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Mutual Benefits Assurance has announced that its Managing Director and Chief Executive Officer, Olusegun Omosehin, would leave next Monday. The company also disclosed the appointment of Femi Asenuga as his replacement, which is subject to regulatory approval.

In a statement sent to the Nigerian Stock Exchange (NSE), the board said it “appreciates him (Omosehin) for his contributions to the company over the years and wishes him the best in his future endeavours.” 

Mutual Benefits Assurance announces exit of MD and CEO, discloses replacement 

About the new MD/CEO: According to the details of Asenuga released by the company, he is a seasoned practitioner in the insurance market.

Asenuga holds a Master of Science Degree in Business Administration and a bachelor’s degree in insurance from the University of Lagos. He is an Associate of the Chartered Insurance Institute, Nigeria.

  • The new Mutual Benefit boss started his insurance career with Metropolitan Trust insurance Company in 1993. He moved to Custodian and Allied Insurance as a pioneer manager in the Underwriting Department.
  • He is an Alumnus of Lagos Business School and the Said Business School of the University of Oxford where he attended the Oxford Advanced Management & Leadership Programme.

[READ MORE: Trans-Nationwide Express Plc appoints new Managing Director)

Mutual Benefits against recap: The company has been against the planned recapitalisation scheme by the National Insurance Commission and the Federal Government. While the company has said it could survive the wave of the recapitalisation, it said its concern was for other players who might become victims to the plan. Mutual Benefit also condemned the handling of foreign acquisitions in the Nigerian market.


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