Universal Insurance Plc has extended the trading period for its ongoing N3.2 billion rights issue, providing shareholders and potential investors with additional time to participate in the capital-raising exercise.
The company disclosed the extension in a notice submitted to the Nigerian Exchange (NGX) Limited, explaining that it had received approval from the Securities and Exchange Commission (SEC) to prolong the offer period.
The rights issue involves the sale of 2.667 billion ordinary shares of 50 kobo each at a price of N1.20 per share. Existing shareholders are entitled to purchase one new share for every six shares already owned as of March 30, 2026. Trading in the rights issue originally began on May 13, 2026.
Following the SEC’s approval, the company announced that the trading and subscription period will now remain open until June 22, 2026. The extension is expected to give more shareholders the opportunity to exercise their rights and invest further in the company.
Universal Insurance said the fundraising initiative is part of its broader strategy to strengthen its capital base and position the company for future growth. The insurer believes that increasing its financial resources will improve its ability to compete effectively within Nigeria’s insurance industry.
Speaking recently, the Chairman of Universal Insurance, Jasper Nduagwuike, highlighted the company’s long history and resilience in the sector. According to him, the insurer has successfully operated for more than six decades despite numerous economic challenges and changes within the industry.
He noted that Universal Insurance has maintained consistent growth over the past five years and remains one of the few insurance companies established in the early 1960s that is still active today. He described this achievement as evidence of the company’s stability and strong business foundation.
Nduagwuike also stressed that the ongoing recapitalisation programme is an important step in strengthening the company’s future. He explained that the additional capital will improve operational performance, boost competitiveness, and increase the company’s share of the insurance market.
The chairman called on shareholders and stakeholders to support the rights issue by participating actively in the offer. He expressed confidence that the exercise would attract strong investor interest and potentially become oversubscribed.
Industry observers believe that a successful completion of the capital raise could significantly improve Universal Insurance’s financial position. A stronger capital base would enhance the company’s underwriting capacity, allowing it to take on larger insurance risks and expand its product offerings.
In addition, the fresh capital is expected to support new strategic initiatives aimed at improving efficiency, driving business growth, and expanding the company’s presence across Nigeria’s insurance market.
With the extended deadline now in place, shareholders have additional time to evaluate the offer and participate in what the company describes as a key step toward its long-term growth and sustainability plans.
