Universal Insurance Deposits N1.5bn with CBN to Meet Recapitalisation Requirement
As the deadline for insurance companies to meet the new minimum capital requirements approaches, several firms are finalizing compliance with statutory regulations set by the National Insurance Commission (NAICOM). Among the frontrunners is Universal Insurance Plc, which has recently deposited N1.5 billion with the Central Bank of Nigeria (CBN) as part of the ongoing industry recapitalisation drive.
The deposit by Universal Insurance is in line with the Nigerian Insurance Industry Reform Act (NIIRA 2025), which mandates insurance companies to strengthen their financial base to ensure stability and protect policyholders. This latest payment complements an earlier contribution of N335 million following the firm’s Extraordinary General Meeting (EGM) held in Lagos.
Speaking to the media, Dr. Japhet Duru, Managing Director and CEO of Universal Insurance, highlighted the company’s commitment to full compliance. He said, “Universal Insurance Plc today announces that it has successfully met one of the recapitalisation requirements mandated under NIIRA 2025 and the accompanying Minimum Capital Requirement (MCR) Guidelines issued by NAICOM.”
Dr. Duru also confirmed that the company has secured shareholder approval to raise a total of N15 billion for recapitalisation purposes. “We are confident that Universal Insurance will be on the roll call when NAICOM releases the compliant list on July 31, 2026,” he added, emphasizing the firm’s proactive approach in strengthening its financial foundation.
Industry analysts view Universal Insurance’s swift compliance as a sign of resilience and strategic foresight. With the Nigerian insurance sector undergoing significant reform, meeting recapitalisation requirements is increasingly seen as a benchmark of credibility and stability, ensuring that policyholders can trust the institutions safeguarding their investments.
source: This day