Veritas Kapital Assurance Plc has announced the election of Mr. Babatunde Irukera, former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), as the new Chairman of its Board of Directors.
Irukera’s election was ratified by shareholders during the company’s 48th Annual General Meeting (AGM) held on Friday in Abuja, following a unanimous vote of approval.
In his first address as chairman, Irukera assured shareholders that his leadership would be guided by principles of fairness, accountability, and transparency. He pledged to ensure that all shareholders are treated equally and that their interests remain central to the company’s strategic direction.
Speaking on the recapitalisation exercise in Nigeria’s insurance industry, Irukera noted that the initiative was essential to strengthen the sector and improve its resilience. However, he added that Veritas Kapital would approach the process cautiously to protect the investments of its shareholders.
“The recapitalisation process is designed to make the industry more vibrant. But as we move forward, we will scrutinise every stage to ensure that our shareholders are not disadvantaged in any way,” Irukera said.
Responding to concerns about dividend payments, he expressed optimism that the company would soon resume consistent payouts. “Even before recapitalisation, we have been on a high-speed train toward being able to pay dividends. We are working up to the point that you will receive your dividends,” he assured.
During the meeting, several shareholders commended the board and management for the company’s progress, while also urging improvements in dividend distribution and meeting schedules.
A shareholder, Mr. Essien Peters, said he initially invested in the company because of its strong earnings per share and history of prompt dividend payments. He, however, appealed for a return to the company’s former dividend culture to boost investor confidence.
Another shareholder, Mr. Patrick Ajudua, praised the company for its prompt settlement of claims, describing it as a reflection of its operational discipline. Ajudua also called for earlier scheduling of future AGMs to enhance transparency and engagement.
Shareholders further lauded Veritas Kapital for maintaining strong female representation on its board, noting that the company was setting a positive example in gender inclusion within Nigeria’s insurance sector.
In her presentation, the Managing Director of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, reported that the company recorded impressive growth in revenue and gross premium for the 2024 financial year, despite challenges in its special risk portfolio.
According to her, revenue grew by 228 per cent to ₦23.3 billion in 2024, up from ₦7.1 billion in 2023. Similarly, the company’s gross premium rose by 225 per cent to ₦23.69 billion, compared to ₦7.29 billion in the previous year. Total assets also increased to ₦33 billion from ₦20.66 billion in 2023.
However, she noted that the company experienced a 161 per cent decline in profit before tax and a 170 per cent drop in profit after tax, largely due to significant claims arising from its special risk portfolio.
Despite the profit slump, Dr. Nwakuche expressed optimism about the company’s future growth trajectory. “As a going concern, Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the underwriter of choice in the Nigerian insurance market,” she stated.
Industry observers see Irukera’s appointment as a strategic move that could strengthen corporate governance and improve shareholder relations, given his track record in consumer protection and regulatory leadership.
Veritas Kapital Assurance Plc, formerly known as UnityKapital Assurance Plc, provides non-life insurance services across Nigeria, including motor, fire, marine, and general accident policies. The company is positioning itself for long-term growth and greater competitiveness in Nigeria’s evolving insurance landscape.
