Veritas Kapital Assurance Plc has announced plans to raise up to ₦15 billion in fresh capital as part of key resolutions to be considered at its 48th Annual General Meeting (AGM), scheduled for Friday, October 31, 2025, at the Shehu Musa Yar’Adua Centre in Abuja.
According to a notice filed with the Nigerian Exchange Limited (NGX) and signed by the company’s secretary, Saratu Umar Garba, the meeting will commence at 11:00 a.m. and will focus on several major governance and financial agenda items, including the ratification of board appointments and authorization of the capital raise.
Garba noted that the company’s board is seeking shareholder approval to raise up to ₦15 billion “or such other amount as it may determine by way of a private placement,” with terms and timing to be decided by the directors, subject to regulatory approvals. The move is expected to strengthen the insurer’s capital base and position it for future growth in Nigeria’s evolving insurance market.
The National Insurance Commission (NAICOM) has also approved the appointment of Dr. Adaobi Nwakuche as Executive Director and Mr. Babatunde Irukera as Non-Executive Director. Their detailed profiles are contained in the company’s latest Annual Report and available on its corporate website.
During the AGM, shareholders will review the company’s audited financial statements for the year ended December 31, 2024, alongside the reports of the Directors, Auditors, and Audit Committee. The agenda also includes approval of the remuneration of external auditors, Ernst & Young, and the election of members of the Statutory Audit Committee.
Three directors — Dr. Oluwafunsho Obasanjo, Mrs. Priya Heal, and Hajia Yabawa Lawan Wabi (mni) — will retire by rotation and have indicated their intention to seek re-election.
The company’s current Board of Directors is chaired by Babatunde Ayokunle Irukera and includes Priya Heal, Yabawa Lawan Wabi (mni), Aminu Babangida, Oluwafunsho Obasanjo, Emmanuel Etuh, Paul Oki (Independent Non-Executive Director), Dr. Adaobi Nwakuche (Managing Director/CEO), and Sunkanmi Adekeye (Executive Director).
To ensure broad participation, Veritas Kapital has made provisions for proxy voting, allowing shareholders unable to attend to appoint representatives to vote on their behalf. Proxy forms must be submitted to Unity Registrars Limited no later than 48 hours before the meeting.
The company also urged shareholders to update their bank details for e-dividend payments and reminded them that unclaimed dividends remain available at the registrar’s office. The Register of Members will be closed from October 28 to 29, 2025, ahead of the AGM.
The upcoming meeting marks a significant milestone for Veritas Kapital Assurance as it seeks to consolidate its financial strength and enhance shareholder value in line with its long-term growth strategy.
