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.
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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.
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BY SUNDAY SAMUEL—The Lagos State Police Command, in compliance with the directive of the Inspector-General of Police, IGP Olatunji Rilwan Disu, aimed at enhancing public safety, strengthening security, and denying criminal elements the opportunity to conceal their identities and activities, will commence a statewide enforcement exercise against vehicles with covered, obscured, unauthorised, defaced or no registration number plates.
The exercise will commence on Monday, 15th June 2026, and will be led by the Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips. He has directed all Area Commanders, Divisional Police Officers (DPOs), across the State to commence enforcement of the directive and ensure full compliance within their respective Areas of Responsibility. He further directed that any vehicle found violating the directive be impounded and subjected to thorough investigation in accordance with extant laws and established procedures.
The Command wishes to assure members of the public that this enforcement exercise is not intended to inconvenience law-abiding motorists. Rather, it is a proactive security measure designed to enhance the capacity of Police operatives to identify vehicles, investigate crimes, track criminal suspects, and strengthen the overall security architecture of the State.
Accordingly, motorists, transport operators, fleet owners, and members of the public are advised to ensure that their vehicles carry valid, duly issued, and clearly visible registration number plates at all times. Vehicle owners are also encouraged to ensure that all relevant vehicle documents are up-to-date and readily available for inspection when required.
The Command remains steadfast in its commitment to protecting lives and property and creating a safer environment for all residents and visitors in the State. The success of this initiative, like all policing efforts, depends largely on the cooperation and support of members of the public. The Command appreciates the understanding, cooperation, and continued support of Lagosians as it continues to implement measures aimed at ensuring the safety and security of all.
Security is a shared responsibility. The Command therefore urges residents to remain vigilant and promptly report suspicious persons, vehicles, movements, or activities through the Command’s emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, and 09168630929.
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BY SUNDAY SAMUEL—The Zamfara State Police Command says its continuous effort to rid the state of crime and criminality have paid off as a team of police operatives attached to the Violence Crime Response Unit (VCRU), rescued three kidnapped victims along Gurusu–Anka Road who were travelling from Bukuyum to Talata Mafara.
A statement by Yazid Abubakar, Zamfara State Police Public Relations Officer says operatives were swiftly mobilised after receiving a distress call indicating that a large number of armed bandits wielding sophisticated weapons had blocked the Gurusu–Anka Road and kidnapped three persons travelling from Bukuyum to Talata Mafara. The team trailed the armed bandits into a nearby forest. A gun duel subsequently ensued between the police operatives and the bandits. Through the effective deployment of tactical measures, the bandits were overpowered and forced to flee into the bush with suspected gunshot wounds.
As a result of the operation, all three kidnapped victims were successfully rescued unharmed. However, the bandits escaped with an Android phone belonging to one of the victims.
Efforts are currently ongoing to track and apprehend the fleeing suspects through the stolen phone and other intelligence-led strategies.
The Commissioner of Police, A.M Bello Zamfara State Command, commends the bravery and professionalism of the operatives involved in the operation and reassures residents of the Command’s unwavering commitment to protecting lives and property across the state.
The post Zamfara Police Overpower Armed Bandits in Forest Gun Duel, Rescue 3 Kidnap Victims appeared first on Business Today NG.
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