UniversalInsurance plans N3.2 billion rights issue

Ebere Nwoji

Universal Insurance Plc has formally signed a N3.2 billion rights issue to comply with the new capital requirements set by the National Insurance Commission (NAICOM).

During the signing ceremony in Lagos, the insurer executed the transaction documents for the proposed offer, thereby concluding the preparation phase and allowing existing shareholders to take part in the capital raise before the anticipated market launch in the coming weeks.

The transaction remains subject to final approval by the Securities and Exchange Commission (SEC).

Under the rights issue, the company intends to issue 2,666,666,667 ordinary shares of 50 kobo each at N1.20 per share, on a basis of one new share for every six ordinary shares currently held. Only shareholders recorded on the register of members as of the close of business on 30 March 2026 will be eligible to participate.

Speaking at the event, Universal Insurance Plc Chairman Jasper Osita Nduagwuike said the company has 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 firm’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.