MUTUAL BENEFITS APPROVES ₦802.46M DIVIDEND FOR INVESTORS

Shareholders of Mutual Benefits Assurance Plc have approved a total dividend of ₦802.46 million for the 2025 financial year, following the company’s 30th Annual General Meeting. The approved payment amounts to four kobo for every ordinary share of 50 kobo held by eligible shareholders, representing a 100 per cent increase from the dividend paid for the previous financial year. The approval reflects the company’s decision to distribute part of its earnings to investors after the financial year ended December 31, 2025.

The resolution was passed at the company’s virtual AGM held on August 6, 2026, where shareholders also received and approved the audited financial statements for the year under review, alongside the reports of the directors, external auditors and Statutory Audit Committee. The meeting was chaired by Adesoye Olatunji, who represented the company’s Board Chairman, Dr Akin Ogunbiyi. Other senior officials in attendance included the Managing Director and Chief Executive Officer, Femi Asenuga; Managing Director and CEO of Mutual Benefits Life Assurance, Biyi Ashiru-Mobolaji; Executive Director, Technical, Joseph Oladokun; and Company Secretary, Jide Ibitayo.

The approved dividend of ₦802,464,895.88 will be paid to shareholders whose names appeared on the company’s register as of the close of business on July 21, 2026, in line with the company’s dividend resolution. The payment had earlier been proposed by the board at four kobo per share and was subject to regulatory clearance and shareholder approval. The company’s financial records showed that the proposed 2025 dividend was twice the ₦401.23 million distributed for 2024.

During the AGM, shareholders also approved the re-election of three directors who retired by rotation but were eligible to continue serving on the board. They included Lateef Bakare, Wunmi Eniola-Jegede and Abidemi Sonoiki. Other resolutions passed at the meeting covered the remuneration of the company’s external auditors, KPMG Professional Services, for the 2026 financial year, as well as the disclosure of managers’ remuneration in the annual report.

The company’s leadership said the outcome of the AGM reinforced its focus on corporate governance, regulatory compliance and long-term value creation. Board Director Adesoye Olatunji said the successful meeting reflected Mutual Benefits’ commitment to strengthening the business and creating sustainable value for investors. The company also reaffirmed its intention to build on its position in Nigeria’s insurance industry while maintaining its focus on its core objective of creating and protecting wealth.