By Charles Pemu 
Veritas Kapital Assurance Plc has elected Mr. Babatunde Ayokunle Irukera, the former Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), as the Chairman of its Board of Directors. The appointment was made following a unanimous vote by shareholders during the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday, October 31, 2025.
Irukera’s emergence reflects broad confidence in his leadership and governance background, succeeding the previous chairman.
New Leadership Pledges Fairness and Dividends
Addressing the shareholders, the new Chairman pledged to usher in a renewed era of accountability, fairness, and inclusiveness, assuring all stakeholders that they will be treated equally and justly under his leadership.
He specifically reaffirmed Veritas Kapital’s commitment to the ongoing recapitalization exercise in the Nigerian insurance industry, emphasizing that the process would be prudently managed to ensure shareholders’ interests are fully protected.
On the crucial issue of returns, Irukera provided an optimistic outlook for investors: “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 stated, signaling the company is on course to resume distributions soon.
Shareholders Authorize N15 Billion Capital Raise
The AGM authorized the board to raise up to N15 billion via private placement. This move is designed to strengthen the company’s capital base and meet the regulatory recapitalization requirements set by the National Insurance Commission (NAICOM).
Shareholders lauded the company’s prompt payment of claims and the increased female representation on the board. However, investors, including Chief Essien Peters and Mr. Patrick Ajudua, urged the new leadership to restore the culture of consistent dividend payments, which has stalled in recent years, to sustain investor confidence. Mr. Ajudua also expressed optimism that Veritas Kapital would emerge among Nigeria’s top five insurers post-recapitalization.
Financial Performance and Outlook
The Managing Director, Dr. Adaobi Nwakuche, presented a mixed financial report for the 2024 financial year:
- Revenue grew substantially by 228% to N23.3 billion, up from N7.1 billion in 2023.
- Gross Premium Income increased by 225% to N23.69 billion.
- Total Assets rose by 60% to N33 billion.
However, the company recorded a significant 161% decline in Profit Before Tax (PBT) and a 170% decline in Profit After Tax (PAT), which was attributed to substantial claims paid out from its special risk portfolio. Despite this challenge, Dr. Nwakuche expressed confidence in the company’s long-term profitability.
For the nine months ended September 2025, the company has already shown strong recovery, reporting a Profit Before Tax of N4.88 billion, marking a 64% year-on-year increase. Profit After Tax also climbed to N4.12 billion, up 44%, bolstered by a 62% drop in insurance service expenses and a 27% strengthening of shareholders’ equity.
The general insurance underwriter, which began the year trading at N1.36 per share, has since gained 47.8%, ranking 82nd on the NGX in terms of year-to-date performance.