Universal Insurance Set for N3.2bn Rights Issue 

Ebere Nwoji

Universal Insurance Plc, has formally signed N3.2 billion Rights Issue in preparation to meeting the new capital regime  stipulated by the insurance sector regulator, the National  Insurance Commission ( NAICOM)  

At the  signing ceremony held in Lagos, the insurer executed the transaction documents for the proposed offer effectively concluding the preparation phase of the offer and paving the way for existing shareholders to participate in the capital raise ahead of an anticipated market launch in the coming weeks.

However,this  is subject to final approval by the Securities and Exchange Commission (SEC).

Under the proposed rights issue, the company plans to issue 2,666,666,667 ordinary shares of 50 kobo each at N1.20 per share on the basis of one new ordinary share for every six ordinary shares currently held by shareholders. The Company disclosed that only shareholders whose names appeared on the register of members as of the close of business on March 30, 2026, would qualify to participate in the offer. 

Speaking at the event, the Chairman of Universal Insurance Plc,Jasper Osita Nduagwuike , said the company had maintained steady growth over the past five years and expressed confidence in its future prospects.

He described the offer as a strong investment opportunity, noting that the company’s resilience over more than six decades demonstrates its enduring strength within the Nigerian insurance industry.

“We have a very solid foundation. For a company that has spent over 60 years in the industry, survived economic cycles and industry challenges, and is still standing strong, it speaks volumes about our resilience,” he said.