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.
An Aero Contractors flight travelling from Lagos to Abuja on Saturday morning returned to its departure airport after the crew reported a technical issue while the aircraft was airborne.
The aircraft, which departed Lagos at about 7:30 a.m., had travelled part of the route mid air before the flight crew decided to discontinue the journey and return to Lagos as a precautionary safety measure.
Passengers were safely evacuated after the aircraft landed, and no injuries were reported.
A passenger aboard the flight told PREMIUM TIMES that the cabin became unusually hot while the aircraft was in the air, causing anxiety among passengers.
According to the passenger, the crew informed those on board that the aircraft had developed a technical problem and would return to Lagos but did not disclose the exact nature of the fault.
“There was a lot of panic because people did not know exactly what had happened. We were only told there was a technical problem and that we had to return to Lagos,” the passenger said.
As of 10:10 a.m., the affected passengers had begun boarding another Aero Contractors aircraft to continue their journey to Abuja, according to one of the passengers who spoke with PREMIUM TIMES.
PREMIUM TIMES contacted Aero Contractors for comments on the incident, including the nature of the reported technical issue, the reason for the aircraft’s return to Lagos and the arrangements made for affected passengers.
However, the airline had yet to respond as of the time this report was filed.
Recent incidents
Saturday’s occurrence comes about two months after a Max Air flight from Abuja to Katsina made an emergency return to the Nnamdi Azikiwe International Airport shortly after take-off following a reported technical fault.
As previously reported by PREMIUM TIMES, passengers on the May 2026 flight recounted hearing loud banging sounds from the aircraft before it reportedly lost altitude briefly and struggled to stabilise, prompting the pilot to return to Abuja as a safety precaution. The aircraft landed safely, and no injuries were reported.
READ ALSO: Benin runway excursion not crash or emergency landing Enugu Air CEO
The Aero Contractors incident also comes amid increased public attention to airline operations following Thursday’s runway excursion involving an Enugu Air Embraer E170 at Benin Airport.
Although all 63 passengers and five crew members escaped unhurt, the occurrence disrupted flight operations after the runway was temporarily closed, forcing Air Peace and United Nigeria Airlines to suspend flights to and from Benin while aircraft recovery and safety assessments were carried out.
While the circumstances surrounding the Aero Contractors, Max Air and Enugu Air incidents differ, they have renewed attention on operational reliability and safety across Nigeria’s aviation sector.
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