Royal Exchange Plc has told the Nigerian Exchange and the investing public that Royal Exchange Prudential Life Plc (REPRU), the life insurer stripped of its operating licence last month, has not been part of the group since 2022 and that the regulator’s action leaves its own finances and operations untouched.
In a notice on NGX dated September 14, the company said it had seen public reports of the National Insurance Commission’s (NAICOM) decision to revoke REPRU’s licence for failing to meet the minimum capital requirement.
It said it ceased to own or control REPRU when it disposed of its interest in August 2022, and that REPRU’s finances, operations and regulatory obligations are separate from its own. The regulatory action, it said, “is specific to REPRU.”
NAICOM revoked the licence on August 4, 2026, and, then appointed a receiver and provisional liquidator to wind down the company and protect policyholders. The date and reason did not come direct from NAICOM.
The revocation followed the industry-wide recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025.
The exercise ran from August 2025 to July 31, 2026, and the sector raised an estimated N720 billion in fresh capital, with 48 insurers and two reinsurers meeting the new thresholds.
Six firms reportedly fell short, including REPRU and Universal Insurance. Outlets differ on the exact membership of that group.
The shared name is what made the clarification necessary. Report has it that the revocation drew fresh scrutiny of REPRU’s ownership because of its historical link to Royal Exchange Plc.
The notice does not name REPRU’s buyer or address how the sale has played out since.
Last month, Royal Exchange shareholders accused MediPlan Healthcare Limited, to which the stake was sold in 2022, of failing to recapitalise REPRU within NAICOM’s timeline and breaching the share sale agreement.
They also claimed MediPlan did not return ownership of REPRU to Royal Exchange after the alleged default, as the agreement provided. Those claims are allegations.
The Rio Times listed open questions, including whether NAICOM approved the 2022 sale and whether REPRU will have to stop using the Royal Exchange name.
A revoked licence means an insurer can no longer write new business, and existing policyholders are handled through NAICOM’s wind-up process, which determines how claims and policy values are settled.
Royal Exchange’s position is that it has no ownership connection to REPRU. Anyone holding a REPRU policy should therefore direct enquiries to the regulator and the appointed officials.
The company said it remains committed to high standards of corporate governance and regulatory compliance and will continue to engage regulators and stakeholders
Administrator and Writer
