Universal Insurance Plc has dragged the National Insurance Commission (NAICOM) to the Federal High Court following the cancellation of its operating licence and the appointment of a Receiver/Manager by the Commission.
In a statement signed by the Company’s Secretary, Mr. Chinedu Onyilimba, the insurer disclosed that the Federal High Court of Nigeria, Lagos Judicial Division, Ikoyi, in Suit No. FHC/LAG/CS/1179/2026, has granted it leave to commence proceedings against NAICOM and other respondents over the cancellation of its operating licence and the appointment of a Receiver/Manager.
The court has directed the respondents not to take any further steps pending the determination of the application. It also ordered them to show cause why an interim order staying any further action in respect of the licence cancellation or any steps by the third respondent should not be granted.
According to the company, the court further directed the respondents not to take any action that may create a fait accompli or render the proceedings nugatory while the application is being determined.
Universal Insurance has notified its shareholders and the investing public of these developments.
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