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.
The post Universal Insurance Boosts Confidence Ahead of Industry Recapitalisation appeared first on Business Today NG.
Business
Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections
BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.
The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.
This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.
The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.
The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.
The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.
The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.
However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.
The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.
With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.
The post Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections appeared first on Business Today NG.
The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.
Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.
The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.
In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.
Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”
When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.
“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.
He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.
“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.
The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.
“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.
Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.
READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi
Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.
Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.
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