The Receiver and Provisional Liquidator for Royal Exchange Prudential Life Plc (REPRU) has opened a bidding process for the company's assets, with an October 9, 2026 deadline, following the cancellation of the insurer's operating licence by the National Insurance Commission (NAICOM). The asset sale is part of the winding-up process after REPRU failed to meet the minimum capital requirement under Nigeria's new insurance reform law.
Why NAICOM withdrew REPRU's licence
NAICOM cancelled REPRU's certificate of registration effective August 3, 2026, after the insurer failed to meet the revised capital threshold established under the Nigerian Insurance Industry Reform Act (NIRA) 2025. The law required insurers and reinsurers to meet the new minimum capital requirements by July 31, 2026, as part of the industry-wide recapitalisation exercise.
REPRU was among the insurance companies that did not meet the deadline, leading to regulatory action that resulted in the licence cancellation and the commencement of winding-up proceedings. Following the cancellation, NAICOM appointed Titilayo Akinlawon, SAN, as Receiver and Provisional Liquidator, 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 auction notice invites interested parties to bid for various categories of REPRU's assets. The notice contains the conditions applicable to the sale, and prospective buyers must submit their bids by the October 9, 2026 deadline. Funds generated from the sales are expected to contribute towards settling the company's outstanding obligations to policyholders, creditors, and other stakeholders.
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 recapitalisation exercise, according to Nairametrics. 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 for NICON winding-up petition
In a related development, 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 NAICOM 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 NAICOM's decision on August 3 to cancel the firm's Certificate of Registration, RIC-049.
