Shareholders of Mutual Benefits Assurance Plc has approved the declaration of a dividend of 4 kobo per ordinary share of 50 kobo each, amounting to a total dividend payout of N802,464,895.88, payable to shareholders.
The unanimous decision was taken at the company’s 30th Annual General Meeting (AGM), with the 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 meeting, which was convened virtually 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.
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 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 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 said it is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.