Shares of Mutual Benefits Assurance Plc have soared by over 31% in the Nigerian stock market, rising from N0.61 to N0.80 after the trading suspension on the company’s shares was lifted.
On March 20, 2025, the Nigerian Exchange Ltd. (NGX) lifted the suspension imposed on the company since July 8, 2024, following its failure to submit financial accounts promptly.
This development enables shareholders to resume trading Mutual Benefits Assurance shares on the NGX platform, following the company’s submission of its Audited Financial Statements (AFS) for the fiscal year ending December 31, 2023.
The NGX stated, “Mutual Benefits Assurance Plc has now filed its Audited Financial Statements for the year ended December 31, 2023, along with the outstanding Unaudited Financial Statements for 2024.”
So far, the company’s shares have risen from an opening price of N0.60 on March 21, 2025, to N0.80, with a market volume of 19.6 million shares traded.
Market trend
Following the suspension, trading on the company’s shares has remained stagnant at N0.61 since July 2024. However, after the suspension was lifted on March 20, 2025, trading commenced the next day.
- Since trading resumed, the stock has gradually risen from N0.61 to exceed the N0.70 mark, ultimately reaching N0.80, with a total trading volume of 19.6 million shares.
Audited Financial Statements filing
In a recent update, the NGX announced that Mutual Benefits Assurance Plc has successfully submitted its Audited Financial Statements (AFS) for the year ended December 31, 2023, along with the pending Unaudited Financial Statements for 2024.
The NGX explained, “With the submission of the 2023 AFS, and in accordance with Rule 3.3 of the Default Filing Rules—which states that trading suspension in the issuer’s securities shall be lifted upon submission of the relevant accounts—the Exchange is satisfied that these statements comply with all applicable regulations.”
Furthermore, the Exchange stated that it would notify the public and the SEC through the original communication channels utilized to announce the suspension.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension that the suspension has been lifted.”
The Exchange confirmed, “Trading License Holders and the investing public are hereby notified that the suspension on trading of Mutual Benefits Assurance Plc shares was lifted on Thursday, March 20, 2025.”
- In its recently published financial statement, Mutual Benefits Assurance reported a pre-tax profit of N6 billion for the period ending September 30, 2024, a significant increase from the N3.8 billion recorded in 2023.
- Insurance revenue surged by 43.2% year-on-year, reaching N44.3 billion, compared to the N30.9 billion reported the previous year.
