A Federal High Court in Lagos has extended the restraining order against the National Insurance Commission and the receiver appointed over Universal Insurance Plc, pending the hearing of the company’s suit challenging the revocation of its operating licence.

The development was disclosed in a corporate filing submitted to the Nigerian Exchange on September 4, 2026, and signed by the company’s secretary, Chinedu Onyilimba.

Universal Insurance commenced legal action against NAICOM following the revocation of its operating licence and the appointment of a receiver over the company.

The insurer said the case came up for hearing on September 3, 2026, but the proceedings could not go ahead because the respondents filed their court processes late.

The court subsequently adjourned the case to September 16, 2026, for hearing of the substantive suit.

Meanwhile, Universal Insurance said the court extended the earlier restraining order against NAICOM and the appointed receiver pending the determination of the case.

“The Company further informs shareholders and the investing public that the Court extended the restraining order previously granted against the Respondents, pending the hearing of the suit,” the company stated.

Universal Insurance also assured its shareholders, policyholders and the investing public that it would continue to explore all available legal and regulatory channels to safeguard their interests.

The insurer was among the insurance companies that failed to meet the July 31, 2026 deadline set by NAICOM for compliance with the industry’s revised minimum capital requirements.

As a result, NAICOM revoked Universal Insurance’s operating licence, with the revocation taking effect on August 14, 2026, following a notice dated August 13, 2026.

The commission subsequently appointed Mr. Ogbonna Chukwumerije, a partner at Pinheiro LP, as the company’s Receiver/Provisional Liquidator.

Under the appointment, the receiver is responsible for taking possession of the insurer’s assets, reconciling its liabilities, facilitating settlements where necessary and submitting periodic reports to NAICOM on the receivership process.