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REPRU Assets to be Auctioned October 9 After Licence Revocation by NAICOM
By Adedapo Adesanya
The assets of Royal Exchange Prudential Life Plc (REPRU) have been put up for auction following the revocation of its insurance licence by the National Insurance Commission (NAICOM).
The Receiver and Provisional Liquidator appointed by NAICOM is offering various categories of the insurer’s assets for sale, with October 9, 2026 set as the deadline for interested buyers.
NAICOM revoked REPRU’s certificate of registration effective August 3, 2026 and ordered the immediate winding-up of the company after it failed to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIRA) 2025.
The regulator had set July 31, 2026, as the deadline for insurers and reinsurers to meet the new minimum capital requirements under the industry’s recapitalisation exercise.
Following the failure to meet the requirement, NAICOM appointed Mr Titilayo Akinlawon, a Senior Advocate of Nigeria (SAN), as Receiver and Provisional Liquidator to take control of REPRU’s affairs, liquidate its assets and settle outstanding liabilities.
The auction now moves the liquidation process into the asset-realisation stage, with proceeds from the sale expected to form part of the resources available to settle the insurer’s obligations.
The specific assets being offered and the applicable terms of sale are contained in the auction notice issued by the Receiver and Provisional Liquidator.
REPRU is among six insurers that failed to meet the recapitalisation deadline, leading to regulatory action against the affected operators.
The liquidation of REPRU is separate from the operations of Royal Exchange Plc, which sold its stake in the life insurer to MediPlan Holdings Limited for N1 billion in August 2022.
Royal Exchange Plc subsequently clarified that it no longer owns or controls REPRU and that the insurer’s operations, financial position and regulatory obligations are separate from those of the listed company.
The October 9 deadline is the immediate milestone for prospective buyers seeking to participate in the asset auction, while policyholders and creditors will be watching the process as the insurer moves towards settling its outstanding obligations.
