Abuja: Veritas Kapital Assurance Plc has expressed optimism about meeting the sector’s recapitalisation regulatory requirements, both as a matter of timeline and admissible assets. Mr Babatunde Irukera, the newly elected Chairman of the Board of Directors, shared this sentiment during an interview with the News Agency of Nigeria (NAN).
According to News Agency of Nigeria, Irukera, who also served as the former Chief Executive Officer of the Federal Competition and Consumer Protection Commission, stated that the company had achieved significant successes throughout the year in preparation for the recapitalisation exercise. He highlighted the impact of the Nigerian Insurance Industry Reform Act (NIIRA), which introduced comprehensive compliance and consumer protection frameworks.
Irukera explained that NIIRA would broaden the scope of insurance business and transform the industry. The legislation identifies new areas for insurers to innovate and develop products. It also mandates digitisation, aligning with the global trend towards digital markets. This legislative reform is expected to significantly impact the industry.
He noted that Veritas Kapital, as a public company, has shown improved performance, evident in the steady rise of its share value and trading volume. The company’s efforts in marketing, cost management, and revenue management are yielding positive results.
On the matter of dividends, Irukera mentioned that the company has set ambitious targets and management is working towards achieving these, which will eventually lead to dividend distribution to shareholders. He expressed confidence that shareholders would soon see appreciable returns.
NAN reports that NIIRA 2025 introduced higher Minimum Capital Requirements (MCR) for various types of insurance companies and a shift to a Risk-Based Capital framework. Irukera’s appointment was ratified at the company’s 48th Annual General Meeting.
Veritas Kapital Assurance Plc, formerly UnityKapital Assurance Plc, is a leading provider of non-life insurance products and services in Nigeria.