Universal Insurance Plc has commenced legal proceedings against the National Insurance Commission over the revocation of its operating licence, after the Federal High Court in Lagos granted the insurer leave to challenge the regulator’s decision.
The development was disclosed in a notice filed with the Nigerian Exchange on Tuesday and signed by the company’s secretary, Chinedu Onyilimba.
Universal Insurance Plc was among the insurance companies that failed to meet the July 31, 2026 deadline set by the NAICOM to comply with the industry’s new minimum capital requirements.
The company said the Federal High Court, Lagos Judicial Division, Ikoyi, had granted it leave to institute legal proceedings against NAICOM and other respondents over what it described as the “purported cancellation” of its operating licence and the appointment of a Receiver/Manager.
The court also directed the respondents to show cause why an interim order should not be issued to halt further action relating to the revocation of the insurer’s operating licence and the appointment of a Receiver/Manager.
“The Honourable Court has further directed the Respondents to show cause why an interim order staying any further action in respect of the cancellation of the Company’s operating licence or any action by the 3rd Respondent should not be granted,” the notice read in part.
Universal Insurance added that the court ordered all parties to refrain from taking any steps that could undermine or render the proceedings ineffective pending the determination of the application.
The matter has been adjourned to September 3, 2026, for the respondents to show cause.
Universal Insurance said it would continue to update its shareholders, the NGX and the investing public on any material developments in the case, in line with regulatory requirements.
The legal action follows NAICOM’s decision to revoke the insurer’s operating licence and appoint a receiver/provisional liquidator after the company failed to meet the new minimum capital requirements for non-life insurance firms.
