By David Akinmola,Lagos
Mutual Benefits Assurance Plc has reaffirmed its full compliance with regulatory requirements, clarifying that issues relating to delayed financial filings previously referenced by the Nigerian Exchange Limited (NGX) have since been resolved in line with extant listing rules.
In a statement issued in Lagos, the insurer said the sanction cited in recent media reports related to prior reporting periods and was addressed in accordance with NGX regulatory procedures at the time. The company confirmed that all outstanding audited and unaudited financial statements have been duly regularised and that it currently meets all listing and disclosure obligations.
The underwriting firm explained that following the delays, it undertook a comprehensive review of its governance, reporting and compliance structures, resulting in the introduction of strengthened internal controls and oversight mechanisms.
According to the company, reforms include enhanced financial reporting architecture with stricter internal timelines, improved cross-functional coordination and reinforced review protocols to ensure timely and accurate disclosures. It also strengthened board oversight through its Audit and Risk Committees, introducing clearer accountability frameworks and structured periodic compliance assessments.
In addition, upgraded compliance monitoring systems were deployed across its finance and company secretariat functions to improve regulatory tracking and reporting efficiency.
Management further disclosed that the company has invested in technology, human capital and governance processes to sustain operational transparency and regulatory adherence, noting that the measures have significantly improved reporting discipline and compliance culture across the organisation.
Reaffirming its commitment to transparency and stakeholder confidence, the insurer said it continues to operate from a position of financial and operational stability, focused on delivering sustainable value to shareholders, policyholders and the investing public.
With over three decades of operations, Mutual Benefits operates under the regulatory oversight of the National Insurance Commission (NAICOM), and remains committed to deepening insurance penetration and strengthening corporate governance standards within Nigeria’s insurance industry.
