REPRU Starts Asset Liquidation After License Cancellation

Royal Exchange Prudential Life Plc (REPRU) has entered the asset liquidation phase following the cancellation of its operating license by the National Insurance Commission (NAICOM). The cancellation, effective August 3, 2026, was due to REPRU's failure to meet the new minimum capital requirement established by NAICOM, which insurers were required to comply with by July 31, 2026.

Titilayo Akinlawon has been appointed as the Receiver and Provisional Liquidator to manage REPRU's affairs during the liquidation process. An auction notice has been issued, inviting prospective buyers to submit bids for various categories of REPRU's assets by October 9, 2026.

The funds generated from this sale are intended to address the company's outstanding obligations to policyholders, creditors, and other stakeholders. Policyholders and creditors are advised to monitor the asset-realization process as the liquidation continues.