By Adedapo Adesanya
Universal Insurance Plc has approached the court, suing the National Insurance Commission over the revocation of its operating licence and the appointment of a receiver/provisional liquidator.
The insurer disclosed the legal action in a notice filed with the Nigerian Exchange (NGX) yesterday and signed by its company secretary, Mr Chinedu Onyilimba.
The Federal High Court, Lagos, granted Universal Insurance leave to commence proceedings against NAICOM and other respondents over what the company described as the “purported cancellation” of its licence and the subsequent receivership.
The court also directed the respondents to show cause why an interim order should not be issued to halt further action relating to the licence cancellation and receivership.
Universal Insurance said the court further directed the parties not to take any steps that could undermine the effectiveness of the proceedings pending the determination of its application.
The case has been adjourned until September 3, 2026, when the respondents are expected to show cause.
The dispute followed NAICOM’s decision to revoke Universal Insurance’s licence after the company failed to meet the 31st July deadline for compliance with the new minimum capital requirements for non-life insurers.
The cancellation became effective on 14th August, 2026, following a notice issued by the commission.
NAICOM said the action was taken under the Nigerian Insurance Industry Reform Act 2025, which empowers the regulator to cancel the licence of an insurer that fails to address identified regulatory breaches within the prescribed period.
Following the cancellation, the commission appointed Mr Ogbonna Chukwumerije, a partner at Pinheiro LP, as Receiver/Provisional Liquidator.
The receiver was tasked with taking control of the…
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