‎By Rosemary Iwunze

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 Chairman of the Board of Directors of the company.

Irukera’s election followed an unanimous decision by the shareholders at the company’s 48th Annual General Meeting (AGM) 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 recapitalization of the insurance industry, Irukera said the move was to make the industry more vibrant. He said that the company would scrutinize the recapitalization process with a view to ensuring that its shareholders were not disadvantaged.

On the payment of dividends, Irukera assured shareholders that the new management of the company would ensure the prompt payment of their dividends.

According to him, even prior to recapitalization, “we have been on a high-speed train on being able to pay dividends.” “We are working up to the point that you will receive your dividends,” Irukera said.

Earlier, some shareholders commended the representation of women in the board and management of the company. They also commended the company for prompt payment of their insurance claims.

The shareholders also appealed to the newly appointed management of the company to ensure the payment of their dividend, which had been stalled for some years, and ensure timely conduct of their AGM for prompt service delivery.

Chief Essien Peters, a shareholder, said he was attracted to the company and decided to invest due to their high earnings per share, dividend payment policy, and prompt payment of their dividends.

Peters, who regretted that payment of dividends had stopped for some time, appealed to the company to revive its culture of payment to encourage more shareholders to invest in the company.

Mr. Patrick Ajudua, another shareholder, commended the company for their prompt payment of claims. Ajudua appealed to the company to also ensure the early conduct of their AGM in the interest of shareholders.

He expressed optimism that the company would become one of the five leading insurance companies in the country post-recapitalization.

The shareholders also 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% to reach N23.3 billion for the 2024 financial year from N7.1 billion recorded in 2023.

Nwakuche said the company’s total assets grew to N33 billion, representing a 60% growth from the N20.66 billion recorded in the same period of 2023.

Nwakuche revealed that the gross premium of the company also grew to N23.69 billion, representing a 225% increase from N7.298 billion recorded in the 2023 financial year.

However, she noted that the company recorded a 161% decline in its Profit Before Tax (PBT) and a 170% decline in its Profit After Tax (PAT) 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 is one of the leading insurance companies formerly known as UnityKapital Assurance Plc. The company offers non-life insurance products and services to individuals and institutions across Nigeria.