The shareholders of Veritas Kapital Assurance Plc have elected the former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission, Mr Babatunde Irukera, as the Chairman of the Board of Directors of the company.
Irukera’s election followed a unanimous decision by the shareholders at the company’s 48th Annual General Meeting held in Abuja on Friday.
Addressing some issues raised by the shareholders, Irukera assured them that his leadership would ensure they were treated equally and fairly.
On the recapitalisation of the insurance industry, Irukera said the move was to make the sector more vibrant. He added that the company would scrutinise the recapitalisation process to ensure that its shareholders were not disadvantaged.
Regarding concerns about dividend payout raised by the shareholders, the new chairman assured them that the company’s new management would ensure prompt payment.
He said, even before recapitalisation, “We have been on a high-speed train in being able to pay dividends. We are working up to the point that you will receive your dividends.”
On the floor of the AGM, a shareholder, Essien Peters, said he was attracted to the company and decided to invest because of its high earnings per share, dividend payment policy, and prompt payment of dividends.
Peters, who regretted that dividend payments had stopped for some time, appealed to the company to revive its culture of dividend payment to encourage more shareholders to invest in the company.
Another shareholder, Mr Patrick Ajudua, commended the company for its prompt payment of claims. Ajudua also appealed to the company to ensure the early conduct of its AGM in the interest of shareholders.
The shareholders further commended the company for the high number of female representatives on its board.
In her address, the Managing Director of Veritas Kapital Assurance Plc, Dr Adaobi Nwakuche, reported that the company’s revenue grew by 228 per cent to N23.3bn for the 2024 financial year from N7.1bn recorded in 2023. In the same period, the company’s total assets grew to N33bn from N20.66bn recorded in 2023.
Nwakuche revealed that the company’s gross premium also grew to N23.69bn, representing a 225 per cent increase from N7.298bn recorded in the 2023 financial year. However, she noted that the company recorded a 161 per cent decline in its profit before tax and a 170 per cent decline in its profit after tax due to significant claims from the special risk portfolio.
Despite the challenges, Nwakuche expressed confidence in the company’s ability to drive growth and profitability.
“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 said.
Veritas Kapital Assurance Plc, formerly known as UnityKapital Assurance Plc, offers non-life insurance products and services to individuals and institutions across Nigeria.
