Irukera Takes the Helm at Veritas Kapital Assurance — Promises Fairness, Transparency, and Renewed Growth
In a move that signals a new chapter for Veritas Kapital Assurance Plc, shareholders have elected Mr. Babatunde Irukera, the former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), as the new Chairman of the Board of Directors.
His election was unanimously approved during the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday, November 1, 2025.
A New Era of Accountability and Fairness
Addressing shareholders, Irukera assured them of his commitment to transparency, fairness, and equal treatment for all investors. He pledged that his leadership would focus on strengthening governance structures, improving shareholder value, and ensuring that no investor is left behind—particularly as the industry heads into the next phase of recapitalisation.
“The recapitalisation move is designed to make the insurance sector more vibrant. However, we will scrutinise the process to ensure our shareholders are not disadvantaged,” Irukera emphasized.
Dividend Concerns and New Management’s Commitment
Responding to shareholder concerns about dividend payments, Irukera acknowledged the pause in distributions in recent years but assured investors that the new management team is prioritizing prompt and consistent dividend payouts.
“We are on a high-speed train towards ensuring dividends are paid. We are working up to the point that you will receive your dividends,” he stated confidently.
Shareholders React
Several shareholders expressed optimism about the company’s direction under its new leadership:
• Essien Peters, a shareholder, noted that he was initially drawn to Veritas Kapital because of its strong earnings per share and reliable dividend policy, urging the board to revive its dividend culture.
• Patrick Ajudua commended the company’s prompt claims payment and appealed for earlier AGMs to give shareholders timely updates.
• Shareholders also applauded Veritas Kapital for maintaining a strong female representation on its board — a growing indicator of corporate inclusivity and balance.
Impressive Revenue Growth Despite Profit Decline
In her presentation, the Managing Director, Dr. Adaobi Nwakuche, highlighted the company’s strong revenue and asset growth for the 2024 financial year, despite pressures from special risk claims:
• Revenue: ₦23.3 billion (up 228% from ₦7.1 billion in 2023)
• Gross Premium: ₦23.69 billion (up 225% from ₦7.29 billion in 2023)
• Total Assets: ₦33 billion (up from ₦20.66 billion in 2023)
However, she noted a decline in profitability, with:
• Profit Before Tax: down by 161%
• Profit After Tax: down by 170%
The dip was largely attributed to significant claims in the company’s special risk portfolio.
Looking Ahead: Resilience and Strategic Repositioning
Despite the challenges, Nwakuche reaffirmed Veritas Kapital’s resilience and growth focus, stating that the firm remains dedicated to achieving its goal of becoming “the underwriter of choice” in Nigeria’s insurance industry.
“As a going concern, Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the underwriter of choice in the Nigerian insurance market,” she affirmed.
About Veritas Kapital Assurance
Formerly known as UnityKapital Assurance Plc, Veritas Kapital Assurance provides non-life insurance products and services to individuals and institutions across Nigeria. The company continues to be a significant player in the country’s financial services ecosystem.
Bottom Line
With Babatunde Irukera at the helm, Veritas Kapital appears poised for a new phase marked by shareholder inclusivity, regulatory prudence, and renewed investor confidence. The company’s blend of strong management and a shareholder-focused strategy could set it on a path to sustainable recovery and long-term profitability.
In a move that signals a new chapter for Veritas Kapital Assurance Plc, shareholders have elected Mr. Babatunde Irukera, the former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), as the new Chairman of the Board of Directors.
His election was unanimously approved during the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday, November 1, 2025.
A New Era of Accountability and Fairness
Addressing shareholders, Irukera assured them of his commitment to transparency, fairness, and equal treatment for all investors. He pledged that his leadership would focus on strengthening governance structures, improving shareholder value, and ensuring that no investor is left behind—particularly as the industry heads into the next phase of recapitalisation.
“The recapitalisation move is designed to make the insurance sector more vibrant. However, we will scrutinise the process to ensure our shareholders are not disadvantaged,” Irukera emphasized.
Dividend Concerns and New Management’s Commitment
Responding to shareholder concerns about dividend payments, Irukera acknowledged the pause in distributions in recent years but assured investors that the new management team is prioritizing prompt and consistent dividend payouts.
“We are on a high-speed train towards ensuring dividends are paid. We are working up to the point that you will receive your dividends,” he stated confidently.
Shareholders React
Several shareholders expressed optimism about the company’s direction under its new leadership:
• Essien Peters, a shareholder, noted that he was initially drawn to Veritas Kapital because of its strong earnings per share and reliable dividend policy, urging the board to revive its dividend culture.
• Patrick Ajudua commended the company’s prompt claims payment and appealed for earlier AGMs to give shareholders timely updates.
• Shareholders also applauded Veritas Kapital for maintaining a strong female representation on its board — a growing indicator of corporate inclusivity and balance.
Impressive Revenue Growth Despite Profit Decline
In her presentation, the Managing Director, Dr. Adaobi Nwakuche, highlighted the company’s strong revenue and asset growth for the 2024 financial year, despite pressures from special risk claims:
• Revenue: ₦23.3 billion (up 228% from ₦7.1 billion in 2023)
• Gross Premium: ₦23.69 billion (up 225% from ₦7.29 billion in 2023)
• Total Assets: ₦33 billion (up from ₦20.66 billion in 2023)
However, she noted a decline in profitability, with:
• Profit Before Tax: down by 161%
• Profit After Tax: down by 170%
The dip was largely attributed to significant claims in the company’s special risk portfolio.
Looking Ahead: Resilience and Strategic Repositioning
Despite the challenges, Nwakuche reaffirmed Veritas Kapital’s resilience and growth focus, stating that the firm remains dedicated to achieving its goal of becoming “the underwriter of choice” in Nigeria’s insurance industry.
“As a going concern, Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the underwriter of choice in the Nigerian insurance market,” she affirmed.
About Veritas Kapital Assurance
Formerly known as UnityKapital Assurance Plc, Veritas Kapital Assurance provides non-life insurance products and services to individuals and institutions across Nigeria. The company continues to be a significant player in the country’s financial services ecosystem.
Bottom Line
With Babatunde Irukera at the helm, Veritas Kapital appears poised for a new phase marked by shareholder inclusivity, regulatory prudence, and renewed investor confidence. The company’s blend of strong management and a shareholder-focused strategy could set it on a path to sustainable recovery and long-term profitability.