Dividend Details and Financial Performance
Shareholders of Mutual Benefits Assurance Plc approved a final dividend payout of N802.47 million for the financial year ended December 31, 2025. The approval was granted at the company’s 30th Annual General Meeting, held virtually on August 6, 2026. This was disclosed in a filing signed by the Company Secretary, Jide Ibitayo, and submitted to the Nigerian Exchange.
The approved dividend translates to 4 kobo per ordinary share of 50 kobo each. The dividend will be paid electronically to shareholders whose names appeared in the Register of Members as of the close of business on July 21, 2026.
During the meeting, shareholders also received and adopted the audited financial statements for the year ended December 31, 2025. The results showed strong earnings performance, with group pre-tax profit rising to N17.4 billion during the year under review.
Board Appointments and Governance Resolutions
Shareholders approved the retirement and re-election of three executive directors: Mr. Lateef Bakare, Mrs. Wunmi Eniola-Jegede, and Mr. Abidemi Sonoiki. The meeting also authorised the board to determine the remuneration of the company’s external auditors, KPMG Professional Services, for the 2026 financial year.
A new Statutory Audit Committee was constituted during the meeting, comprising 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.
Furthermore, shareholders approved the remuneration of Non-Executive Directors at N41 million for the financial year ending December 31, 2026. The meeting also renewed the company’s general mandate for related-party transactions conducted in the ordinary course of business.
Recapitalisation and Regulatory Compliance
The annual general meeting took place shortly after Mutual Benefits Assurance was listed among the 43 insurance and reinsurance companies confirmed by the National Insurance Commission as compliant with the industry’s recapitalisation requirements.
The recapitalisation programme, introduced under the Nigerian Insurance Industry Reform Act 2025, required insurers and reinsurers to meet new minimum capital thresholds by July 31, 2026. NAICOM confirmed that the compliant operators comprise 23 non-life insurers, 10 life insurers, eight composite insurers, and two reinsurers.
With the successful completion of the recapitalisation exercise and the approval of its 2025 dividend, Mutual Benefits Assurance stated that it remains focused on strengthening shareholder value, enhancing corporate governance, and supporting long-term growth within Nigeria’s insurance industry.
