Universal Insurance sues NAICOM over revocation of its operating license
Lagos, Aug. 2026 – Universal Insurance has instituted a legal action against the National Insurance Commission (NAICOM) over the revocation of its operating licencse.
The company informed the Nigerian Exchange of the court action through a notice filed on Tuesday.
The insurance company is seeking to overturn the revocation of its license and the appointment of a receiver/provisional liquidator.
It said a Federal High Court in Lagos had already granted the company leave to commence proceedings against NAICOM and other respondents.
The court has also directed the respondents to show cause why an interim order should not be issued to halt further action relating to the revocation of the license.
The court has further directed the parties not to take any steps that could undermine the effectiveness of the proceedings pending the determination of its application.
The court has fixed September 3, 2026 for hearing.
NAICOM revoked the operating license of the company from August 14, 2026 over failure to meet the minimum capital requirement for its licence category.
It also appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator to oversee its affairs.
