Nigerian Insurance Company Begins Sale of Assets After Losing its License
- Royal Exchange Prudential Life's Receiver and Provisional Liquidator opened a bidding process for the company's assets, with an October 9, 2026 deadline
- NAICOM cancelled REPRU's operating licence after the insurer failed to meet the minimum capital requirement under Nigeria's new insurance reform law
- Titilayo Akinlawon, SAN, was appointed to oversee the winding-up process and manage the company's assets and liabilities
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Royal Exchange Prudential Life Plc (REPRU) has entered the asset liquidation stage after the National Insurance Commission (NAICOM) cancelled its operating licence, with prospective buyers given until October 9, 2026, to bid for the company's assets.
The Receiver and Provisional Liquidator appointed to oversee the insurer's affairs has issued an auction notice inviting interested parties to bid for various categories of REPRU's assets.
Source: Facebook
Funds generated from the sales are expected to contribute towards settling the company's outstanding obligations to policyholders, creditors and other stakeholders.
Why NAICOM withdrew REPRU's licence
NAICOM cancelled REPRU's certificate of registration effective August 3, 2026, after the insurer failed to meet the new minimum capital requirement established under the Nigerian Insurance Industry Reform Act (NIRA) 2025.
The law required insurers and reinsurers to meet the revised capital thresholds by July 31, 2026, as part of the industry's recapitalisation exercise.
REPRU was among the insurance companies that failed to meet the deadline, leading to regulatory action that resulted in the cancellation of its licence and the commencement of winding-up proceedings.
Following the licence cancellation, NAICOM appointed Titilayo Akinlawon, SAN, as Receiver and Provisional Liquidator.
Akinlawon is responsible for taking control of REPRU's affairs, managing its assets and liabilities and overseeing the formal liquidation process.
REPRU assets put up for auction
The asset sale represents another stage in the winding-up of the life insurer, with the company's assets being offered to prospective buyers.
The auction notice contains the conditions applicable to the sale, while interested parties must submit their bids by the October 9 deadline.
The proceeds are expected to form part of the funds available for addressing REPRU's outstanding obligations as the liquidation process continues.
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Policyholders and creditors with outstanding claims are expected to monitor the asset-realisation process as the insurer's affairs are wound up.
The development involving REPRU is separate from Royal Exchange Plc, which had divested its interest in the life insurance subsidiary before the latest industry-wide recapitalisation exercise, Nairametrics reports.
The auction therefore relates to REPRU's assets as part of its liquidation and does not constitute a sale of the broader Royal Exchange group.
Court fixes date
Earlier, Legit.ng reported that the Federal High Court in Abuja has scheduled September 21, 2026, as the date for hearing a petition to wind up NICON Insurance Limited, weeks after Nigeria's insurance regulator revoked the company's operating licence.
Justice Chigozie Sergius Onah fixed the date after the winding-up petition, marked FHC/AB3/PET/18/2026, was filed on August 12, 2026, by Chukwuma-Machukwu Ume, SAN, who was appointed Receiver and Provisional Liquidator of NICON following the National Insurance Commission's (NAICOM) decision on August 3 to cancel the firm's Certificate of Registration, RIC-049.
Source: Legit.ng
