“Court Extends Order Restraining NAICOM, Receiver From Acting Against Universal Insurance” — Main Suit Pending

The Federal High Court in Lagos has extended an earlier restraining order against the National Insurance Commission, NAICOM, and the receiver appointed over Universal Insurance Plc, as the insurer continues its legal challenge against regulatory action taken over the company.

Universal Insurance disclosed the development in a notice to the Nigerian Exchange Limited and the investing public dated September 4, 2026.

The matter came up before the Federal High Court on Thursday, September 3, 2026, but could not proceed as scheduled after the respondents reportedly filed court processes late.

Consequently, the court extended the subsisting restraining order against NAICOM and the appointed receiver pending the hearing of the substantive suit.

The case was adjourned to September 16, 2026, when the main suit is expected to be heard.

The extension means the interim protection previously granted to Universal Insurance remains in force for now, but it does not amount to a final determination of the legality of NAICOM’s actions or the appointment of the receiver.

Universal Insurance said it remained committed to pursuing all available legal and regulatory options to protect the interests of its shareholders, policyholders, employees and other stakeholders.

“Universal Insurance Plc remains committed to pursuing all available legal and regulatory avenues to protect the interests of its shareholders, policyholders, employees and other stakeholders and will continue to keep the investing public appropriately informed of further material developments,” the company said.

The dispute arose after NAICOM cancelled Universal Insurance’s operating licence on August 14, 2026, pursuant to a notice dated August 13.

The regulatory action was said to have been based on the company’s alleged failure to meet the applicable recapitalisation requirement.

Universal Insurance, however, had entered into a binding investment agreement with FPNG Co-Nvest Limited for an equity injection of approximately ₦7.128 billion through a private placement, a development that has become part of the wider controversy surrounding the regulatory action.

The matter has also attracted concern from the capital market community.

The Association of Securities Dealing Houses of Nigeria, ASHON, has called for an urgent review of the revocation of Universal Insurance’s licence, warning that regulatory decisions affecting listed companies must be properly coordinated to avoid undermining investor confidence.

ASHON, which represents stockbroking firms registered with the Securities and Exchange Commission, argued that the issue extends beyond Universal Insurance and raises broader questions about coordination among regulators where a company is both a regulated operator and a publicly listed entity.

The substantive suit remains pending before the Federal High Court, with the next hearing scheduled for September 16.