The National Insurance Commission (NAICOM) revoked the operating licence of Universal Insurance Plc on August 14, 2026, following the company’s failure to meet the mandatory N15 billion recapitalisation requirement under the Nigerian Insurance Industry Reform Act. Despite reporting a profit after tax of N4.90 billion in the first half of 2026, the insurer could not secure the necessary capital, as a last-minute rescue deal with FPNG Co-Nvest Limited arrived on the day of the revocation. The collapse has drawn criticism regarding the inaction of the five South-East state governments, which held legacy interests in the firm, contrasting with the proactive recapitalisation efforts seen in other states. Ogbonna Chukwumerije of Pinheiro LP has been appointed as the receiver and liquidator to secure assets and manage outstanding policyholder claims.