BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), has revoked the certificate of registration for Royal Exchange Prudential Life Insurance PLC over its failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.
The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.
According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.
The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”
“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”
This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.
