Historic 30th AGM: L-R: Managing Director/CEO, Mutual Benefits Life Assurance Ltd, Biyi Ashiru-Mobolaji; Managing Director/CEO, Mutual Benefits Assurance Plc, Olufemi Asenuga; Non-Executive Director, Adesoye Olatunji; Company Secretary, Jide Ibitayo and Executive Director (Technical), Mutual Benefits Assurance Plc, Joseph Oladokun at the 30th Annual General Meeting (AGM) of Mutual Benefits Assurance Plc held in Lagos.
Mutual Benefits Assurance Plc has successfully held its 30th Annual General Meeting (AGM), with shareholders approving all resolutions presented at the meeting, reaffirming their confidence in the company’s strategic direction, governance framework and long-term growth agenda.
The milestone meeting, which was convened virtually on Thursday 6 August, 2026 and streamed live to shareholders and stakeholders, was chaired by Mr. Adesoye Olatunji, a member of the Board of Directors, who stood in for the Chairman of the Board, Dr. Akin Ogunbiyi.
In attendance were the Managing Director/CEO, Mr. Femi Asenuga; the Managing Director/CEO, Mutual Benefits Life Assurance Ltd, Mr. Biyi Ashiru-Mobolaji; Executive Director (Technical), Mr. Joseph Oladokun; Company Secretary, Mr. Jide Ibitayo; members of the Board; representatives of the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), the Corporate Affairs Commission (CAC), the Company’s external auditors, KPMG Professional Services and the Registrars, Apel Capital Registrars Limited.
At the meeting, shareholders approved all resolutions contained in the Notice of Meeting, including adoption of the Audited Financial Statements for the year ended 31 December 2025, together with the Directors’ Report, the Independent Auditors’ Report and the Report of the Statutory Audit Committee.
Shareholders also approved the declaration of a dividend of 4 kobo per ordinary share of 50 kobo each, amounting to a total dividend payout of ₦802,464,895.88, payable to shareholders. In approving the proposed dividends, the shareholders commended the Board for the dividend payout, which represented a 100% increase over what they received in the prior year.
Addressing shareholders, the Chairman expressed appreciation for their continued trust, loyalty and active participation in the affairs of the company. He noted that the successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation.
He commended the Board, Management and employees for their dedication and contributions to the company’s continued growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.
The successful hosting of the company’s 30th AGM comes at a defining moment for Mutual Benefits following its successful completion of NAICOM’s recapitalisation exercise.
With a stronger capital base, renewed regulatory standing and a clear strategic direction, Mutual Benefits is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.
As Mutual Benefits enters its next chapter, the company remains committed to building a stronger, more resilient institution that continues to protect lives, businesses and investments while contributing meaningfully to the growth of Nigeria’s insurance industry.
Guided by its brand promise of “Creating and Protecting Wealth,” the company is committed to delivering exceptional value through financial strength, innovation, excellent service and the highest standards of corporate governance.
