The Federal High Court in Lagos has extended a previously granted restraining order involving Universal Insurance Plc, the National Insurance Commission (NAICOM) and the receiver/provisional liquidator appointed after the insurer’s operating licence was revoked.
Universal Insurance disclosed the development in a regulatory filing to the Nigerian Exchange Limited (NGX) on 4 September 2026, saying the hearing of its suit against NAICOM and the appointed receiver had been adjourned to 16 September 2026 because the respondents filed their court processes late. The company said the court consequently extended the earlier restraining order pending the next hearing.
The case, filed as Suit No. FHC/LAG/CS/1179/2026, relates to NAICOM’s cancellation of Universal Insurance’s operating licence and the subsequent appointment of a receiver/manager.
In an earlier notice dated 25 August 2026, Universal Insurance informed the NGX and investors that the Federal High Court had granted it leave to commence proceedings against NAICOM and other respondents over the licence cancellation and appointment of the receiver/manager.
According to the company’s filing, the court directed the respondents to show cause why an interim order staying further action relating to the cancellation of the licence, or actions by the third respondent, should not be granted. The court also directed the respondents not to take steps capable of creating a fait accompli or rendering the proceedings nugatory pending determination of the application.
The original hearing was scheduled for 3 September 2026. Following the adjournment, the matter is now expected to return to court on 16 September 2026. Universal Insurance’s latest disclosure says the restraining order remains in force pending that hearing.
The legal dispute followed NAICOM’s revocation of Universal Insurance’s operating licence, effective 14 August 2026, after the insurer failed to meet the applicable minimum capital requirement by the 31 July 2026 deadline. The commission subsequently appointed Ogbonna Chukwumerije as receiver/provisional liquidator, according to reports based on the regulatory action.
The development came despite Universal Insurance’s efforts to strengthen its capital position. On 14 August 2026, the company disclosed to the NGX that it had entered into a binding agreement for a ₦7.128 billion private placement with FPNG Co-Nvest Limited. Upon completion, FPNG was expected to become the company’s majority shareholder with a 50.1% stake.
For now, the court’s order preserves the position pending further proceedings. It does not represent a final judicial determination on the validity of NAICOM’s licence revocation.
Universal Insurance said it would continue to pursue the legal process and keep the NGX, shareholders and investing public informed of material developments.
