Royal Exchange Prudential Life Auctions Assets After Licence Revocation

Royal Exchange Prudential Life Plc (REPRU) has initiated an asset auction after the National Insurance Commission (NAICOM) revoked its insurance licence. The revocation, effective August 3, 2026, was due to REPRU's failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIRA) 2025.

The Receiver and Provisional Liquidator appointed by NAICOM is overseeing the auction, which is scheduled to conclude on October 9, 2026. This auction signifies the transition into the asset-realisation phase of the company's winding-up process, aimed at converting assets into funds to settle liabilities.

Previously, six insurers, including REPRU, missed the recapitalisation deadline, leading to the cancellation of REPRU’s licence and the commencement of formal winding-up proceedings. It is important to note that this regulatory action is distinct from the listed Royal Exchange Plc, which had divested its interest in the life insurer prior to the recapitalisation exercise.