BY NKECHI NAECHE-ESEZOBOR—Universal Insurance Plc has entered into an investment agreement with FPNG Co-Nvest Limited (FPNG) for an equity capital injection of ₦7.128 billion via a private placement.
This is contained in notice to Nigerian Stock Exchange limited and to investing public that the deal will see FPNG acquire a 50.1% majority stake in the insurance firm upon completion.
The announcement comes in response to inquiries from NGX Regulation Limited (NGX RegCo) following media reports regarding the National Insurance Commission’s (NAICOM) ongoing recapitalization exercise.
According to a regulatory filing signed by Company Secretary Chinedu Onyilimba, the fresh capital will enable Universal Insurance to comfortably exceed NAICOM’s mandatory regulatory requirements while maintaining a robust solvency margin.
The transaction has already cleared key internal hurdles, receiving full approval from both the Board of Directors and the Company’s shareholders.
Management is currently progressing with regulatory engagements involving NAICOM, the Nigerian Exchange Limited (NGX), and other relevant authorities to finalize the process.
Universal Insurance assured its shareholders and the investing public that it remains committed to regulatory compliance and will disclose further material developments as the recapitalization process unfolds.
