By Rosemary Iwunze
Universal Insurance Plc has dragged the National Insurance Commission, NAICOM, to the Federal High Court, following the cancellation of the Company’s operating licence and the appointment of a Receiver/Manager by the Commission.
In a statement signed by the Company Secretary of Universal Insurance, Mr. Chinedu Onyilimba, the insurer noted that the Court has directed the Respondents not to take any steps pending the determination of the application.
It also notified its shareholders and the investing public that the Federal High Court of Nigeria, Lagos Judicial Division, Ikoyi, in Suit No. FHC/LAG/CS/1179/2026, involving the Company and the National Insurance Commission (NAICOM) and other Respondents, has granted the Company leave to commence proceedings against the Respondents in relation to the cancellation of the Company’s operating licence and the appointment of a Receiver/Manager.
The statement added that the court has further directed the Respondents to show cause why an interim order staying any further action in respect of the cancellation of the Company’s operating licence or any action by the 3rd Respondent should not be granted.
It further stated, “The Court has also directed the Respondents not to take any steps that may create a fait accompli or otherwise render the proceedings nugatory pending the determination of the application’’.
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