BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has moved to reassure stakeholders following recent media reports referencing a sanction previously imposed by Nigerian Exchange Limited (NGX) over delays in filing certain audited and unaudited financial statements.
The insurer clarified that the issue relates to prior reporting periods and was fully resolved in line with NGX regulatory procedures. It confirmed that all outstanding filings have since been regularised and that the company is currently in full compliance with NGX listing rules and reporting obligations.
In a statement, the company explained that following the delays, it conducted a comprehensive review of its governance, reporting and compliance frameworks, resulting in strengthened internal controls and oversight mechanisms.
Among the measures introduced are stricter internal reporting timelines, improved cross-functional coordination, and enhanced review protocols to ensure timely and accurate disclosures. The company also reinforced Board oversight through its Audit and Risk Committees, establishing clearer accountability structures and structured periodic compliance reviews.
Additionally, upgraded compliance monitoring systems have been deployed across its finance and company secretariat functions to improve regulatory tracking and reporting processes. Management noted that further investments have been made in technology, human capital and governance processes to sustain operational transparency and regulatory adherence.
According to the company, the reforms have significantly improved reporting efficiency and compliance discipline, positioning it for long-term stability and growth.
Reaffirming its commitment to transparency and stakeholder confidence, Mutual Benefits stated that it remains dedicated to maintaining the highest standards of corporate governance, accountability and regulatory compliance. The company added that it continues to operate from a position of financial and operational stability, focused on delivering sustainable value to shareholders, policyholders, business partners and the investing public.
The insurer also expressed appreciation to stakeholders for their continued confidence and reiterated its commitment to full compliance with all regulatory requirements.
Mutual Benefits Assurance Plc, regulated by the National Insurance Commission (NAICOM), has operated in Nigeria for over 30 years, providing general insurance solutions to individuals, businesses and institutions nationwide.
