Plans are underway by Universal Insurance to offer shareholders a N3.2 billion rights issue.
The underwriting has already filed an application to the Nigerian Exchange (NGX) Limited for approval and listing of the rights issue.
The insurer submitted this request through its stockbroker, APT Securities and Funds Limited, according to a circular signed for Head of Issuer Regulation Department at the bourse, Obioma Oge.
The company is planning to sell 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every six existing ordinary shares held as of the close of business on Monday, March 30, 2026.
Proceeds from the exercise would ostensibly be used to shore the capital base of the organisation in line with the recapitalisation programme of the National Insurance Commission (NAICOM).
The sector’s regulator has directed operators in the ecosystem to increase their minimum capital requirements on or before July 2026.
Their cousins in the banking landscape completed their recapitalisation on March 31, 2026, with the Central Bank of Nigeria (CBN) saying 33 lenders raised about N4.65 trillion in 24 months when the capital base increment from N25 billion was first announced.
“Trading license holders are hereby notified that Universal Insurance Plc has through its stockbroker, APT Securities and Funds Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Monday, March 30, 2026.
“The qualification date for the rights issue is Monday, March 30, 2026,” the notification read.