The Chairman of the Nigerian National Bureau and Managing Director/CEO of Sovereign Trust Insurance PLC, Dr. Lucas Durojaiye, has led a high-powered Nigerian delegation on a three-day working visit to the Permanent Secretariat of the ECOWAS Brown Card Insurance Scheme.

The visit provided a platform for high-level discussions aimed at strengthening the regional motor insurance framework, accelerating digital transformation, and optimizing claims management to facilitate the seamless movement of people, goods, and services across West Africa.

During the engagement, delegates focused on key strategic priorities to enhance the Scheme’s overall efficiency:

 Digital Transformation & Operations: Modernizing the claims management system and leveraging technology to boost operational speed and transparency.

 Institutional Cooperation: Deepening relations between individual Member Bureaux and the Permanent Secretariat to ensure unified execution across member states.

 Regional Integration: Aligning insurance frameworks to directly support the free movement of citizens and cross-border trade throughout the ECOWAS community.

The Permanent Secretariat commended Dr. Durojaiye and the Nigerian delegation for their proactive leadership and unwavering commitment to the Scheme’s institutional goals. Both parties reaffirmed the necessity of regular consultation among Member Bureaux as the framework undergoes its ongoing modernizing push.

About the ECOWAS Brown Card Insurance Scheme

The ECOWAS Brown Card Insurance Scheme serves as the official regional motor vehicle insurance coverage framework across West Africa, facilitating safe, legal, and seamlessly insured cross-border travel for motorists within member states.

The post Dr. Lucas Durojaiye Leads Nigerian Delegation in 3-Day Working Visit to ECOWAS Insurance Secretariat appeared first on Business Today NG.

BY NKECHI NAECHE-ESEZOBOR—Shareholders of Royal Exchange Plc have frowned at the inability of MediPlan Healthcare Limited to recapitalised Royal Exchange Prudential Life Assurance Company Limited (REPRU, during the capital injection requirements mandated by the National Insurance Commission (NAICOM).

The shareholders in an exclusive chat with BusinessTodayNG noted that MediPlan intentionally defaulted.

NAICOM revoked REPRU’s operational license on August 4, 2026, directly resulting from the missed deadline. The regulatory body subsequently appointed Receiver and Temporary Liquidator to oversee the entity’s winding-down process.

​Detailing the background of the transaction, the shareholders noted that Royal Exchange Plc had divested REPRU to MediPlan in 2022. However, in addition to defaulting on its recapitalisation obligations, MediPlan failed to fulfill all other terms of the Share Sale Agreement and subsequently refused to return the business to Royal Exchange Plc as contractually required upon default.

​In a bid to rescue the firm prior to the regulatory action, Royal Exchange Plc obtained approval from its shareholders in July 2026 to reacquire and recapitalise REPRU.

The initiative was aimed at ensuring full regulatory compliance, safeguarding policyholders’ interests, and preserving shareholder value.

​The shareholders reaffirmed that Royal Exchange Plc remains firmly committed to maintaining high standards of corporate governance and regulatory compliance.

The post Shareholders Fault MediPlan Over REPRU’s Recapitalization Failure appeared first on Business Today NG.