Business

Post-Recapitalisation, Mutual Benefits Pledges Deeper Investment in Tech, Customer Experience

Published

2 months ago

September 10, 2026

For more than 30 years, Mutual Benefits Assurance Plc has built its reputation on a simple promise: being there for Nigerians when protection matters most.

From safeguarding families and businesses to protecting assets and supporting long-term financial goals, the company has earned the trust of millions of Nigerians and established itself as a recognised player in Nigeria’s insurance industry.

That legacy of trust now provides the foundation for Mutual Benefits’ next chapter.

Following the successful completion of its recapitalisation,Mutual Benefits is positioning for sustainable growth while strengthening its role as a trusted protection partner to Nigerians.

Commenting on the development, Managing Director/CEO, Femi Asenuga said: “For over three decades, Nigerians have entrusted Mutual Benefits with what matters most to them. This includes their families,

businesses, assets and financial futures.

That trust is both our greatest privilege and our greatest responsibility. Our recapitalisation strengthens the foundation from which we can serve our customers better, innovate more meaningfully and build sustainably for the future.”

For Mutual Benefits, the significance of recapitalisation goes beyond meeting a regulatory requirement. It provides a stronger platform to deepen investment in products, technology, customer experience and service capabilities, while responding to the evolving financial protection needs of Nigerians.

The company’s portfolio spans Non-Life and Life Assurance solutions covering key areas including Motor, Home, Marine, Fire & Special Perils, Travel and Group Life Insurance, among others, as well as a suite of solutions supporting children’s education, retirement, savings and investment.

As customers increasingly expect greater convenience and accessibility, Mutual Benefits is also accelerating its digital transformation, strengthening its online platforms and customer journeys to make insurance easier to access and interact with.

The company is equally placing renewed emphasis on customer experience, with a focus on improving engagement and service delivery across the customer journey.

Asenuga added: “Our ambition is not simply to grow bigger, but to become better for our customers. Every investment we make in technology, people, products and service must ultimately translate into greater convenience, stronger value and greater confidence for the people and businesses we serve.”

As Nigerians navigate changing economic realities and increasing financial responsibilities, Mutual Benefits believes insurance has an increasingly important role to play in helping individuals and businesses build resilience and protect what they have worked hard to create.

The company’s post-recapitalisation strategy, therefore, focuseson sustainable growth, innovation, operational effectiveness and deeper customer engagement, while expanding access to relevant protection and financial solutions.

With three decades of experience behind it and a stronger foundation for the future, Mutual Benefits remains committed to earning and reinforcing the trust of its customers, helping them protect what matters, prepare for uncertainty and pursue their financial aspirations with greater confidence.

“We are proud of the journey Mutual Benefits has taken over the past 30 years, but we are even more focused on what lies ahead. Our stronger foundation gives us the opportunity to serve more Nigerians, create greater value and deepen the trust that has sustained our business. We are committed to being a protection partner our customers can depend on today, tomorrow and for generations to come,” Asenuga concluded.

The post Post-Recapitalisation, Mutual Benefits Pledges Deeper Investment in Tech, Customer Experience appeared first on Business Today NG.

Related Topics:Benefits customer Deeper Experience investment Mutual pledges PostRecapitalisation tech

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Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

Published

2 hours ago

November 13, 2026

PlateauReports

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

Business

Airline refunds aggrieved passenger’s fare, adds perks

Published

10 hours ago

November 12, 2026

PlateauReports

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Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.