Shareholders of Mutual Benefits Assurance Plc have approved a final dividend payout of N802,464,895.88 for the financial year ended December 31, 2025. The decision was finalized during the company’s 30th Annual General Meeting held virtually on August 6, 2026.
According to a disclosure signed by the Company Secretary, Jide Ibitayo, and filed with the Nigerian Exchange, the dividend represents 4 kobo per ordinary share of 50 kobo. The payout will be distributed electronically to shareholders whose names appeared in the Register of Members as of the close of business on July 21, 2026.
During the meeting, the company presented its audited financial statements for the year ended December 31, 2025. The financial results highlighted strong earnings performance, with group pre-tax profit rising to N17.4 billion.
Board Re-elections and Governance
Shareholders approved the retirement and re-election of three executive directors: Mr. Lateef Bakare, Mrs. Wunmi Eniola-Jegede, and Mr. Abidemi Sonoiki. The board also received authorization to determine the remuneration of the external auditors, KPMG Professional Services, for the 2026 financial year.
A new Statutory Audit Committee was constituted, comprising both shareholder and board representatives. The shareholder representatives are Mr. Osato Aideyan, Mr. Olabisi Fayombo, and Dr. Anthony Omojola, while the directors are represented by Mr. Adesoye Olatunji and Mrs. Asia El-Rufai.
Additionally, shareholders approved the remuneration of Non-Executive Directors at N41 million for the financial year ending December 31, 2026. The meeting also renewed the general mandate for related-party transactions conducted in the ordinary course of business.
Recapitalisation and Industry Compliance
This AGM follows the confirmation by the National Insurance Commission (NAICOM) that Mutual Benefits Assurance is among the 43 insurance and reinsurance companies that met the recapitalisation deadline. The compliance deadline was set for July 31, 2026, under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The compliant list released by NAICOM includes 23 non-life insurers, 10 life insurers, eight composite insurers, and two reinsurers. Mutual Benefits Assurance stated that it remains focused on strengthening shareholder value and supporting long-term growth within the Nigerian insurance sector.
