Shareholders of Universal Insurance Plc have approved a plan to raise up to ₦15 billion in fresh capital as the company moves to meet the Minimum Capital Requirement (MCR) set by industry regulators.

The approval was granted at the company’s Extraordinary General Meeting (EGM) held on Thursday in Lagos, where shareholders endorsed a series of resolutions empowering the Board of Directors to proceed with the capital injection.

Under the mandate, the board is authorised to raise the funds through a mix of public offers, private placements, rights issues, or any other approved fundraising channels, in both the Nigerian and international capital markets. The structure, pricing, timing, and number of tranches will be determined by the board, subject to requisite regulatory approvals.

Shareholders also approved the revalidation and issuance of the company’s authorised but unissued legacy shares, amounting to 14 billion ordinary shares, to facilitate the capital-raising programme. Where these shares are insufficient, the board is authorised to increase the company’s share capital by the required number of ordinary shares and allot them accordingly.

In addition, the board received approval to seek the listing and admission to trading of any securities issued under the programme on the Nigerian Exchange Limited (NGX) or any other approved exchange.

The resolutions further empower the directors to appoint professional advisers, engage with regulators, execute necessary documentation, and take all steps required to implement the capital-raising initiative. The board is also authorised to register any increase in share capital with the Corporate Affairs Commission (CAC) and file all statutory returns.

Shareholders equally approved amendments to the company’s Memorandum and Articles of Association, where necessary, to reflect the revised share capital structure. All prior actions taken by the board or its committees in connection with the capital raise and related regulatory engagements were ratified and confirmed.