Universal Insurance Plc (NGX: UNIVINSURE) have approved a resolutions which allows the Board of Directors to raise additional capital of up to Fifteen Billion Naira (₦15,000,000,000) to meet the enhanced minimum capital requirements set by there National Insurance Commission (NAICOM).
These approvals were granted during the company’s Extraordinary General Meeting (EGM) held on Thursday, February 5, 2026,
The statement announced on NGX provides the Board with broad flexibility to execute the capital raise efficiently.
Key Resolutions
- Raise the capital through public offerings, private placements, rights issues, or a combination of methods in the Nigerian or international capital markets. Pricing will be determined through book building or other acceptable valuation methods, in tranches, and on terms deemed appropriate by the Directors, subject to regulatory approvals.
- Revalidate, regularize, and issue the company’s 14,000,000,000 authorized but unissued legacy ordinary shares for the capital-raising exercise.
- Increase the company’s share capital if the existing unissued shares are insufficient, and allot the required new ordinary shares accordingly.
- Secure the listing and admission to trading of the new securities on the Official List of the Nigerian Exchange Limited (NGX) and/or any other relevant securities exchange.
- Appoint professional advisers (including issuing houses, lawyers, auditors, and others) and take all necessary actions to implement the capital raise, including executing documents and complying with regulatory directives.
- Authorize the Company Secretary to register any incremental increases in share capital with the Corporate Affairs Commission (CAC) as necessary.
- Amend the company’s Memorandum and Articles of Association (MEMART) to reflect the new share capital structure post-raise, if required.
- Ratify all prior actions, negotiations, filings, and engagements undertaken by the Board and management in preparation for the capital raise and compliance with minimum capital requirements.
These resolutions grant the Board significant discretion to optimally structure the transaction while ensuring full regulatory compliance.
This new framework raises the minimum capital base for non-life insurance companies to ₦15 billion (or the higher of that amount or risk-based capital determined by NAICOM), with compliance required within the stipulated timeline.
The Board is now authorized to determine the final structure, timing, and pricing of the capital raise in consultation with advisers and subject to approvals from NAICOM, the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited, and the Corporate Affairs Commission.
Universal Insurance Plc is a prominent Nigerian non-life insurer offering a wide range of general insurance products and services to individuals and corporate clients.
Administrator and Writer
