Universal Insurance Plc entered into a binding agreement with FPNG Co-Nvest Limited on 14 August 2026 for a ₦7.128bn equity investment by private placement, which would make FPNG the majority shareholder with 50.1%. The insurer said board and shareholder approvals had been obtained and it was seeking regulatory approvals.
On 19 August 2026 NAICOM revoked Universal Insurance’s licence for failing to meet the recapitalisation requirement under the Nigerian Insurance Industry Reform Act 2025. NAICOM appointed Ogbonna Chukwumerije of Pinheiro LP as receiver and provisional liquidator; the company says it has appealed. The Association of Securities Dealing Houses of Nigeria has called for a review of the revocation, citing the FPNG agreement.
