BY NKECHI NAECHE-ESEZOBOR—The Federal High Court sitting in Lagos has granted leave to Universal Insurance Plc to commence legal proceedings against the National Insurance Commission (NAICOM) and other respondents regarding the purported cancellation of the company’s operating license and the appointment of a Receiver/Manager.
This is contained in a notice signed by its Company Secretary, Chinedu Onyilimba, to Nigeria Exchange Limited, dealing members and investing public released yesterday on the trading floor.
The notice added that “In Suit No. FHC/LAG/CS/1179/2026, the court directed the regulatory body and co-respondents to show cause why an interim order staying any further action on the revocation of the insurer’s license should not be granted. To protect the company’s interest, the court explicitly restrained the respondents from taking any steps that could create a fait accompli or render the ongoing proceedings nugatory pending the determination of the application.
The case has been adjourned to 3 September 2026 for the respondents to show cause.
The company assured that it will provide updates on material developments in line with applicable regulatory requirements.
This is coming on the heels of the company’s inability to comply with the new minimum capital requirements for general business set by NIIRA Act 2025!which ended July 31st, 2026. This led to NAICOM’s decision to revoke its operating license.
