The suspension earlier placed on Universal Insurance Plc, which prevented its shareholders and other investors from trading the company’s shares at the stock market, has been lifted.
The embargo was removed by the Nigerian Exchange (NGX) Limited on Wednesday, September 3, 2025, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department at NGX.
This came about two days after the suspension was first announced in a circular to the investing community over the failure of the underwriting firm and two others (Regency Alliance Insurance and International Energy Insurance) to submit their audited financial statements for the year ended December 31, 2024.
Universal Insurance did the needful after investors could not trade its securities on Customs Street, prompting the management of the exchange to announce resumption in the trading of equities of the organisation.
“The company has now filed its audited financial statements for the year ended December 31, 2024 and outstanding unaudited financial statements for 2025.
“In view of the company’s submission of its 2024 AFS, and pursuant to Rule 3.3 of the default filing rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.
“Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today,” parts of the disclosure stated.
On Monday, the stock exchange suspended Universal Insurance in compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.