as the liquidation process begins.
Source: Legit.ng
