Lagos, Nigeria – Mutual Benefits Assurance Plc has addressed concerns over a sanction imposed by the Nigerian Exchange Limited for delays in filing certain audited and unaudited financial statements, stating that the issue has been fully resolved through comprehensive governance reforms.
Okay News reports that the company clarified that the matter relates to prior reporting periods, with all outstanding filings since regularised in line with NGX regulatory procedures. Following the reporting delays, the company carried out a comprehensive review of its governance, reporting, and compliance frameworks, strengthening internal controls and oversight structures.
The NGX had imposed N378 million in fines on 13 listed insurance companies for reporting breaches, with Mutual Benefits incurring N67.44 million in cumulative penalties. The company paid N11 million for filing its 2024 Audited Financial Statements past the December 31, 2024 deadline, along with discounted penalties for late submission of its 2023 AFS and quarterly reports.
Mutual Benefits stated that it has reinforced board oversight through its Audit and Risk Committees, establishing clearer accountability frameworks and structured periodic compliance reviews. Investments have been made in technology, human capital, and governance processes to support sustained operational transparency and regulatory adherence.
The insurance sector accounted for over 70 percent of total compliance breaches, with the top three delinquent filers accounting for N168.14 million of the total fines. The reforms implemented by Mutual Benefits aim to improve reporting efficiency and compliance discipline, positioning the company for sustained stability and growth. This compliance resolution demonstrates the company’s commitment to meeting listing rules and addressing governance gaps.
