Universal Insurance secures N7.1 billion FPNG investment to meet NAICOM capital requirement

Universal Insurance Plc has entered into a binding investment agreement with FPNG Co-Nvest Limited for a N7.128 billion equity investment as the insurer moves to meet the National Insurance Commission’s (NAICOM) new minimum capital requirement.

Under the agreement, FPNG will invest the funds through a private placement in exchange for additional shares in Universal Insurance.

The development was disclosed in a statement filed with the Nigerian Exchange (NGX) on Friday, August 14, 2026, and signed by the Company Secretary, Chinedu Onyilimba.

What they are saying

Universal Insurance said the transaction will result in FPNG becoming the majority shareholder of the company, with a 50.1% equity stake upon completion.

• “FPNG would invest a total of N7.128 billion of equity capital via a private placement into Universal Insurance in exchange for additional shares in the Company.”
• The insurer said its Board and Management are engaging with NAICOM and other relevant regulators to secure the necessary approvals for the transaction.
• Upon completion, Universal Insurance expects the capital injection to take it above the regulatory minimum while maintaining a strong solvency margin.

Universal Insurance said all relevant board and shareholder approvals for the transaction have been obtained.

The company added that it would continue working with NAICOM on the next steps required to complete the recapitalisation process and comply with all applicable regulatory requirements.

Get up to speed

The transaction comes after Universal Insurance was not included among the 50 insurance and reinsurance companies that have so far been verified by NAICOM as meeting the new capital requirements.

• NAICOM initially confirmed 43 compliant companies after the July 31, 2026 deadline before verifying an additional seven firms on Thursday, bringing the total to 50.
• The industry-wide recapitalisation exercise has so far generated about N720 billion in fresh capital, strengthening the capacity of insurers to absorb larger risks and support economic activity.

The exercise followed the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the 12-month compliance period granted to insurance operators.

What you should know

Universal Insurance becomes the latest Nigerian company to attract investment from FPNG Co-Nvest Limited, a strategic investment and holding company with interests in listed financial and industrial companies.

• Earlier in 2026, FPNG emerged as a significant institutional investor in NGX Group Plc after acquiring a 5% stake in the company.
• The investment gave FPNG 5% of the issued share capital of NGX Group as of February 16, 2026.

In October 2025, the company also acquired 27.76 million shares in Thomas Wyatt Nigeria Plc, representing a 7.01% stake in the company.