Shareholders of Veritas Kapital Assurance Plc have elected Mr. Babatunde Ayokunle Irukera, former Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), as Chairman of the Board of Directors. The decision was made at the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday, October 31, 2025.
Irukera’s appointment received unanimous shareholder approval, underscoring broad confidence in his leadership credentials and governance experience.
Irukera Promises Fairness and Accountability
In his acceptance speech, Irukera pledged to uphold transparency and equity in the company’s operations, assuring shareholders that every investor would be treated fairly under his leadership.
He reaffirmed Veritas Kapital’s commitment to Nigeria’s ongoing insurance industry recapitalization exercise, noting that the process would be managed prudently to protect shareholder value.
“Even prior to recapitalization, we have been on a high-speed train towards paying dividends,” Irukera said. “We are working up to the point that you will receive your dividends.”
Shareholders Back New Leadership, Demand Dividend Revival
Shareholders welcomed Irukera’s emergence and commended the company for its growing female board representation and improved claims settlement record.
However, they urged the board to restore Veritas Kapital’s history of regular dividend payments, which they said had stalled in recent years.
Chief Essien Peters praised the insurer’s earnings potential but appealed to management to “revive dividend disbursements to sustain investor confidence.”
Another shareholder, Mr. Patrick Ajudua, lauded the company’s claims record and expressed optimism that Veritas Kapital could rank among Nigeria’s top five insurers after recapitalization.
Board Approves ₦15 Billion Capital Raise
At the AGM, shareholders also approved a resolution authorizing the board to raise up to ₦15 billion through a private placement to strengthen the firm’s capital base and meet regulatory recapitalization requirements.
The board was empowered to determine offer terms, appoint financial advisers, and amend the company’s Memorandum and Articles of Association as needed.
Financial Performance: Revenue Jumps, Profit Falls
Reporting on the company’s 2024 financial performance, Managing Director Dr. Adaobi Nwakuche said Veritas Kapital’s revenue surged by 228% to ₦23.3 billion, up from ₦7.1 billion in 2023. Total assets grew by 60% to ₦33 billion, while gross premium income rose by 225% to ₦23.69 billion.
However, profit before tax and profit after tax declined by 161% and 170% respectively, which the company attributed to heavy claims from its special risk portfolio.
Despite the short-term setback, Nwakuche expressed confidence in Veritas Kapital’s long-term growth.
“As a going concern, Veritas Kapital remains steadfast in its goal of being the underwriter of choice in Nigeria’s insurance market,” she said.
Stronger Outlook Ahead
The company’s unaudited results for the nine months ended September 2025 show profit before tax of ₦4.88 billion, up 64% year-on-year, and profit after tax of ₦4.12 billion, a 44% increase from 2024.
Gross premium rose slightly to ₦18.68 billion, while insurance service expenses dropped by 62%, boosting profitability. Shareholders’ equity also grew by 27% to ₦19.47 billion.
For Q4 2025, Veritas Kapital projects a profit after tax of ₦478 million and expects its cash balance to rise to ₦7.08 billion.
Listed on the Nigerian Exchange (NGX), Veritas Kapital—formerly UnityKapital Assurance Plc—provides non-life insurance services to individuals and institutions nationwide. The company’s share price has gained 47.8% year-to-date, trading at ₦1.36 as of November, ranking it 82nd on the NGX.
