Universal Insurance Plc has secured an extension of the restraining order against the National Insurance Commission and the receiver appointed over the company, as its legal challenge against the regulatory action continues.
The company disclosed this in a notice to the Nigerian Exchange Limited and the investing public dated September 4, 2026.
The suit came up for hearing on Thursday, 3 September, before the Federal High Court sitting in Lagos. However, the matter could not proceed as scheduled due to the late filing of court processes by the respondents, according to the insurer.
Consequently, the court extended the restraining order previously granted against NAICOM and the appointed receiver pending the hearing of the substantive suit. The court adjourned the matter until 16 September, 2026, when the main suit is expected to be heard.
Universal Insurance said it remains committed to pursuing all available legal and regulatory avenues to protect the interests of its shareholders, policyholders, employees and other stakeholders.
The insurer also assured investors that it would continue to provide updates on further material developments in the case.
The development comes amid ongoing regulatory and corporate actions involving Universal Insurance, with the company seeking judicial intervention over NAICOM’s actions and the appointment of a receiver.
“Universal Insurance Plc remains committed to pursuing all available legal and regulatory avenues to protect the interests of its shareholders, policyholders, employees and other stakeholders and will continue to keep the investing public appropriately informed of further material developments,” the insurer said.
NAICOM cancelled Universal Insurance’s licence on 14 August, based on a notice dated 13 August. The action was based on the company’s alleged inability to meet the recapitalisation requirement.
The company had entered into a binding investment agreement with FPNG Co-Nvest Limited for an equity injection of about N7.128bn through a private placement.
The Association of Securities Dealing Houses of Nigeria has called for an urgent review of the revocation of Universal Insurance Plc’s operating licence, warning that uncoordinated regulatory action could undermine investor confidence in Nigeria’s capital market.
ASHON, the umbrella body for stockbroking firms registered with the Securities and Exchange Commission, said the issue went beyond the affected insurance company and raised concerns about how sector regulators coordinate actions involving listed companies.
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