Universal Insurance Plc has entered a binding private placement agreement with FPNG Co-Nvest Limited for a N7.128 billion equity injection, a move designed to satisfy Nigeria’s ongoing insurance sector recapitalisation requirements.
Under the deal, FPNG will subscribe for additional shares in Universal Insurance, emerging as the majority shareholder with a 50.1 percent equity stake.
The capital raise is expected to push the insurer above the regulatory minimum while preserving a strong solvency margin.
Universal is among the operators that had yet to meet the capital thresholds set by the National Insurance Commission (NAICOM). In a market update filed with the Nigerian Exchange Limited, company secretary Chinedu Onyilimba confirmed the binding investment agreement.
“The Company entered into a binding investment agreement with FPNG Co-Nvest Limited, under which FPNG would invest a total of N7.128 billion of equity capital via a private placement into Universal Insurance in exchange for additional shares in the Company,” Onyilimba stated. He noted that the transaction would give FPNG majority control at 50.1 percent.
The insurer has already obtained the necessary board and shareholder approvals. Management is now engaging NAICOM and other relevant regulators, with regulatory clearances the remaining critical step before completion. Universal said it remains committed to meeting all applicable requirements and will keep the exchange, shareholders and the investing public updated on material developments.
FPNG Co-Nvest Limited is an institutional investment vehicle and subsidiary of FigPoint (Fig Partners Africa). The firm holds significant equity positions in several major Nigerian listed companies, with a particular focus on the capital market and financial services sector.
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