As the July 31, 2026 recapitalisation deadline for insurance firms approaches, companies across Nigeria are racing to meet the requirements of the Nigeria Insurance Industry Reform Act (NIIRA 2025). Among the early movers is Universal Insurance Plc, which has successfully deposited N1.5 billion with the Central Bank of Nigeria (CBN) as part of its statutory obligations under the new Minimum Capital Requirement (MCR) guidelines.
The deposit follows an earlier contribution of N335 million, made after the company’s Extraordinary General Meeting (EGM) in Lagos, bringing Universal Insurance closer to meeting the full recapitalisation target mandated by NAICOM.
Commitment to Stronger Capital and Compliance
Speaking to the media, Dr. Japhet Duru, Managing Director/CEO of Universal Insurance, said:
“Universal Insurance Plc today announces that it has successfully met one of the recapitalisation requirements mandated under NIIRA 2025 and the accompanying MCR Guidelines issued by NAICOM. We have fully deposited N1.5 billion as statutory deposit with the CBN and obtained all mandatory shareholder consents at the EGM to raise N15 billion for recapitalisation. We are confident that Universal Insurance will be on the roll call when NAICOM releases the list come July 31, 2026.”
The company reaffirmed its commitment to financial resilience, regulatory compliance, and long-term growth, signalling its readiness to strengthen its capital base and maintain investor and consumer confidence in a rapidly evolving insurance sector.
Implications for the Nigerian Insurance Sector
This development reflects the broader industry drive under NIIRA 2025, which aims to:
- Reinforce capital adequacy across life and non-life insurers
- Strengthen consumer protection and trust
- Build a shock-resistant and sustainable insurance sector
- Promote a credible and competitive market
By meeting the statutory deposit requirement early, Universal Insurance positions itself as a front-runner in Nigeria’s recapitalisation exercise, demonstrating both regulatory compliance and strategic foresight.
