Insurance recapitalisation fees raise dust
The current dispute between the National Insurance Commission (NAICOM) and two insurance companies over the recently concluded insurance sector recapitalisation exercise has continued to raise dust in the industry, Daily Trust can report. Daily Trust observes that as the recapitalisation exercise comes to an end with 50 insurance companies scaling the hurdles, the recapitalisation fees […]
On August 14, 2026, the National Insurance Commission (NAICOM) revoked Universal Insurance Plc's operating licence, appointing a receiver/provisional liquidator to oversee the company's affairs. This action came after the insurer failed to meet the minimum capital requirement for non-life insurers set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The licence cancellation was effective immediately and was confirmed by NAICOM on August 13, 2026. The receiver, Ogbonna Chukwumerije, has been tasked with tracing, securing, and settling the company's assets, as well as liaising with NAICOM and submitting periodic updates on the receivership and liquidation process. Universal Insurance, however, has yet to appeal the decision, leaving its future uncertain until the outcome of the appeal and regulatory processes is determined.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
