Business
Universal Insurance Boosts Confidence Ahead of Industry Recapitalisation
From left: President and Chairman of Council of NCRIB, Barr. (Mrs.) Ekeoma Ezeibe Presenting award plaque to the Managing Director/CEO of Universal Insurance Plc, Dr. Japhet Duru, at the April 2026 edition of the Brokers’ Evening sponsored by the company in Lagos.
BY NKECHI NAECHE-ESEZOBOR—As Nigeria’s insurance industry approaches the 2026 recapitalisation exercise, Universal Insurance Plc has expressed strong confidence in its ability to exceed regulatory capital requirements, while reassuring brokers of its continued commitment to service delivery and partnership.
The recapitalisation initiative follows the Presidential assent to the Nigeria Insurance Industry Reform Act (NIIRA) on August 5, 2025. The reform is designed to strengthen the regulatory framework, enhance policyholder protection, deepen insurance penetration, and ensure that underwriting firms meet their statutory obligations, particularly in claims settlement and risk coverage.
Speaking at the April 2026 edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening held in Lagos, the Managing Director/CEO of Universal Insurance Plc, Dr. Japhet Duru, emphasized the critical role brokers play in the company’s growth and success.
READ ALSO: Universal Insurance Emerges Best Insurance Company Supporting Youth Drug Abuse Prevention in Nigeria
He described brokers as “the backbone of insurance distribution,” noting that they remain trusted advisors to clients and key drivers of industry expansion. According to him, Universal Insurance has continued to strengthen its relationship with brokers through improved service delivery channels, enhanced communication, streamlined underwriting processes, and faster turnaround times—especially in claims settlement.
Addressing concerns around recapitalisation, Dr. Duru disclosed that the company is already taking concrete steps toward meeting the new capital requirements.
He revealed that Universal Insurance is finalizing documentation to commence a Rights Issue and private placement, with strong backing from existing shareholders.
“We have received commitments from many of our shareholders not only to retain their shares but to increase their stakes. In fact, the level of interest suggests we may have to refund some funds after the exercise due to oversubscription,” he said.
This development signals a strong vote of confidence in the company’s financial health and positions it as a likely contender among firms expected to meet the recapitalisation threshold set by the National Insurance Commission (NAICOM).
Also speaking at the event, the President and Chairman of Council of NCRIB, Barr. (Mrs.) Ekeoma Ezeibe, commended Universal Insurance for sponsoring the event and acknowledged the impressive turnout of industry stakeholders.
She highlighted the broader economic reforms shaping Nigeria’s business environment, noting that recent policy changes are creating new opportunities for insurance growth. According to her, foreign exchange market reforms have improved transparency, with a reported 41 percent year-on-year increase in capital inflows in the first quarter of 2026.
Ezeibe further noted that savings from subsidy reforms are being channeled into infrastructure projects such as the Lagos-Calabar Coastal Highway, new industrial roads, and the Presidential CNG Initiative—developments that are generating significant insurable assets.
“These reforms are unlocking value across sectors. New infrastructure requires builders’ liability insurance, CNG fleets need motor and goods-in-transit covers, and growing SMEs require group life and asset protection policies. Insurance is fast becoming critical economic infrastructure,” she said.
She urged brokers to position themselves strategically to harness these emerging opportunities, assuring that NCRIB will continue to support members in converting national economic growth into increased insurance penetration.
The event also featured a comedy performance by popular Nigerian comedian Igwe, adding a lively touch to the gathering. It was attended by notable industry figures, including past NCRIB presidents Mr. Sola Tinubu and Prince Babatunde Oguntade, as well as the immediate past president of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti.
The post Universal Insurance Boosts Confidence Ahead of Industry Recapitalisation appeared first on Business Today NG.
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Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.
Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.
In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.
“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.
“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.
PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.
Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.
United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.
The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.
It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.
Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.
The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.
READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft
Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.
The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.
Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.
The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.
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