Recapitalisation: Universal  Insurance  Pays N1.5bn Statutory Deposit to CBN

Ebere Nwoji

As deadline given to insurance firms to shore up their minimum capital draws near, insurance companies are putting finishing touches to their  adherence to  all statutory requirements put up by the National Insurance Commission(NAICOM).

Among the few insurance firms which have done this is Universal Insurance Plc, which  said it recently deposited the sum of N1.5 billion with the Central Bank of Nigeria (CBN ) in compliance with one of the recapitalisation requirements as stipulated by the new insurance regulation the Nigeria Insurance Industry  Reform  Act ( NIIRA2025).

Universal Insurance said it has concluded plans with its shareholders to shore up its Minimum Capital Requirement as directed by NAICOM.

It added that the N1.165bn is in addition to the N335,000,000 kit already paid after its Extraordinary General Meeting (EGM) held in Lagos.

Disclosing this to the media, the Company’s Managing Director/CEO, Dr. Japhet Duru, said: “Universal Insurance Plc today announces that it has successfully met one of the recapitalisation requirements mandated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the accompanying Minimum Capital Requirement (MCR) Guidelines issued by the National Insurance Commission (NAICOM).

“Universal Insurance has fully deposited the sum of N1.5 billion  as  statutory deposit with the Central Bank of Nigeria in line with the MCR Guidelines. I am delighted to inform you that we have gotten all mandatory consent from our shareholders at the EGM to raise the sum of N15billion  for the purpose of recapitalisation. We are confident that Universal Insurance will be on the roll call when NAICOM releases the list come July 31, 2026,” he stated.