Lagos High Court Extends NAICOM Restraining Order in Universal Insurance License Case
Lagos Federal High Court extended the restraining order against NAICOM and receiver Ogbonna Chukwumerije (Pinheiro LP) in Universal Insurance Plc's lawsuit challenging its license revocation, adjourning the substantive hearing to September 16, 2026. The insurer's license was revoked August 14, 2026, after missing NAICOM's July 31 deadline for revised minimum capital requirements of ₦5 billion.
Universal Insurance informed shareholders via NGX filing September 4 that despite the adjournment, the court maintained the restraining order preventing further action on the license revocation and receivership. The company assures stakeholders it will pursue all legal/regulatory avenues to protect their interests following the capital compliance failure that triggered NAICOM's action.
Policyholders and investors should note the September 16 hearing date for potential license restoration. With NAICOM strictly enforcing capital rules across Nigeria's insurance sector, what steps would you take if your insurer faced similar regulatory action - switch providers early or wait for legal resolution?