Royal Exchange Prudential Life puts assets up for auction after licence revocation
Royal Exchange Prudential Life Plc (REPRU) has put its assets up for auction following the revocation of its insurance licence by the National Insurance Commission (NAICOM), the auction notice obtained by Nairametrics shows.
The Receiver and Provisional Liquidator appointed by NAICOM is offering various categories of the company’s assets for sale, with October 9, 2026 set as the deadline for interested parties.
The auction marks the latest stage in the winding-up of the life insurer after NAICOM cancelled its certificate of registration for failing to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIRA) 2025.
Receiver begins REPRU asset auction:
The asset auction moves the liquidation process into the asset-realisation stage following the appointment of a Receiver and Provisional Liquidator. Under the auction notice, categories of Royal Exchange Prudential Life’s assets are being offered for sale to interested buyers.
Prospective buyers have until October 9, 2026 to participate in the process.
The Receiver and Provisional Liquidator is responsible for taking control of the insurer’s affairs and liquidating its assets.
Proceeds from the asset sales are expected to form part of the resources available for settling the company’s outstanding obligations under the applicable liquidation framework.
The specific assets being offered and the applicable terms of sale are contained in the auction notice issued by the Receiver and Provisional Liquidator.
Policyholders, creditors and other stakeholders will be watching the asset-realisation process as the winding-up progresses.
The auction therefore represents a further step towards converting REPRU’s assets into funds for the settlement of its liabilities.
Capital shortfall triggered licence revocation:
NAICOM revoked Royal Exchange Prudential Life’s certificate of registration with effect from August 3, 2026 and ordered the immediate winding-up of the company’s operations.
The regulatory action followed REPRU’s failure to meet the statutory minimum capital requirement under the insurance industry’s recapitalisation exercise.
NAICOM took the action under powers granted to it by NIRA 2025 after the recapitalisation deadline.
In a notice signed by Deputy Commissioner (Technical), Decent Jankara, NAICOM announced the cancellation of REPRU’s certificate of registration.
The regulator appointed Titilayo Akinlawon, SAN, as Receiver and Provisional Liquidator to take control of the insurer’s affairs, liquidate its assets and settle outstanding liabilities.
NAICOM had set July 31, 2026 as the deadline for insurers and reinsurers to meet the new minimum capital requirements.
Nairametrics previously reported that six insurers missed the recapitalisation deadline, with Royal Exchange Prudential Life among the affected operators.
The subsequent cancellation of REPRU’s licence moved the company beyond the recapitalisation process and into formal winding-up proceedings.
REPRU liquidation enters asset realisation:
The regulatory action against Royal Exchange Prudential Life is separate from listed Royal Exchange Plc, which had disposed of its interest in the life insurer before the latest recapitalisation exercise.
Royal Exchange Plc sold its stake in REPRU to MediPlan Holdings Limited in August 2022 for N1 billion.
Royal Exchange subsequently clarified that it no longer owns or controls the life insurer and that REPRU’s operations, financial position and regulatory obligations are separate from those of the listed company.
The appointment of a Receiver and Provisional Liquidator provides the formal structure for taking control of REPRU’s assets and settling its obligations.
The asset auction is intended to convert part of those assets into funds as the winding-up process progresses.
The October 9 deadline is the immediate milestone for prospective buyers interested in participating in the auction.
Policyholders and creditors will be watching how the asset-realisation process affects the settlement of the insurer’s outstanding obligations.
For Royal Exchange Prudential Life, the process has therefore moved beyond efforts to satisfy recapitalisation requirements, with the immediate focus now on asset realisation, liability settlement and the orderly winding-up of the company’s affairs.
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