Mutual Benefits Assurance clarifies NGX sanction, says issue resolved

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DinoOmoAle

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Feb 28, 2023
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Mutual Benefits Assurance Plc has addressed concerns over a sanction imposed by the Nigerian Exchange Limited (NGX) for delays in filing certain audited and unaudited financial statements, stating that the issue has been fully resolved.

The company, in a statement seen by Nairametrics on Monday, March 2, 2026, clarified that the matter relates to prior reporting periods.

It added that all outstanding filings have since been regularised in line with NGX regulatory procedures.

The Nigerian Exchange (NGX) Limited had imposed N378 million in fines on 13 listed insurance companies for breaches related to late filing of audited and unaudited financial statements.

  • Data from the latest X-Compliance Report released by NGX Regulation Limited on February 20, 2026, showed that the insurance sector accounted for over 70% of total compliance breaches.
  • Mutual Benefits Assurance incurred N67.44 million in cumulative fines, ranking among the top three delinquent filers.
  • It paid N11 million for filing its 2024 Audited Financial Statements (AFS) on July 9, 2025, instead of the December 31, 2024 deadline.
The company also paid a discounted N53.640 million penalty for late submission of its 2023 AFS and 2024 first to third quarter Unaudited Financial Statements (UFS), as well as N2.8 million for filing its 2025 first quarter UFS after the deadline.

The top three delinquent filers — Mutual Benefits Assurance, African Alliance Insurance and Universal Insurance Plc — accounted for N168.14 million, representing 43.2% of the total N378 million fines imposed.
 
DinoOmoAle said:
Mutual Benefits Assurance Plc has addressed concerns over a sanction imposed by the Nigerian Exchange Limited (NGX) for delays in filing certain audited and unaudited financial statements, stating that the issue has been fully resolved.

The company, in a statement seen by Nairametrics on Monday, March 2, 2026, clarified that the matter relates to prior reporting periods.

It added that all outstanding filings have since been regularised in line with NGX regulatory procedures.

The Nigerian Exchange (NGX) Limited had imposed N378 million in fines on 13 listed insurance companies for breaches related to late filing of audited and unaudited financial statements.

  • Data from the latest X-Compliance Report released by NGX Regulation Limited on February 20, 2026, showed that the insurance sector accounted for over 70% of total compliance breaches.
  • Mutual Benefits Assurance incurred N67.44 million in cumulative fines, ranking among the top three delinquent filers.
  • It paid N11 million for filing its 2024 Audited Financial Statements (AFS) on July 9, 2025, instead of the December 31, 2024 deadline.
The company also paid a discounted N53.640 million penalty for late submission of its 2023 AFS and 2024 first to third quarter Unaudited Financial Statements (UFS), as well as N2.8 million for filing its 2025 first quarter UFS after the deadline.

The top three delinquent filers — Mutual Benefits Assurance, African Alliance Insurance and Universal Insurance Plc — accounted for N168.14 million, representing 43.2% of the total N378 million fines imposed.
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It seems they are enjoying the penalty because how else would one explain their consecutive failure since 2023 to submit as at when due. Nigerians and lackadaisical attitude is 5&6.
 
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