Universal Insurance has paid a N1.5 billion statutory deposit to the Central Bank of Nigeria as part of its recapitalisation efforts.
Universal Insurance has completed a key step in Nigeria's insurance sector recapitalisation by paying N1.5 billion as its statutory deposit to the Central Bank of Nigeria (CBN). This payment aligns with regulatory requirements aimed at strengthening the financial stability of insurance companies in the country. The move comes amid broader efforts by the CBN to enhance the capital base of financial institutions. No further details on the timeline or additional implications were provided in the available information.