The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc (Univinsure).
Under NAICOM’s recapitalisation policy, Univinsure, as a non-life insurer, was required to maintain at least ₦15 billion in share capital. As of June 2026, however, the company had only approximately ₦9 billion.
NAICOM’s deadline for the capital raise was July 2026. On August 14, 2026, the same day the licence revocation took effect.
Univinsure announced it had entered into a binding ₦7 billion private placement agreement with FPNG Co-Nvest Limited.
The emergency equity injection would have increased the company’s share capital to approximately ₦16 billion, placing it safely above the ₦15 billion requirement. However, the transaction came too late to prevent NAICOM from revoking the company’s licence for failing to meet the official compliance deadline. Notably, Univinsure’s share price rose by 30% in 2023, 154% in 2024 and 83% in 2025.
The stock climbed from 20 kobo in 2022 to ₦1.21 in 2025, representing a sixfold increase. So far in 2026, however, the stock has declined by 36% to 77 kobo. Given the recent licence revocation, it may never trade again.
The company’s next step is to appoint a receiver or liquidator. Its assets will then be sold, the proceeds used to settle outstanding liabilities and any residual value distributed to shareholders.
