National Insurance Commission (NAICOM) has revoked the certificate of registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to oversee the winding-up of the company’s affairs.
The revocation took effect on 14th August, 2026, following the insurer’s failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its licence category within the stipulated compliance period.
In a notice dated 13th August and addressed to the chairman of the Board of Directors of Universal Insurance Plc, NAICOM stated that it took the action pursuant to the powers conferred on the commission under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The commission subsequently appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator of the insurance company.
Under the terms of his appointment, dated 14th August, Chukwumerije is required to immediately locate, recover, secure, and take possession of the assets of Universal Insurance Plc.
He is also mandated to compile, verify, and settle the company’s liabilities in accordance with NIIRA 2025, liaise with NAICOM regarding information available to the Commission, and submit periodic reports on the progress of the liquidation process.
NAICOM stated that the appointment was subject to the receiver executing a Deed of Appointment and complying with the terms of his engagement, as well as the relevant laws and regulations governing receivership and liquidation.
In a separate public notice dated 18 August 2026, Chukwumerije formally notified banks, financial institutions, policyholders, creditors, debtors, customers, agents, and the public of his appointment and the commencement of the receivership process.
He said the appointment followed NAICOM’s cancellation of Universal Insurance’s registration because it failed to meet the applicable minimum capital requirement.
According to the notice, the receiver is empowered under NIIRA 2025 and the terms of his appointment to assume control and management of Universal Insurance Plc.
He is also authorised to locate, recover, secure, and take possession of all company assets and to undertake the necessary measures for their preservation, protection, and realisation.
Chukwumerije further elaborated that he would compile, verify, and settle the company’s liabilities in accordance with NIIRA 2025, other relevant laws, and directives issued by NAICOM.
The receiver also warned stakeholders against dealing with the company or acting on instructions purportedly issued on its behalf without his authorisation.
Banks, financial institutions, policyholders, creditors, debtors, agents, customers, and the public were specifically instructed not to honour, process, recognise, or act upon any instruction, mandate, payment direction, withdrawal request, transfer instruction, or other communication purportedly issued on behalf of Universal Insurance Plc.
Such instructions would only be recognised if issued by him or by a person explicitly authorised in writing by him.
He directed all persons and institutions holding or 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 during the liquidation.
The receiver stated that only instructions bearing his official seal and stamp as a Legal Practitioner and Receiver/Provisional Liquidator, or those issued by persons duly authorised by him in writing, would be recognised concerning the company’s matters.
He also cautioned individuals and institutions against acting on instructions purportedly emanating from the company, its former officers, directors, employees, agents, or representatives unless he had duly authorised them.
Chukwumerije further directed anyone in possession, custody, or control of any asset, fund, document, book, record, policy, claim, or other property belonging to or relating to Universal Insurance Plc to cooperate fully with the receivership and comply with lawful requests and directives issued during the liquidation.
He stated that the notice took immediate effect and would remain in force throughout the liquidation process, subject to any further directives or notices issued by NAICOM or the receiver.
