In a decisive move signaling its ambitions for stronger governance and shareholder trust, Veritas Kapital Assurance Plc (‘the Company’) has elected Babatunde Irukera as Chairman of its Board of Directors. According to Naija247news, the election followed a unanimous decision by shareholders at the Company’s 48th Annual General Meeting (AGM) held in Abuja on Friday.
Naija247news gathered that shareholders present at the meeting endorsed Irukera’s elevation on the back of his wealth of regulatory and legal experience, especially his tenure as Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC).
Naija247news understands that in his address to the AGM, Irukera pledged to prioritise fairness and equal treatment for all shareholders under his leadership, emphasising that the board would operate with transparency and consistent performance in mind.
In the meeting, Irukera commented on the ongoing recapitalisation exercise in the insurance sector, describing it as a key driver for making the industry more vibrant and competitive. He further pledged that Veritas Kapital would undertake a “careful review” of the recapitalisation process to ensure that none of its shareholders are disadvantaged amid changes.
According to Naija247news, on the subject of dividends, Irukera stressed that the Company’s new management team would place timely and consistent disbursements to shareholders at the forefront of their agenda. He stated: “Even prior to recapitalisation, we have been on [a] high-speed train to pay dividends… We are working up to the point that you will receive your dividends.”
During the AGM, shareholders also commended the Company for its representation of women on the board and in management—an acknowledgment of improved diversity and inclusivity in the corporate structure. Naija247news reports that the shareholders urged Veritas Kapital to hold future annual meetings promptly to enhance efficiency and service delivery, underscoring the need for steady corporate cadence in investor relations.
Irukera’s appointment comes against the backdrop of recent changes at Veritas Kapital. Naija247news understands that former Chairman Nahim Abé Ibraheem resigned as Chairman and non-executive director earlier in May 2025, a move accepted by the board at its 195th meeting held on May 2.
Business observers say Irukera’s credentials spanning over 30 years of experience in institutional reform, market regulation and public-interest litigation position him well to lead the Company through an era of regulatory and market transformation.
Industry watchers view the wider context of this leadership change as aligning with the regulatory focus on recapitalisation in Nigeria’s insurance sector, where boards and managing teams are being pushed to enhance capital buffers, compliance and shareholder value. By stressing both governance and shareholder returns, Veritas Kapital appears signalling its intention to keep pace.
Shareholders at the AGM underscored this view when they commended the firm’s current strides, while also urging greater regularity in annual general meetings and improved service delivery. According to Naija247news, the call indicates increasing investor expectations of transparency, prompt communication and effective corporate governance in Nigeria’s capital-market listed firms.
The new chairman’s emphasis on fairness, dividend consistency and recapitalisation oversight may serve to bolster confidence among existing and potential investors in Veritas Kapital. As the Company moves into this next chapter, the scrutiny will be on how board strategy translates into improved performance, stronger capitalisation and enhanced shareholder value.
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Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.
