Royal Exchange Prudential Life Plc (REPRU) has put its assets up for auction following the revocation of its insurance licence by the National Insurance Commission (NAICOM), the auction notice obtained by Nairametrics shows.
The Receiver and Provisional Liquidator appointed by NAICOM is offering various categories of the company’s assets for sale, with October 9, 2026 set as the deadline for interested parties.
The auction marks the latest stage in the winding-up of the life insurer after NAICOM cancelled its certificate of registration for failing to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIRA) 2025.
The asset auction moves the liquidation process into the asset-realisation stage following the appointment of a Receiver and Provisional Liquidator. Under the auction notice, categories of Royal Exchange Prudential Life’s assets are being offered for sale to interested buyers.
The auction therefore represents a further step towards converting REPRU’s assets into funds for the settlement of its liabilities.
NAICOM revoked Royal Exchange Prudential Life’s certificate of registration with effect from August 3, 2026 and ordered the immediate winding-up of the company’s operations.
Nairametrics previously reported that six insurers missed the recapitalisation deadline, with Royal Exchange Prudential Life among the affected operators.
The subsequent cancellation of REPRU’s licence moved the company beyond the recapitalisation process and into formal winding-up proceedings.
The regulatory action against Royal Exchange Prudential Life is separate from listed Royal Exchange Plc, which had disposed of its interest in the life insurer before the latest recapitalisation exercise.
For Royal Exchange Prudential Life, the process has therefore moved beyond efforts to satisfy recapitalisation requirements, with the immediate focus now on asset realisation, liability settlement and the orderly winding-up of the company’s affairs.
