MediPlan Fails Recapitalization, REPRU License Revoked

Shareholders of Royal Exchange Plc (NGX: ROYALEX) expressed dissatisfaction with MediPlan Healthcare Limited's failure to recapitalize Royal Exchange Prudential Life Assurance Company Limited (REPRU) as mandated by the National Insurance Commission (NAICOM). This failure resulted in NAICOM revoking REPRU’s operational license on August 4, 2026, and appointing a Receiver and Temporary Liquidator for the winding-down process.

The shareholders accused MediPlan of intentionally defaulting on its recapitalization obligations and not adhering to the terms of the Share Sale Agreement, which required MediPlan to return the business to Royal Exchange Plc upon default. In response to the situation, Royal Exchange Plc secured shareholder approval in July 2026 to reacquire and recapitalize REPRU to ensure compliance with regulations, protect policyholders, and preserve shareholder value.

The shareholders reaffirmed their commitment to high standards of corporate governance and regulatory compliance.