 |
| Historic 30th AGM: L-R: Managing Director/CEO, Mutual Benefits Life Assurance Ltd., Biyi Ashiru-Mobolaji; Managing Director/CEO, Mutual Benefits Assurance Plc, Olufemi Asenuga; Non-Executive Director, Adesoye Olatunji; Company Secretary, Jide Ibitayo; and Executive Director (Technical), Mutual Benefits Assurance Plc, Joseph Oladokun, at the 30th Annual General Meeting of Mutual Benefits Assurance Plc, held on Thursday, August 6, 2026, in Lagos. |
Shareholders of Mutual Benefits Assurance Plc have approved a dividend payout of N802.46m at the company's 30th Annual General Meeting, representing a 100 per cent increase from the dividend paid in the previous year.
The approval came as shareholders endorsed all resolutions presented at the virtual AGM held on Thursday, August 6, 2026, reaffirming their confidence in the company's growth strategy, corporate governance and long-term business direction.
The company said the meeting, which was streamed live to shareholders and other stakeholders, marked another significant milestone in its three-decade history and came shortly after the completion of the National Insurance Commission's recapitalisation exercise.
The AGM was chaired by a member of the company's Board of Directors, Mr Adesoye Olatunji, who stood in for the Chairman of the Board, Dr Akin Ogunbiyi.
The Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc, Mr Femi Asenuga, was among senior executives and directors present at the meeting. Also in attendance were the Managing Director and CEO of Mutual Benefits Life Assurance Ltd, Mr Biyi Ashiru-Mobolaji; Executive Director, Technical, Mr Joseph Oladokun; and Company Secretary, Mr Jide Ibitayo.
Representatives of the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange Limited, Corporate Affairs Commission, external auditors KPMG Professional Services and Apel Capital Registrars Limited also participated in the meeting.
During the AGM, shareholders approved the audited financial statements for the year ended December 31, 2025, alongside the Directors' Report, Independent Auditors' Report and the Report of the Statutory Audit Committee.
They also approved a dividend of four kobo per ordinary share of 50 kobo each, amounting to N802,464,895.88.
The dividend approval attracted commendation from shareholders, who noted that the payout represented a 100 per cent increase compared with the previous year's dividend.
Speaking to shareholders, the chairman of the meeting expressed appreciation for their continued confidence and participation in the affairs of the company.
He said the successful completion of the 30th AGM demonstrated Mutual Benefits' commitment to sound corporate governance, regulatory compliance and sustainable value creation.
He also commended the company's board, management and employees for their contributions to its growth, assuring shareholders that the company would continue to pursue strategies aimed at strengthening its position in Nigeria's increasingly competitive insurance market.
The AGM comes at an important period for Mutual Benefits, following the company's successful compliance with the new minimum capital requirements prescribed by NAICOM under the Nigerian Insurance Industry Reform Act 2025.
The recapitalisation has strengthened the financial position of the company and positioned it to pursue larger opportunities while responding to changing demands within the insurance industry.
With its renewed regulatory standing and stronger capital base, Mutual Benefits said it is now focused on deepening insurance penetration, accelerating innovation, improving customer experience and creating sustainable value for shareholders and other stakeholders.
The company is also expected to leverage the stronger financial foundation to expand its capacity to underwrite risks and strengthen its contribution to the development of Nigeria's insurance market.
The 30th AGM therefore represents more than a statutory corporate gathering for the insurer. It provides a snapshot of a company entering a new phase after completing a major industry-wide recapitalisation exercise while maintaining shareholder confidence through increased dividend returns.
As Mutual Benefits moves into its next chapter, the company said it would remain focused on building a stronger and more resilient institution capable of protecting lives, businesses and investments while supporting the broader growth of Nigeria's insurance industry.
Its strategy remains anchored on the brand promise, “Creating and Protecting Wealth,” with the company pledging to pursue financial strength, innovation, quality customer service and strong corporate governance.
For shareholders, the combination of the approved N802.46m dividend, successful recapitalisation and renewed growth strategy signals a new phase for Mutual Benefits as it seeks to strengthen its market position and deliver greater long-term value.