Universal Insurance Plc has fulfilled part of the recapitalisation conditions stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 by completing its statutory deposit with the Central Bank of Nigeria (CBN).
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The insurer disclosed that it has deposited a total sum of ₦1.5 billion with the CBN in line with the Minimum Capital Requirement (MCR) Guidelines issued by the National Insurance Commission (NAICOM).
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Managing Director/Chief Executive Officer, Dr. Japhet Duru, said the company paid an additional ₦1.165 billion to the CBN, complementing the ₦335 million earlier remitted, to meet the statutory deposit threshold.
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He further revealed that shareholders, at the company’s Extraordinary General Meeting (EGM) held on February 4, 2026, granted all necessary approvals for the company to raise ₦15 billion as part of its broader recapitalisation strategy.
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“I am delighted to inform you that we have obtained all mandatory consents from our shareholders at the EGM to raise the sum of ₦15 billion for recapitalisation. We are confident that Universal Insurance Plc will be on the roll call when NAICOM publishes the list on July 31, 2026,” Duru stated.
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NIIRA 2025, signed into law by President Bola Tinubu on July 31, 2025, introduced a new framework for minimum capital thresholds for insurance and reinsurance operators as part of sweeping reforms aimed at strengthening the industry.
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Under the Act, existing operators were granted 12 months from commencement to comply with the new MCR benchmarks or face regulatory measures, including possible licence cancellation, merger directives or liquidation.
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The revised capital thresholds are set at ₦10 billion for life insurance firms, ₦15 billion for non-life operators and ₦35 billion for reinsurance companies. The new requirements mark a significant increase from previous levels and are complemented by a Risk-Based Capital (RBC) framework designed to align capital adequacy with each operator’s risk exposure.
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The recapitalisation deadline of July 30, 2026, remains in effect, with NAICOM reiterating that the timeline will not be extended and that compliance verification is ongoing.
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Duru also reaffirmed the company’s commitment to prompt settlement of genuine claims and delivery of quality customer service as it strengthens its capital base in line with regulatory expectations.