Veritas Kapital Assurance Names Babatunde Irukera as Board Chairman, Pledges Fairness and Dividend Revival

Shareholders of Veritas Kapital Assurance Plc have elected the former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, as the new Chairman of the Board of Directors.

His appointment was ratified through a unanimous vote during the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday.

Addressing shareholders, Irukera pledged that his leadership would promote fairness and transparency in all dealings, assuring that every shareholder would be treated equally.

Speaking on the insurance industry recapitalisation drive, he said the initiative was aimed at strengthening the sector, adding that Veritas Kapital would carefully assess the process to protect shareholders’ interests.

On the issue of dividend payments, Irukera promised renewed commitment from management to restore and sustain regular payouts.
“We have been moving at full speed toward ensuring dividend payments,” he said. “Our goal is to make sure every shareholder receives their dividend as and when due.”

During the meeting, shareholders expressed both appreciation and concerns.
One shareholder, Mr. Essien Peters, said he was drawn to invest in the company because of its history of strong earnings and reliable dividend policy, urging the board to revive the practice of consistent dividend payouts.
Another shareholder, Mr. Patrick Ajudua, commended the company for its prompt settlement of insurance claims and called for earlier conduct of AGMs to enhance transparency and shareholder engagement.

Shareholders also lauded Veritas Kapital for maintaining a strong representation of women on its board, describing it as a progressive step for corporate governance.

In her presentation, the company’s Managing Director, Dr. Adaobi Nwakuche, reported impressive growth in revenue and assets for the 2024 financial year.
She revealed that revenue rose by 228% to ₦23.3 billion, up from ₦7.1 billion in 2023, while total assets grew to ₦33 billion, compared to ₦20.66 billion in the previous year.

Similarly, gross premium written increased by 225%, from ₦7.3 billion in 2023 to ₦23.69 billion in 2024. However, she noted that profit before tax declined by 161% and profit after tax fell by 170% due to large claims from the special risk portfolio.

Despite the setback, Nwakuche expressed optimism about the company’s resilience and long-term outlook.
“Veritas Kapital Assurance Plc remains steadfast in its mission to become the underwriter of choice in Nigeria’s insurance market,” she said.

Formerly known as UnityKapital Assurance Plc, Veritas Kapital provides a wide range of non-life insurance services to individuals and corporate clients across the country.