Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.

The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.

Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading

Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.

Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.

Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.

Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.

On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.

Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.

The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.

The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.

Federal Ministry of Solid Minerals Development has debunked allegations by the Northern Elders Forum that the Federal Government sited a gold refinery in Lagos, breaching the federal character principle.

Minister Dele Alake

In a statement from Abuja, Special Assistant to Minister Dele Alake, Segun Tomori, described the claim by the forum’s spokesperson, Prof. Abubakar Jiddere, as “false and misleading.” He clarified that the minister never announced any government-owned gold refinery in Lagos or elsewhere.

Mr Tomori stressed that Minister Alake explicitly described the refinery as a private initiative by Kian Smith, one of several such projects nationwide. “The Federal Government does not compel private companies to site operations in specific regions,” he added, crediting founder Nere Emiko’s leadership.

The project supports the government’s value-addition policy to curb raw mineral exports and boost local processing. Reforms over two years have spurred investments like a $600 million lithium plant in Nasarawa, a $400 million rare earth facility there, and a $200 million ASBA lithium plant in Abuja.

Tomori highlighted the policy’s role in attracting foreign capital and creating jobs, describing the Lagos refinery as proof of successful reforms. He urged the Northern Elders Forum to back efforts for a stronger Nigerian economy rather than spreading misinformation.

Economic and Financial Crimes Commission (EFCC) has partnered with the National Space Research and Development Agency (NASRDA) to deploy advanced space and geospatial technologies in investigations and asset management.

Ola Olukoyede, executive chairman of the EFCC,

The move is expected to deepen transparency, strengthen asset recovery and curb economic sabotage according to a statement by Dele Oyewale, head, Media and Publicity, EFCC.

He said that the partnership was formalised through the signing of a Memorandum of Understanding (MoU) on Thursday in Abuja

The agreement is aimed at strengthening inter-agency collaboration, particularly in the areas of investigations, asset tracking and fraud risk assessment, marking a new phase of cooperation between the anti-graft agency and Nigeria’s space research and regulatory authority.

Speaking at the signing ceremony, Ola Olukoyede, executive chairman of the EFCC, described the agreement as a practical demonstration of the power of collaboration among government agencies.

He noted that closer cooperation would make it easier for institutions to effectively deliver on their statutory mandates.

According to Olukoyede, the MoU clearly defines the responsibilities of both agencies and establishes a framework for sustained cooperation.

He disclosed that a special monitoring and implementation team would be constituted to ensure the effective operationalisation of the agreement and to periodically review its impact.

“We will put a team together that will monitor the operationalisation of this MoU and also review the effectiveness of the platform from time to time.

“When agencies work together in the spirit of collaboration, it not only enhances efficiency but also encourages other ministries, departments and agencies to explore similar partnerships in the overall interest of national development”, he said.

Explaining the specifics of the partnership, the EFCC chairman said NASRDA would provide advanced technological tools to boost the Commission’s investigative capacity and asset tracking, while the EFCC would deploy its expertise to support the agency in fraud risk assessment.

“We will support you in the area of fraud risk assessment, and you will support us in promoting our investigative capacity.

“Where our eyes cannot get to, with the aid of your technology, we will be able to get there”, Olukoyede said.

He noted that the collaboration would be particularly beneficial to investigations into illegal mining activities, which have been linked to economic sabotage and rising insecurity in parts of the country.

“With the technology you are going to support us with, we will be able to identify some of these areas,” he added.

Olukoyede further expressed optimism that the partnership would significantly enhance the EFCC’s asset management processes, stressing that asset recovery remains one of the core pillars of the Commission’s mandate.

He explained that recovered assets are scattered across the country and exist under different legal statuses, including interim and final forfeiture.

“In some of these places, we may not have enough personnel to physically secure the assets. But with your support, we will be able to deploy geospatial technology and asset tagging devices to monitor both movable and immovable assets in a transparent and accountable manner”, he said

In his remarks, Matthew Adepoju, director-general and chief executive officer of NASRDA, welcomed the partnership, describing the MoU as a major milestone in the pursuit of justice and regulatory compliance within Nigeria’s space ecosystem.

Adepoju stressed that space-related activities are strictly regulated in developed economies and should be treated with similar seriousness in Nigeria, particularly in view of the potential misuse of satellite assets.

“You cannot go anywhere in Europe, continental America or the Far East and be doing business in the space ecosystem without the country ensuring that you are doing the right thing.

“We know for a fact that some satellite assets are being used negatively in driving insecurity in the country”, he said.

He also raised concerns over the use of satellite-mapped data on Nigeria’s natural resources to aid illegal activities, especially illegal mining, which he identified as one of the drivers of insecurity.