NAICOM auctions REPRU assets after licence cancellation, bids close Oct 9
NAICOM revoked Royal Exchange Prudential Life Plc's insurance licence effective August 3, 2026, citing failure to meet the new minimum capital requirement under NIRA 2025, and appointed Titilayo Akinlawon, SAN, as Receiver and Provisional Liquidator to wind up the company. The Receiver has now put the insurer's assets up for auction, with a deadline of October 9, 2026 for interested buyers to submit bids. The auction moves the liquidation into the asset-realisation stage, aiming to convert assets into funds to settle policyholder claims, creditor debts and other obligations under the liquidation framework.
This development affects policyholders who may face delays in claim settlements, creditors awaiting payment, and broader confidence in Nigeria's insurance sector as it reflects the impact of the post-recapitalisation crackdown. Royal Exchange Plc, the former parent, sold its stake in REPRU to MediPlan Holdings in August 2022 for ₦1 billion and no longer controls the life insurer.
If you hold a policy with REPRU, monitor official communications from the Receiver for claim procedures. Creditors should review the auction notice for submission details. Prospective buyers have until October 9 to bid on the asset categories listed in the notice, available from the Receiver's office.