Cornerstone Insurance shareholders approve N5.09 billion dividend at 34th AGM

Shareholders of Cornerstone Insurance Plc have approved a total dividend payout of N5.09 billion for the financial year ended December 31, 2025.

The approval was granted at the company’s 34th Annual General Meeting (AGM), held at the Shell Hall of the MUSON Centre in Onikan, Lagos.

The resolution was disclosed in a notice dated July 21, 2026, and signed by the company secretary, PAC Solicitors.

What they are saying

According to the disclosure, shareholders endorsed the payment of a dividend of 28 kobo for every ordinary share of 50 kobo, amounting to a total distribution of N5.09 billion.

• “That pursuant to Section 238 of the Companies and Allied Matters Act (CAMA) 2020, a total dividend of N5,086,590,040.00 (Five Billion, Eighty-Six Million, Five Hundred and Ninety Thousand and Forty Naira Only), that is twenty-eight (28) kobo per ordinary share of fifty (50) kobo each, declared, be distributed to members of the Company as dividend.”

Shareholders also received and adopted the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the Board of Directors, external auditors, and the Audit Committee.

More insights

The AGM also ratified several board appointments and re-elections as part of the company’s corporate governance resolutions.

• The shareholders approved the election of Mr. Afolabi Balogun, Mr. Ibrahim Ibisomi, Mr. Philip Southwell, and Mr. Olukayode Pitan as directors of the company.
• Retiring directors Mrs. Christabel Onyejekwe, Prof. Ogechi Adeola, and Mr. Peter Ekwueme were re-elected to the board.
• In addition, shareholders approved the composition of the Statutory Audit Committee, with Mr. Leo Ibe, Mr. Chibuzor Eke, and Mr. Emelius Oyetunde Olaitan representing shareholders, while Mrs. Christabel Onyejekwe and Mr. Ibrahim Ibisomi will serve as board representatives.

The meeting further authorized the board to determine the remuneration of the company’s non-executive directors and approved the procurement of operational goods and services from related-party entities where necessary.

What you should know

Cornerstone Insurance’s audited financial results for the 2025 financial year showed a significant decline in profitability despite strong growth in insurance revenue.

The company reported a profit before tax of N8.73 billion, down from N28.62 billion recorded in the previous year, representing a 69% year-on-year decline.

The drop in earnings was largely attributed to weaker investment income, which offset gains from the insurer’s core underwriting business.

However, insurance revenue rose by 34% to N51.66 billion in 2025, compared with N38.67 billion in 2024, reflecting continued growth in the company’s underwriting operations and customer base.