Mutual Benefits approves N802m dividend payout

Shareholders of Mutual Benefits Assurance Plc have approved a total dividend payout of N802.46m for the financial year ended 31 December 2025, following the company’s 30th Annual General Meeting.

The approved payout of four kobo per ordinary share of 50 kobo represents a 100 per cent increase compared with the distribution in the prior year, earning commendation from equity investors during the virtual meeting.

Commending shareholders for their steadfast loyalty and active participation in corporate affairs, Board Director, Adesoye Olatunji, who chaired the meeting on behalf of the Board Chairman, Akin Ogunbiyi, noted that the corporate action underscores the company’s balance sheet resilience.

“The successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation,” Olatunji stated.

Reaffirming the underwriter’s strategic focus going forward, he added, “Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.”

He further assured investors that the board and executive team remain dedicated to building a stronger institution guided by its core brand promise of “creating and protecting wealth.”

The meeting was attended by key executive leaders, including the Managing Director/CEO, Mr Femi Asenuga; the Managing Director/CEO of Mutual Benefits Life Assurance Ltd, Mr Biyi Ashiru-Mobolaji; Executive Director (Technical), Mr Joseph Oladokun; and Company Secretary, Mr Jide Ibitayo.

Representatives from regulatory and statutory bodies were also present, including the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange Limited, Corporate Affairs Commission, KPMG Professional Services, and Apel Capital Registrars Limited.

The dividend approval coincides with a defining moment for the insurance firm, following its successful completion of NAICOM’s recapitalisation exercise. Equipped with an expanded capital base and enhanced risk-bearing capacity, the insurer is positioning itself to deepen penetration, leverage technical innovation, and expand its market share across the industry.