Mutual Benefits Assurance Plc has reaffirmed its full compliance with regulatory requirements following recent media reports referencing a past sanction by Nigerian Exchange Limited (NGX).
The company clarified that the sanction related to delays in filing certain audited and unaudited financial statements for prior reporting periods. According to the insurer, the issue was addressed and resolved in line with NGX regulatory procedures at the time, and all outstanding filings have since been regularised.
In a statement, Mutual Benefits noted that it is currently fully compliant with NGX listing rules and reporting obligations.
Governance and Reporting Reforms Introduced
Following the delays, the company said it conducted a comprehensive review of its governance, reporting and compliance structures. This review led to the introduction of strengthened internal controls and oversight mechanisms.
Among the reforms implemented are stricter internal timelines for financial reporting, improved cross-functional coordination, and enhanced review protocols aimed at ensuring timely and accurate disclosures.
The insurer also strengthened Board-level oversight through its Audit and Risk Committees by establishing clearer accountability frameworks and structured periodic compliance reviews. Upgraded compliance monitoring systems have been deployed across finance and company secretariat functions to improve regulatory tracking and reporting processes.
Investments in Systems and Human Capital
Management further disclosed that the company has invested in technology, human capital development and governance processes to support sustained transparency and regulatory adherence.
According to the statement, the reforms have improved reporting efficiency and compliance discipline across the organisation, positioning the company for stability and long-term growth.
Reaffirming its commitment to transparency and stakeholder confidence, Mutual Benefits said it remains dedicated to maintaining high standards of corporate governance, accountability and regulatory compliance. The insurer added that it continues to operate from a position of financial and operational stability, focused on delivering sustainable value to shareholders, policyholders and business partners.
The company also expressed appreciation to stakeholders for their continued confidence, reiterating its commitment to sound governance practices and full compliance with regulatory requirements.
Mutual Benefits Assurance Plc, which has operated for more than three decades, provides general insurance products to individuals, businesses and institutions across Nigeria through its nationwide network.
