A Federal High Court in Lagos has adjourned a suit filed by Universal Insurance Plc against National Insurance Commission (NAICOM) over the cancellation of the insurer’s operating licence.
Gatekeepers News reports that the court also extended an earlier restraining order preventing NAICOM and the appointed receiver from taking further steps against the company pending the determination of the case.
The matter, which came up for hearing on September 3, 2026, was adjourned to September 16, 2026, after the respondents filed their court processes late.
Universal Insurance had approached the court after NAICOM cancelled its operating licence with effect from August 14, following the company’s failure to meet the regulator’s revised minimum capital requirement by the July 31 deadline.
NAICOM subsequently appointed Ogbonna Chukwumerije as receiver/provisional liquidator of the insurer.
Universal Insurance is challenging the regulatory action and seeking judicial intervention to prevent the implementation of the licence cancellation and related measures.
The insurer had also announced a N7.12 billion equity investment agreement with FPNG Co-Nvest Limited as part of efforts to meet its recapitalisation requirement.
The case will now come up on September 16 for further hearing.
