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SSA : Nigeria : Universal Insurance PLC

Name of company Universal Insurance PLC


18A Sinari Daranijo Street, Victoria Island, Lagos





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You've worked hard to build up your financial legacy. Let us help you secure it.

About Us

Universal Insurance Plc. is a leading name in the Nigerian insurance and financial services industry with over four decades of experience and operations in many states of the Nigerian Federation including the Federal Capital Territory.

Universal Insurance serves commercial, institutional and individual customers through an extensive general insurance network, also providing financial services and risk management services nation-wide. Universal Insurance Plc.'s leadership is as a result of its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement.

The Universal Insurance Company at a glance

Brief Introduction

The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc. was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.

The Universal Insurance Company Limited also from inception has been on a partnership relationship with Swiss Reinsurance Company of Zurich, which also provided the necessary reinsurance support. Mr. K. R. Lugg an expertrate had the privilege of being the first General Manager of the Company untill 1963 when Mr. M.A.C Chukwudinma was appointed the 1st indigenous General Manager.

The aftermath of the Nigeria civil war was that the eastern Nigeria became defunct. Thus after series of changes, the East Central state was split into Anambra, Imo, Enugu, Abia, and Ebonyi states. These five states apart from many individuals have shares in the Company


Universal Insurance Plc. is now a mega organization comprising the former United Trust Assurance Company Limited, Oriental Insurance Company Limited and African Safety Insurance Company Limited. Overtures are still being made by some companies seeking to be acquired by the new mega Company. The Shareholders fund of the new mega Company after NAICOM verification stood at over N5Billion.

Universal Insurance Plc. has 100% equity stake in African Alliance Insurance Company Limited to handle the life aspect of its operations.


The Board of Directors is made up of men and women of impeccable integrity who have distinguished themselves in various endeavouors.


The Board of Directors is made up of personalities of impeccable integrity who have distinguished themselves in various endeavours.


His Royal Majesty Igwe Achebe studied in Nigeria and Overseas. He holds a Master of Business Administration degree amongst his numerous qualifications. On graduation he was employed by Shell P.D.C where he rose to the position of Executive Director after many years of meritorious service both in Nigeria (P.H, WARRI and LAGOS) and Overseas (London, Netherlands) etc. A guru in internal affairs and international relations, he represented Shell companies in Nigeria and in London as an Adviser. He is Patron of MTN, Director of Cadbury, Director of Omak Petroleum Services, Director Diamond Bank Plc, and a host of other companies. He is married with children.


ENGR. (CHIEF) CYRIL AJAGU is a versatile business mogul with responsibilities as the Group Managing Director of Molit Hotels Ltd, Conau Limited (Nig) and (Uk) Tecu Limited and Vice Chairman of Universal Insurance Plc, Chaiman African Alliance Insurance Plc and Ghana Life Insurance Co Ltd. He studied in Nigeria and is armed with a B.Tech in Mining Engineering and MBA in Innovation Technology. He has worked with Oil Companies such as Mobil Nigeria and Overseas (North Sea) Schlumberger and Shell. Chief Ajagu is a good strategist and from a renowned business family.

He is highly knowledgeable and his business acumen cuts across Construction, Estate Development, Management, Transportation, Oil and Gas, Farming, SMEs and Industrial Consultancy. As the representative of the Core Investors that bought Universal Insurance Plc, he is committed to the re-engineering of the new mega-company. His exceptional performance earned him various awards such as Paul Harris Fellow of Rotary Club International, Fellow of the Institute of Entrepreneurial Studies, Fellow of Chartered Institute of Cost Management, 25 Agents of Change in Corporate Nigeria of (ThisDay Newspaper), Member of the West African Insurance Institute and Dr. Kwame Nkrumah Africa Leadership Award – 2008.


Mrs. Okonedo obtained her First Degree in (Accountancy) in 1987 from University of Benin, she later attended International Graduate School of Management Navarre, Spain from where she obtained her Masters Degree in Business Administration 1996 – 1997, an Associate of The Institute of Chartered Accountants of Nigeria (ACA)

She later joined IMB Securities Plc where she worked as Assistant Manager Unit Head: Funds and Investment and has acquired a lot of experience while working in different companies over the years. Presently, she is a consultant at Lagos Business School where she lectures top company executives on strategic policy issues ranging from Economics Policies to Management. She is married with children.


A disciplined and well-schooled woman in Law and Financial/Business Studies with a lot of drive and an accomplished achiever. She is the Former General Manager, Human Resources for the Union Bank Plc group both for Nigeria and Overseas. Presently she is the President of the Nigeria Chartered Institute of Bankers, a Director in Union Bank Trustees and Central Bank of Nigeria. She is married with children.


He is the past Group Executive Director Finance and Administration Nigerian National Petroleum Corporation (NNPC), and currently the Chief Executive Officer of PCG Management Services Limited a Consultancy outfit specialized in Finance, Oil and Gas Services of both local and International repute. Also a renowned Chartered Accountant. He is married with children.


Chief Abel Nwankwo is a seasoned and very experienced Accountant and Administrator. He studied Accountancy at the City of London College and South West London College. He worked in several Companies and Establishments both in Nigeria and Overseas for a period spanning over 35 years.

He is an accredited member of various professional bodies. A Fellow of Certified National Accountants of Nigeria (FCNA) and holds PhD (Honoris Causa) in Business Administration from North Carolina Christian University, USA. He has four children.


Evang. Jasper Azodo has worked in various Insurance and Brokerage companies in Nigeria and had spent 31 years in the insurance Industry, the former Managing Director/Chief Executive Officer of Pinnacle Insurance brokers Limited, and later was appointed on the Board of Universal Insurance Plc . He is also an Ordained Minister of God. He is married with children



MR. John O. Ethagbe is an Associate Member of the Chartered Institute of Nigeria and holds an MBA Degree in Business Administration from Edo State University. He is also an Associate member of the Nigerian Institute of Management, An Associate member of the Institute of Cost Accountants and Alumni of Kano State Polytechnic. Mr. John Ethagbe started his marketing career with UTC Nigeria Limited before joining the Insurance Industry in 1982. His career in the Insurance Industry started with Kapital Insurance Company Limited. While at Kapital, he went through the various Departments and finally settled down in Marketing/Business Development Department.

He almost single handedly pioneered the Lagos Office Operations from nothing to its present enviable status in terms of growth in premium income. This accounted for his elevation to the post of Deputy General Manager (South)

His exposure in both Underwriting and Marketing enabled him to arrange some of the Oil and Aviation Risks for Kapital Insurance Company in liaison with the Reinsurers.

Mr. John Ethagbe has therefore as part of the consolidation in the Insurance Industry pitched his tent with the crack Management Team of Universal Insurance Plc. John is happily married with children


Barr (Mrs) G N Mbanefo holds OND and HND (Secretarial Studies) from The Institute of Management and Technology, Enugu 1984 – 1986 and later read law at the University of Nigeria Nsukka between 1989 – 1995 from where she obtained Degree in Law, LLB (Hons) and BL.

She started her working career from ELF Nigeria Limited Port Harcourt in 1987 where she gained experience in legal matters, before joining Universal Insurance Plc and has worked in various capacities as Legal Manager and Company Secretary of the Company. She has gained experience in Company Law practice and Company legal issues. She is married with children.


BEN UJOATUONU is a seasoned Insurance and Risk Management practitioner. He is a HND graduate of Insurance of the Institute of Management and Technology (IMT) Enugu. He obtained his Masters in Business Administration (MBA) degree from the University of Calabar. He is also an Associate of the Chartered Insurance Institute of Nigeria (ACIIN).

He started his Insurance career with Regency Insurance Co Ltd as one of the key underwriting staff, from where he joined Kapital Insurance Co Ltd. He headed the Technical department of Coral International Insurance Co Ltd and later moved to Global Commerce and General Assurance Ltd as Group Head Technical and later rose to the position of Deputy General Manager (Technical Operations). After the recent consolidation in the insurance industry, he joined Crown Insurance Brokers Limited and Nobel and Lesley Consulting Limited as The Group General Manager from where he joined Universal Insurance Plc.

For the past ten years he has been involved in preparing students for the insurance professional examinations organized by the Chartered Insurance Institute of Nigeria (CIIN). He is a human capital developer involved in training and facilitation. Ben has attended many local and international courses on insurance and management. He is happily married with children.


Mr. Adeyemo is an Associate member of Institute of Chartered Accountants of Nigeria, Institute of Company and Commercial Accountants and Chartered Institute of cost Management. He holds BSC. Accounting from Ambrose Alli University, Ekpoma, Edo State.

Mr. Adeyemo started his Accounting practical experience with Adesunmi Adesida, Chartered Accountants. He has over 20 years experience at senior and management levels of Kapital Insurance Company Ltd. He established Accounts of Life arm of Kapital Insurance and Accounts of Kapital printing press (a subsidiary of Kapital Insurance Company). He was a practicing partner with Deleola & Co, Chartered Accountants before joining Universal Insurance plc. He is happily married with children.


Chris Akaigwe is a professional banker having acquired twenty five years experience from First Bank of Nigeria Plc. He has been involved in all aspects of branch operations, business development, project appraisal and monitoring.

He was a credit Analyst and one of the first group that introduced consumer banking into the Nigerian banking industry, and worked variously as Manager- Mortgages and Head, Lending & Administration for eight years before moving over to the Universal Insurance Group in February 2008.

He holds HND in Banking & Finance from Federal Polytechnic, Oko and an MBA degree from Ambrose Alli University, Ekpoma. He also holds an ACIB from the Chartered Institute of Bankers of Nigeria.


Mr. Benson Ogbonna is an Associate member of the National Institute of Marketing Nigeria and American Society of Civil Engineers respectively. He also holds a Diploma in Salesmanship from Jersy Britain, a Bsc in Industrial mathematics, Msc in geophysics and MBA in Marketing.

He has worked at various times with the University of Port-Harcourt and Rivers State University of Science and technology as part time Lecturer. He is a Resource person to Graduate Management School, Port Harcourt. He joined Conau group in 2000 as Marketing Manager and in 2003 was promoted to General Manager, Business Development from where he became an Executive Director.


Mr. Anyanwu obtained an HND, PGD and MBA Management from the Federal Polytechnic, Oko and University of Calabar respectively. He has been an active player in the Insurance industry since 1992. Prior to joining Universal, he has worked with African Development Insurance Co Ltd, Central Insurance Co Ltd where he rose

to the position of Deputy Manager, Marketing before leaving in 1998. In December 1998, he joined the team that started Guardian Trust Insurance Company Ltd. where he left in June 2004 to join the company as Head, Abuja Office. He is married with children.


Barr Onyilimba holds Bs.c (Hons) in Mass Communication, and later read law at the University of Nigeria, Nsukka where he obtained his LL.B (Hons) and was called to Bar in 1998. He has worked in various Law Firms and have gained enormous experience in law practice before joining The Universal Insurance Company Limited in 2007 as Manager (Legal/HR) He is married with Children.


MR. IROLEWE UKACHUKWU holds First Degree in Insurance and Risk Management from Enugu State University of Science and Technology (ESUT). Pitman (London) Certificate in Secretarial Administration. He is also a Member of the Insurance Institute of Nigeria. Mr. Irolewe has over 20 years experience in Middle Management postion in Insurance, Risk Management and Administration.

He started his early career in the insurance industry with The Universal Insurance Company Limited in 1980’s and have held various positions and have also worked in various Departments and Branches of the Company. He has gained enormous experience and exposure both in Insurance and Administration.

In 2004 Mr. Irolewe joined the Core Investors of The Universal Insurance Company Limited from Enugu to Lagos on relocation of the Head Office to Lagos and became the Personal Assistant to the Executive Vice Chairman. He is currently a Personal Assistant to the Executive Vice Chairman and Head of Administration of the Company.He is married with children.


Miss Justina Nkechi Nnadi holds HND in Accountancy from Instititute of Management and Technology (IMT) Enugu and later obtained Masters Degree in Business Administration (MBA) from Ado Ekiti University. He has gained job experience in Accounting. Between year 2002 – 2006 she worked in Gold Standard Insurers Limited as Head of Acccounts Department and later joined Jinbei Motors Limited in mid 2006 where she worked briefly before joining The Universal Insurance Company Limited.

Mission Statement

"Our mission is to become a dominant player through the provision of Insurance Services with professional touch, using highly motivated workforce and modern Information Technology, while discharging our duties to the Society and all stakeholders as a responsible corporate citizen". This shows we recognize that our investments in support of customers, employees and the communities in which we operate are critical to our success.

Our ongoing efforts to be an outstanding corporate citizen and promote responsible and sustainable business practices are essential to our long-term business objective of creating value for our shareholders and serving the interests of our clients, and thus our focus-

Our Corporate Focus

"To render prompt, honest, efficient, innovative and dynamic Insurance Services to all our stake holders, especially, in the areas of provision of adequate cover, risk management services and prompt settlement of claims".

Who We Are

The Universal Insurance Plc. is one of the nation’s largest personal lines insurer. With over N8 billion in assets, we sell eight major lines of insurance, including auto, property and commercial.

We are widely known for providing peace of mind to our clients and enriching their quality of life through our partnership in the management of the risks they face.


Our company is structured to guarantee efficiency in service delivery to our clients. We run a unique system that empowers middle level officers to take decisions quickly. We have also developed and put in place an environment that is customer oriented in both design and attitude that enables us walk our talk.

Our high performance work environment encourages individual accountability, innovative thinking and continuous learning and improvement. Our work environment is fast-paced, challenging, and collaborative. It's our goal to provide challenging work that is interesting and meaningful and to reward employees' efforts based on a pay for performance approach.

Our Network

Universal Insurance Plc has operations in 10 states with branches in Port Harcourt, Abuja, Enugu, Owerri, Benin City, Onitsha,

Jos, Aba, Port Harcourt and Kaduna. Customers can access our products and services through any of our branches or visit our website.

Products Overview

As a full service insurance company and also as one of the largest in Nigeria, we have the market contacts, relationships and leverage which enables us to provide a wide range of services and coverage's to meet your insurance and financial needs.

We pride ourselves on being large enough to provide complete risk management services, yet small enough to provide persona! service to every client.

Universal Insurance Plc. can meet all of your insurance needs by providing coverage in the following area

See also:

Interview with Engr. Cyril U.O. more!






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