By Innocent Anaba

The National Insurance Commission (NAICOM) has revoked the license  of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company’s affairs.

The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period.

In a notice dated August 13, 2026, and addressed to the Chairman of Universal Insurance’s Board of Directors, NAICOM said the action was taken pursuant to powers conferred on it by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The commission subsequently appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as Receiver/Provisional Liquidator.

According to the  appointment letter dated August 14, Chukwumerije is required to immediately trace, recover, secure and take possession of the company’s assets.

He is also mandated to collate and settle the company’s liabilities in accordance with NIIRA 2025, liaise with NAICOM on information available to the commission and submit periodic reports on the progress of the liquidation.

In a separate public notice dated August 18, 2026, Chukwumerije notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of the company’s receivership.

He said his appointment followed NAICOM’s cancellation of Universal Insurance’s licence over its failure to meet the applicable minimum capital requirement.

Chukwumerije said that, under NIIRA 2025 and the terms of his appointment, he was empowered to take over the management and control of the company and take necessary steps to preserve, protect and realise its assets.

He also directed persons and institutions dealing with the company’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone purporting to act on behalf of Universal Insurance.

Banks and other financial institutions were advised not to honour or process any instruction, mandate, withdrawal, transfer or payment direction purportedly issued on behalf of the company unless it was authorised by the receiver.

By Emma Ujah, Abuja Bureau Chief

BudgIT, a civic-tech organisation promoting transparency and accountability in Nigeria’s public finance, has urged the Federal Government not to dismiss the United States Department of State’s 2026 Fiscal Transparency Report, which scored Nigeria low for the second consecutive year.

The organisation made the call in a statement by its Country Director, Mr. Vahyala Kwaga, yesterday, urging the government to address gaps in budget execution, audit reporting and public procurement disclosures.

The U.S. report said Nigeria failed the fiscal transparency test for the second consecutive year, citing vague budget documents and limited public access to contract details. It, however, acknowledged the government’s disclosure of public debt information and the sound legal framework governing the Sovereign Wealth Fund.

BudgIT said the findings should be taken seriously, particularly regarding budget implementation reporting.

“BudgIT is particularly concerned that, while the Federal Government has continued to publish budget documents, the reporting of actual budget implementation remains inadequate.

“It is relatively easy to announce approved budget figures, but it is considerably more important to provide timely and consolidated information on actual revenue collection and expenditure,” it said.

The organisation noted that Nigeria adopted the International Public Sector Accounting Standards (IPSAS) in 2016, saying the principles of transparency and accountability should be reflected in the quality, timeliness and completeness of fiscal reports.

The assessment, which reviewed Nigeria’s fiscal transparency practices between January 1 and December 31, 2025, placed the country among 67 of the 140 governments and entities assessed that failed to meet minimum requirements.

BudgIT said although the report was not a comprehensive assessment of all public financial management reforms in Nigeria, its findings “should not be dismissed.”

It said the report reinforced concerns over the credibility of budget implementation reports, the independence and effectiveness of the country’s audit institution and access to public procurement information.