Royal Exchange Plc denies ownership of REPRU after NAICOM licence revocation
Royal Exchange Plc issued a notice on September 11, 2026, signed by company secretary Lovelyn Aniekwe of OOT Nominees Ltd, stating it has no ownership or control over Royal Exchange Prudential Life Plc (REPRU). The disclosure, made to comply with NGX Rule 17, followed public reports linking the parent firm to NAICOM's revocation of REPRU's operating licence on August 4, 2026, after the insurer failed to meet minimum capital requirements under the industry recapitalisation programme.
Royal Exchange explained that although REPRU previously belonged to its group and still uses the Royal Exchange name, it disposed of its stake in August 2022, after which REPRU's finances, operations, and regulatory obligations became entirely separate. The regulator appointed a receiver and provisional liquidator to wind down REPRU and protect policyholders. NAICOM stressed the licence revocation does not affect Royal Exchange's assets, liabilities, or financial standing.
The clarification comes amid NAICOM's 2025-2026 recapitalisation drive, which saw 48 insurers and two reinsurance firms raise a combined N720 billion. REPRU was among those that fell short. Shareholders have accused MediPlan Healthcare Limited, which bought the stake in 2022, of failing to recapitalise REPRU as agreed and of not returning ownership after the alleged default.
Will this statement quell investor worries about Royal Exchange's exposure, or will stakeholders press MediPlan to honor the share-sale agreement and cover any shortfall?