Veritas Kapital Assurance Plc has announced the election of Mr. Babatunde Ayokunle Irukera as the new Chairman of its Board of Directors, following a unanimous vote by shareholders during the company’s 48th Annual General Meeting (AGM) held on Friday, October 31, 2025, in Abuja. Irukera, the former Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), brings to the board a wealth of experience in corporate governance, consumer protection, and regulatory leadership.
The election of Irukera, which was met with overwhelming shareholder approval, signals a renewed commitment by Veritas Kapital to transparency, integrity, and sound governance. His emergence also marks a pivotal moment in the company’s history as it positions itself for sustainable growth and competitiveness amid ongoing recapitalization in Nigeria’s insurance sector.
A Promise of Fairness, Accountability, and Renewed Growth
In his acceptance speech, Irukera thanked shareholders for their trust and confidence, pledging to lead a board that will be guided by fairness, inclusiveness, and accountability. He assured investors that under his leadership, “every shareholder will be treated with equity and respect,” emphasizing that transparency and ethical conduct would define board operations moving forward.
Irukera also reaffirmed Veritas Kapital’s dedication to Nigeria’s insurance industry recapitalization drive, stating that the process will be managed prudently to protect shareholders’ interests. He expressed optimism that the company’s recapitalization will enhance financial stability, expand underwriting capacity, and position the firm for leadership in the insurance market.
Addressing concerns about dividend payments, Irukera assured shareholders that the company is on track to resume distributions soon.
“Even prior to recapitalization, we have been on a high-speed train towards paying dividends. We are working up to the point that you will receive your dividends,” he said confidently.
Shareholders React Positively, Call for Dividend Resumption
Shareholders at the AGM commended the company’s direction under the current management, particularly praising improvements in governance, gender inclusion, and claims settlement. They expressed satisfaction with the growing representation of women on the company’s board and acknowledged the firm’s strong record in settling insurance claims promptly.
However, investors urged the new leadership to restore consistent dividend payments, a tradition they said had been interrupted in recent years.
Chief Essien Peters, one of the company’s long-term investors, lauded Veritas Kapital’s earning potential and called for a revival of dividend distribution to sustain investor confidence.
Another shareholder, Mr. Patrick Ajudua, praised the company’s operational improvements and predicted that Veritas Kapital could emerge among Nigeria’s top five insurers following successful recapitalization.
AGM Approves N15 Billion Capital Raise
In a major resolution, shareholders authorized the board to raise up to N15 billion through private placement to strengthen the company’s capital base and meet regulatory recapitalization requirements. The approval empowers the board to determine the offer’s structure, appoint transaction advisers, and amend the company’s Memorandum and Articles of Association as needed.
The move is expected to significantly bolster Veritas Kapital’s solvency position, enabling it to expand market share and deepen penetration across Nigeria’s insurance landscape.
Financial Performance: Growth Amid Headwinds
Presenting the company’s performance report, Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc, disclosed that the company recorded a 228% surge in revenue to N23.3 billion in 2024, compared to N7.1 billion in 2023. Total assets also climbed 60% to N33 billion, while gross premium income soared 225% to N23.69 billion.
Despite these impressive topline gains, the company experienced a 161% decline in profit before tax (PBT) and a 170% drop in profit after tax (PAT), largely due to elevated claims from its special risk portfolio. Dr. Nwakuche, however, maintained that these challenges were temporary and reflected the company’s robust underwriting commitment.
“As a going concern, Veritas Kapital remains steadfast in its mission to be the underwriter of choice in Nigeria’s insurance market,” she affirmed.
The company’s nine-month unaudited results for 2025 further underline its recovery trajectory, with profit before tax rising 64% year-on-year to N4.88 billion and profit after tax increasing 44% to N4.12 billion. Shareholders’ equity also strengthened by 27% to N19.47 billion, while insurance service expenses dropped by 62%, boosting profitability.
A Strong Market Outlook
Veritas Kapital, formerly UnityKapital Assurance Plc, has maintained steady growth in its market performance. Its share price has appreciated 47.8% year-to-date, closing at N2.01 per share as of October 2025—placing it among the top 100 performers on the Nigerian Exchange (NGX).
With Irukera at the helm, supported by a reform-driven board and resilient management team, Veritas Kapital appears poised to consolidate its standing as one of Nigeria’s foremost insurance companies. The renewed focus on governance, prudent capital management, and shareholder engagement suggests that the company is entering a new era of accountability, profitability, and growth.
