NAICOM revokes Universal Insurance licence over ₦15bn capital shortfall

The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc and appointed a receiver/provisional liquidator to take control of the company and commence the process of winding up its affairs.

The Universal Insurance licence revocation took effect on August 14, 2026, following the insurer’s failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of business within the stipulated compliance period.

NAICOM conveyed the decision in a notice dated August 13 and addressed to the chairman of Universal Insurance’s board of directors. The commission said the action was taken under the powers granted to it by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Under NIIRA 2025, existing insurers were required to meet significantly higher capital thresholds. For non-life insurance companies, the minimum capital requirement was raised to ₦15 billion, while life insurers are required to maintain at least ₦10 billion and reinsurers ₦35 billion. The law also empowers NAICOM to cancel an insurer’s licence where regulatory breaches are not remedied within the prescribed period. (NAICOM)

Following the licence cancellation, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as Receiver/Provisional Liquidator of Universal Insurance.

According to the appointment letter dated August 14, Chukwumerije is required to immediately trace, recover, secure and take possession of the insurer’s assets. He is also mandated to collate the company’s liabilities and facilitate their settlement in accordance with NIIRA 2025.

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The receiver is further expected to liaise with NAICOM on information available to the commission and submit periodic reports on the progress of the receivership and liquidation process.

In a separate public notice dated August 18, 2026, Chukwumerije informed banks, financial institutions, policyholders, creditors, debtors, customers and members of the public that Universal Insurance had entered receivership.

He said his appointment followed NAICOM’s cancellation of the company’s licence over its failure to meet the applicable minimum capital requirement.

Chukwumerije said he was empowered under NIIRA 2025 and the terms of his appointment to assume management and control of Universal Insurance and take necessary steps to preserve, protect and realise its assets.

He also directed individuals and institutions dealing with the company’s funds, assets, records, policies, claims and liabilities to verify the authority of anyone claiming to act on behalf of Universal Insurance.

Banks and other financial institutions were specifically advised not to honour or process any instruction, mandate, withdrawal, transfer or payment direction purportedly issued on behalf of the insurer unless it had been authorised by the receiver.

The regulatory action comes after Universal Insurance had made several efforts to raise fresh capital ahead of NAICOM’s recapitalisation deadline.

In February 2026, shareholders approved a plan authorising the company to raise up to ₦15 billion in fresh capital through options including a public offer, private placement, rights issue or other approved fundraising methods.

The company also announced that it had completed a ₦1.5 billion statutory deposit with the Central Bank of Nigeria (CBN) as part of the recapitalisation requirements. The payment consisted of an additional ₦1.165 billion alongside an earlier ₦335 million deposit. (The Guardian Nigeria)

Universal Insurance had expressed confidence that its recapitalisation efforts would enable it to meet NAICOM’s requirements. However, the subsequent licence cancellation indicates that the company did not satisfy the applicable MCR within the regulatory compliance period.

The development highlights the increasing pressure on insurance companies in Nigeria following the implementation of NIIRA 2025, which seeks to strengthen insurers’ financial capacity, improve risk absorption and enhance protection for policyholders.

For Universal Insurance policyholders, creditors and other stakeholders, the immediate process will now be managed through the receivership and liquidation framework, with the appointed receiver responsible for securing the company’s assets, determining its liabilities and taking steps required under the law.

The cancellation also underscores NAICOM’s determination to enforce the new insurance recapitalisation requirements, as insurers that fail to meet the revised capital thresholds face regulatory measures that can include licence cancellation, receivership, mergers or liquidation.

NAICOM revokes Universal Insurance licence over ₦15bn capital shortfall

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

The capital injection, which exceeded the ₦18.47 billion target, marks a major step in the company’s recapitalisation drive under the Nigerian Insurance Industry Reform Act 2025.

Lasaco Assurance Plc has recorded a significant milestone in its ongoing recapitalisation programme, successfully raising ₦19.30 billion from existing shareholders through a rights issue that surpassed its target by 4.5 per cent. The oversubscribed exercise reflects strong confidence in the company’s strategic direction and financial fundamentals, demonstrating the trust that shareholders and investors have placed in the insurer’s long-term growth prospects. The capital-raising exercise has received key regulatory clearances, with the National Insurance Commission (NAICOM) conducting a comprehensive verification of the source of funds and subsequently issuing a confirmation of admissibility to the Securities and Exchange Commission (SEC). Following NAICOM‘s clearance, the SEC granted final approval for the rights issue, marking another significant milestone in the company’s recapitalisation journey.

As part of the regulatory review, an independent consultant appointed for the exercise completed an extensive verification of the company’s shareholders’ funds, assets, and liabilities, reaffirming Lasaco’s current admissible capital position. The verification process, which was conducted with the utmost rigour, confirmed the credibility and transparency of the capital raised, with the recently injected funds expected to further strengthen the company’s capital base upon their incorporation into the final computation. The successful completion of these critical regulatory and verification processes demonstrates the company’s disciplined execution strategy and unwavering commitment to sound corporate governance, regulatory compliance, and financial transparency.

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Commenting on the achievement, the Managing Director and Chief Executive Officer of Lasaco Assurance Plc, Mr. Ademoye Shobo, reaffirmed the company’s commitment to transparency and corporate governance while expressing gratitude to shareholders for their overwhelming support. “Our recapitalisation journey reflects our unwavering commitment to transparency, accountability, and responsible corporate governance. The overwhelming support from our shareholders and the successful completion of key regulatory milestones further validate the confidence reposed in our company,” Shobo said. He added that the company remains focused on concluding the remaining phases of the exercise and positioning Lasaco Assurance for sustained growth, enhanced competitiveness, and greater value creation for all stakeholders.

The insurer noted that the recapitalisation programme would significantly boost its financial capacity, improve underwriting capabilities, enhance risk retention, and reinforce its position as one of Nigeria’s leading composite insurance companies. The development comes as listed insurance companies across Nigeria step up efforts to strengthen their capital base ahead of the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with eight insurers on the Nigerian Exchange Limited seeking to raise an estimated ₦78.66 billion through various capital-raising programmes, including rights issues, public offers, and private placements. Lasaco Assurance recently demonstrated its commitment to policyholders by incurring and settling claims totalling ₦17.60 billion in its 2025 financial period. The company also reported a return to profitability in the first half of 2026, recording ₦384.9 million compared to a loss of ₦731.5 million in the same period last year. As it advances towards the successful completion of its recapitalisation programme, the company remains focused on delivering sustainable value to shareholders, protecting policyholders’ interests, and contributing meaningfully to the continued growth and development of Nigeria’s insurance industry.

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

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The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements