Royal Exchange Prudential Life Plc (REPRU) has begun the process of selling its assets following the cancellation of its operating licence by the National Insurance Commission (NAICOM).
The insurer has entered the asset-realisation stage of its winding-up process, with prospective buyers invited to submit bids for various assets owned by the company.
According to a report by Legit.ng, the Receiver and Provisional Liquidator overseeing REPRU’s affairs has opened a bidding process, with interested parties required to submit their offers by October 9, 2026.
NAICOM cancelled REPRU’s certificate of registration with effect from August 3, 2026, after the company failed to meet the new minimum capital requirement introduced under Nigeria’s insurance-sector reforms.
The revised capital requirements formed part of the recapitalisation exercise under the Nigeria Insurance Industry Reform Act 2025. Insurers and reinsurers were required to meet the new thresholds by July 31, 2026.
Following the cancellation of the licence, NAICOM appointed Titilayo Akinlawon, SAN, as Receiver and Provisional Liquidator. She is responsible for taking control of the company’s affairs, managing its assets and liabilities and overseeing the liquidation process.
The proceeds from the asset sales are expected to form part of the funds available to settle REPRU’s outstanding obligations to policyholders, creditors and other stakeholders.
The development concerns Royal Exchange Prudential Life and should not be confused with Royal Exchange Plc. The life insurer’s asset sale is part of the formal winding-up process following the regulatory action.
The case highlights the impact of Nigeria’s insurance-sector recapitalisation programme, which has required operators to strengthen their financial capacity or face regulatory action.
As the liquidation process continues, policyholders and creditors with outstanding claims will be watching the asset-realisation exercise and subsequent distribution of available funds.