BY NKECHI NAECHE-ESEZOBOR—Universal Insurance Plc has formally concluded arrangements for its proposed ₦3.2 billion Rights Issue.
At the signing ceremony held in Lagos, the insurer executed the transaction documents for the proposed offer effectively concluding the preparation phase of the offer and paving the way for existing shareholders to participate in the capital raise ahead of an anticipated market launch in the coming weeks, subject to final approval by the Securities and Exchange Commission (SEC).
Under the proposed rights issue, the Company plans to issue 2,666,666,667 ordinary shares of 50 kobo each at ₦1.20 per share on the basis of one new ordinary share for every six ordinary shares currently held by shareholders.
The Company disclosed that only shareholders whose names appeared on the register of members as of the close of business on March 30, 2026, will qualify to participate in the offer.
Speaking at the event, the Chairman of Universal Insurance Plc, Barr. Jasper Osita Nduagwuike, said the Company has maintained steady growth over the past five years and expressed confidence in its future prospects.
He described the offer as a strong investment opportunity, noting that the Company’s resilience over more than six decades demonstrates its enduring strength within the Nigerian insurance industry.
“We have a very solid foundation. For a Company that has spent over 60 years in the industry, survived economic cycles and industry challenges, and is still standing strong, it speaks volumes about our resilience,” he said.
According to him, Universal Insurance remains one of the few insurance companies established in the early 1960s that is still operational and continuing to grow stronger.
Nduagwuike added that the ongoing recapitalisation exercise would further strengthen the Company’s operations, improve its competitiveness, and enhance its market share.
He also urged stakeholders and shareholders to support the offer and ensure it is oversubscribed.
If fully subscribed, the rights issue is expected to strengthen the Company’s capital base, improve its underwriting capacity, reinforce its financial position, and support strategic growth initiatives aimed at improving operational efficiency and deepening its market presence.”
