Shareholders of Mutual Benefits Assurance Plc have approved a dividend payout of 4 kobo per ordinary share of 50 kobo each, amounting to a total of N802,464,895.88. This decision was made during the company's 30th Annual General Meeting (AGM), which was held virtually and chaired by Mr. Adesoye Olatunji, a member of the Board of Directors. The meeting had in attendance the Managing Director/CEO, Mr. Femi Asenuga, and other key members of the company's board and management.
The AGM saw shareholders approve all resolutions presented, demonstrating their confidence in the company's strategic direction, governance framework, and long-term growth agenda. The dividend payout represents a 100% increase over the prior year's payment, a move that was commended by shareholders. The company's Chairman, Dr. Akin Ogunbiyi, was not in attendance but expressed appreciation for the shareholders' continued trust and loyalty.
The Chairman, in a statement, noted that the successful conclusion of the AGM reflects Mutual Benefits' commitment to sound corporate governance, regulatory compliance, and sustainable value creation. He commended the Board, Management, and employees for their contributions to the company's growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value.
The AGM took place at a significant moment for Mutual Benefits, following its successful completion of the National Insurance Commission's (NAICOM) recapitalization exercise. This has resulted in a stronger capital base, renewed regulatory standing, and a clear strategic direction for the company. With these developments, Mutual Benefits is well-positioned to deepen insurance penetration, drive innovation, and enhance customer experience.
The company's Managing Director/CEO, Mr. Femi Asenuga, and the Managing Director/CEO of Mutual Benefits Life Assurance Ltd, Mr. Biyi Ashiru-Mobolaji, were in attendance at the AGM, along with other key stakeholders. The meeting was also attended by representatives from regulatory bodies, including NAICOM, the Securities and Exchange Commission (SEC), and the Nigerian Exchange Limited (NGX).
The company's external auditors, KPMG Professional Services, and the Registrars, Apel Capital Registrars Limited, were also in attendance. The AGM provided a platform for stakeholders to engage with the company's leadership and discuss its performance and future plans. The company's strategic direction and growth agenda were key topics of discussion during the meeting.
With a stronger capital base and renewed regulatory standing, Mutual Benefits is poised to create sustainable value for its shareholders and other stakeholders. The company's commitment to sound corporate governance and regulatory compliance has been reaffirmed through the successful conclusion of the AGM. The dividend payout is a testament to the company's focus on delivering long-term value to its shareholders.
Key points
- The dividend payout of 4 kobo per share represents a 100% increase over the prior year's payment.
- Mutual Benefits has completed NAICOM's recapitalization exercise, resulting in a stronger capital base and renewed regulatory standing.
- The company's AGM reflects its commitment to sound corporate governance, regulatory compliance, and sustainable value creation.
