Veritas Kapital Assurance Plc has announced that its 48th Annual General Meeting will take place on Friday, October 31, 2025, at the Shehu Musa Yar’Adua Centre in Abuja’s Central Business District, marking a significant moment for the insurance company as it seeks shareholder approval for a major capital expansion.
The meeting, scheduled for 11:00 am, will address several critical business matters, including the ratification of new director appointments and authorization for a substantial capital raise of up to N15 billion.
This was disclosed in a notice sent to the Nigerian Exchange Limited (NGX) on Thursday.
The notice, signed by the company secretary, Saratu Umar Garba, states that the meeting will focus on key governance and financial matters. “Notice is hereby given that the Forty-Eighth (48th) Annual General Meeting of the members of Veritas Kapital Assurance Plc will be held on Friday, the 31st of October 2025,” Garba stated in the official notice.
The National Insurance Commission has approved the appointment of two new directors: Dr. Adaobi Nwakuche as Executive Director and Mr. Babatunde Irukera as Non-Executive Director. Their profiles are available in the company’s Annual Report and on the corporate website.
A centrepiece of the AGM will be seeking shareholder authorization for a significant equity issue. “The Board of Directors of the Company be and is hereby authorised to raise capital of up to 15,000,000,000 (fifteen billion Naira) or such other amount as it may determine by way of a Private Placement,” the notice stated.
The capital raise will be conducted “on such terms and conditions, including price, and on dates and times, as may be determined by the Board of Directors of the Company, subject to obtaining all relevant regulatory approvals.”
Shareholders will review the audited financial statements for the year ended December 31, 2024, along with reports from the Directors, Auditors, and Audit Committee. The meeting will also address the remuneration of external auditors Ernst and Young and elect members of the Statutory Audit Committee.
Three directors are retiring by rotation and have offered themselves for re-election: Dr. Oluwafunsho Obasanjo, Mrs. Priya Heal, and Hajia Yabawa Lawan Wabi mni.
The company’s Board of Directors includes Chairman Babatunde Ayokunle Irukera, alongside Priya Heal, Yabawa Lawan Wabi-mni, Aminu Babangida, Oluwafunsho Obasanjo, Emmanuel Etuh, Paul Oki (Independent Non-Executive Director), Dr. Adaobi Nwakuche (Managing Director/CEO), and Sunkanmi Adekeye (Executive Director).
The company has made provisions for shareholder participation through proxy voting. “A member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy in his/her stead,” Garba explained, noting that proxy forms must be submitted to Unity Registrars Limited at least 48 hours before the meeting.
Shareholders are encouraged to update their records for e-dividend payments and are reminded that unclaimed dividends remain available at the registrar’s office. The Register of Members will be closed from October 28-29, 2025.
