By Innocent Anaba

The National Insurance Commission (NAICOM) has revoked the license  of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company’s affairs.

The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period.

In a notice dated August 13, 2026, and addressed to the Chairman of Universal Insurance’s Board of Directors, NAICOM said the action was taken pursuant to powers conferred on it by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The commission subsequently appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator.

According to the  appointment letter dated August 14, Chukwumerije is required to immediately trace, recover, secure and take possession of the company’s assets.

He is also mandated to collate 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 liquidation.

In a separate public notice dated August 18, 2026, Chukwumerije notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of the company’s receivership.

He said his appointment followed NAICOM’s cancellation of Universal Insurance’s licence over its failure to meet the applicable minimum capital requirement.

Chukwumerije said that, under NIIRA 2025 and the terms of his appointment, he was empowered to take over the management and control of the company and take necessary steps to preserve, protect and realise its assets.

He also directed persons and institutions dealing with the company’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone purporting to act on behalf of Universal Insurance.

Banks and other financial institutions were advised not to honour or process any instruction, mandate, withdrawal, transfer or payment direction purportedly issued on behalf of the company unless it was authorised by the receiver.