Universal Insurance Plc has received shareholder approval to raise ₦15 billion in fresh capital as part of the broader industry-wide recapitalisation drive mandated by the National Insurance Commission (NAICOM) under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and related guidelines.
Under the new guidelines, Non-life insurers are now required to maintain a minimum paid-up capital of ₦15 billion (or a higher risk-based capital threshold as determined by NAICOM), with the statutory compliance deadline set for July 30, 2026.
The company has stated that the capital injection will support long-term growth, sustainability, and greater resilience amid evolving regulatory and economic realities.
Universal Insurance Plc provides a range of non-life insurance products, including motor, fire, marine, general accident, and oil & gas coverage.
Key Resolutions Passed
The board granted authorisation for the Board of Directors to raise additional capital of up to ₦15billion through various methods, including public offerings, private placements, rights issues, or any combination in the Nigerian or international capital markets.
Approval was also granted to revalidate, regularise, and issue any authorised but unissued legacy shares of the company, comprising 14 Billion ordinary shares to facilitate the capital-raising exercise.
Commenting on the development, market observers expect increased recapitalisation activity across the sector in the coming months, including potential strategic partnerships, mergers, and acquisitions, as the July 2026 deadline approaches.
