Mutual Benefits shareholders approve N802.5 million dividend, re-elect directors

Shareholders of Mutual Benefits Assurance Plc have approved a final dividend payout of N802.47 million for the financial year ended December 31, 2025, alongside several board and governance resolutions.

This is according to a disclosure signed by the Company Secretary, Jide Ibitayo, and filed with the Nigerian Exchange (NGX).

The approval was granted at the company’s 30th Annual General Meeting (AGM), held virtually on August 6, 2026.

What they are saying

The approved dividend translates to 4 kobo per ordinary share of 50 kobo each and will be paid electronically to eligible shareholders.

• “A dividend of N802,464,895.88, representing 4 Kobo per ordinary share of 50 Kobo each, was approved for payment to shareholders whose names appeared in the Company’s Register of Members as of the close of business on 21st July, 2026.”
• The company stated that the dividend would be paid directly to shareholders whose names appeared in the register of members as of the qualification date.

At the meeting, shareholders also received and adopted the company’s 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.

Directors re-elected

Shareholders approved the retirement and re-election of three executive directors:

• Mr. Lateef Bakare
• Mrs. Wunmi Eniola-Jegede
• Mr. Abidemi Sonoiki

The AGM 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 committee members include:

Shareholder Representatives

• Mr. Osato Aideyan
• Mr. Olabisi Fayombo
• Dr. Anthony Omojola

Directors’ Representatives

• Mr. Adesoye Olatunji
• Mrs. Asia El-Rufai

Shareholders further 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.

What you should know

The AGM comes shortly after Mutual Benefits Assurance was listed among the 43 insurance and reinsurance companies confirmed by the National Insurance Commission (NAICOM) as compliant with the industry’s recapitalisation requirements.

The recapitalisation programme, introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 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 said it remains focused on strengthening shareholder value, enhancing corporate governance and supporting long-term growth within Nigeria’s insurance industry.