Shareholders of Universal Insurance Plc have officially approved a series of resolutions authorizing the company to raise ₦15 billion in fresh capital. The approval was granted during the company’s Extraordinary General Meeting (EGM) held in Lagos on February 9, 2026.
This move is designed to meet the new Minimum Capital Requirement (MCR) set by the National Insurance Commission (NAICOM), ensuring the firm remains a competitive player in the general insurance segment of the Nigerian market.
Under the approved resolutions, the Board of Directors is empowered to raise the funds through a flexible combination of public offers, private placements, rights issues, or other approved methods.
This capital-raising exercise can be executed in either the Nigerian or international capital markets, with the board given the authority to determine the specific timing, pricing, and tranches based on market conditions and regulatory approvals.
To facilitate this, shareholders also authorized the board to revalidate and issue the company’s 14 billion unissued legacy shares and increase the share capital if necessary.
The recapitalisation drive comes as NAICOM enforces a strict July 30, 2026, deadline for insurers to meet significantly higher capital thresholds rising from ₦3 billion to ₦15 billion for non-life insurers.
Universal Insurance, which currently faces a capital deficit relative to the new ₦15 billion target, is prioritizing this move to solidify its solvency margin and protect its brand legacy.
The Managing Director, Ben Ujoatuonu, reassured investors that the plan would not only satisfy regulatory demands but also enhance the company’s risk-carrying capacity and support its digital expansion goals.
Beyond regulatory compliance, the ₦15 billion injection is expected to reposition Universal Insurance as a more resilient underwriter capable of handling larger risks in emerging sectors. The board was further authorized to secure the listing of any new securities on the Nigerian Exchange (NGX) and to appoint professional advisers to oversee the process.
As the industry enters a high-stakes period of consolidation, Universal Insurance’s proactive capital plan signals its intent to remain an independent, tech-driven force in the post-recapitalisation landscape.
 held in Lagos on February 9, 2026.){kind=link}