Universal Insurance takes NAICOM to court over licence cancellation

By Abubakar Yunusa

Universal Insurance Plc has asked the federal high court in Lagos to stop further action on the cancellation of its operating licence by the National Insurance Commission (NAICOM).

The insurer said the court has directed NAICOM and other respondents to show cause why an interim order staying further action on the cancellation should not be granted.

Universal disclosed this in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday.

The case, filed as FHC/LAG/CS/1179/2026, also concerns the appointment of a receiver/manager following the cancellation of the company’s licence.

Universal described the cancellation as “purported” and asked the court to intervene in the matter.

The court directed the respondents not to take any steps that may “create a fait accompli” or otherwise render the proceedings nugatory pending the determination of the application.

A fait accompli is an action or decision that has already been taken or made and cannot be changed, leaving parties involved with no choice but to accept it.

The matter has been adjourned until September 3 for the respondents to show cause.

NAICOM had cancelled Universal Insurance’s certificate of registration effective August 14 after the insurer failed to meet the minimum capital requirement for its licence category.

The commission also appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator to oversee the insurer’s affairs.

Universal had been pursuing a proposed N7.12 billion investment by FPNG Co-Nvest Limited through a private placement.

The transaction would make FPNG the insurer’s majority shareholder with a 50.1 percent stake.

Universal had said the proposed investment would take it above NAICOM’s capital threshold and strengthen its solvency position.

The company also said it was engaging NAICOM and other relevant regulators on the transaction.