Shareholders have started counting their losses after the Nigerian National Insurance Commission, NAICOM revoked the licence of Universal Insurance, also known as Univinsure.
DAILY POST reports that NAICOM’s revocation of Univinsure’s licence took effect on August 14, 2026.
NAICOM said Univinsure failed to raise its N15 billion capital after the July recapitalisation deadline elapsed.
In line with the enforcement of the Nigerian Industry Reform Act 2025, Univinsure’s licence was revoked.
Consequently, the company’s stock has been on a steady decline, putting shareholders in agony.
Details of the firm’s trading on the NGX showed that the stock has declined by 36 percent to 77 kobo in 2026 so far.
According to a financial expert known as Rufybaba on X, following Univinsure’s licence revocation, the firm may never trade on the Nigerian stock market again.
This means that shareholders of Univinsure face an estimated N13.6 billion loss.
“So far in 2026, however, the stock has declined by 36% to 77 kobo. Given the recent licence revocation, it may never trade again,” he wrote.
He added that, “The company’s next step is to appoint a receiver or liquidator. Its assets will then be sold, the proceeds used to settle outstanding liabilities and any residual value distributed to shareholders.”
DAILY POST reports that the country’s insurance sector has been under intense pressure following NAICOM’s implementation of the NIIRA.
Recall that Nigerian Reinsurance Corporation, Nigeria Re, and its sister firm, NICON, owned by billionaire businessman Senator Jimoh Ibrahim, also had their licences withdrawn.
In what seems like an intervention following the licence revocation of Nigeria Re and NICON, the Minister of Finance, Taiwo Oyedele, in a letter dated August 6, ordered NAICOM to suspend disputed recapitalisation fees amounting to N305 million and N375 million.
However, former Managing Director of Nigerian National Re-Insurance Corporation, NICOM, and NAICOM official Mohammed Kari urged Oyedele to reject pressure on the Commission over the licence revocations.
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