Royal Exchange distances from REPRU after NAICOM licence revocation - Punch Newspapers

Royal Exchange Plc has said the revocation of Royal Exchange Prudential Life Plc’s operating licence by the National Insurance Commission will not affect its financial position, operations or regulatory standing, stressing that it ceased to own or control the life insurer in 2022. The company made the clarification in a statement to the Nigerian Exchange Limited on Monday following public reports on NAICOM’s decision to revoke REPRU’s licence for failing to meet the applicable minimum capital requirement. Royal Exchange said although REPRU still bears the Royal Exchange name and was previously part of the Royal Exchange Group, it disposed of its interest in the company in August 2022. As a result, the company said REPRU is no longer its subsidiary or affiliate and operates independently of Royal Exchange. DMO opens N1tn FGN bond subscription, sets N50m minimum Broad sell-offs push NGX weekly index down 1.60% Insurance must drive Nigeria’s $1trn economy – NAICOM “Accordingly, REPRU is not a subsidiary or affiliate of Royal Exchange and its current financial position, operations, regulatory status and obligations are separate and distinct from those of Royal Exchange,” the company said. The insurer said the regulatory action against REPRU was therefore specific to the life insurance company and should not be interpreted as an action against Royal Exchange. The company reassured shareholders and investors that it remains committed to corporate governance, regulatory compliance and financial responsibility. It said it would continue to engage with regulators and other stakeholders while focusing on delivering sustainable value to shareholders. Odinaka Anudu

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