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 Udeme Akpan 

Dangote Petroleum Refinery & Petrochemicals FZE, DPRP, has secured $1 billion in underwriting backing from Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group ahead of its planned initial public offering, IPO.

The $1 billion programme comprises a completed and funded $600 million private placement and a $400 million underwriting commitment for the planned IPO.

Marob Strategies and Lilium Capital, appointed co-financial advisers and structuring agents for Global Africa, said the completion of the $600 million private placement marked the first phase of the underwriting programme.

Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital, is the underwriter under the programme, which combines the advisory and capital markets capabilities of both firms.

Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said: “This is an important milestone for DPRP and for African capital markets.

“The successful completion of the private placement, together with the $400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.”

Dangote said the work undertaken by Marob Strategies and Lilium Capital had “created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.”

Professor Benedict Okey Oramah, Chairman of Marob Strategies and Consulting DIFC Ltd, said: “Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.

“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent.”

Also, Mr Simon Tiemtoré, Chairman of Lilium Capital Group, said: “This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.”

He said: “By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.”

Marob Strategies and Lilium Capital said they were coordinating the sell-down of the $600 million underwriting participation and engaging African and Caribbean sovereign wealth funds, governments, institutional investors and other eligible investors.

However, no IPO has been launched as at the date of the announcement. The $400 million underwriting commitment remains subject to market conditions, corporate and regulatory approvals, execution of definitive documentation and compliance with applicable securities laws.