Mutual Benefits Assurance clarifies NGX sanction, says issue resolved

2026-03-02 16:46:51

Mutual Benefits Assurance Plc has addressed concerns over a sanction imposed by the Nigerian Exchange Limited (NGX) for delays in filing certain audited and unaudited financial statements, stating that the issue has been fully resolved.

The company, in a statement seen by Nairametrics on Monday, March 2, 2026, clarified that the matter relates to prior reporting periods.

It added that all outstanding filings have since been regularised in line with NGX regulatory procedures.

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What they are saying

The company explained that after the reporting delays occurred, it carried out a comprehensive review of its governance, reporting and compliance frameworks. This review, it said, led to the strengthening of internal controls and oversight structures.

_“All outstanding filings have since been regularised and the company is fully compliant with NGX listing rules and reporting obligations.” _
_“Mutual Benefits also 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.” _

According to the company, the reforms have significantly improved reporting efficiency and compliance discipline, positioning it for sustained stability and long-term growth.

Backstory

The Nigerian Exchange (NGX) Limited had imposed N378 million in fines on 13 listed insurance companies for breaches related to late filing of audited and unaudited financial statements.

Data from the latest X-Compliance Report released by NGX Regulation Limited on February 20, 2026, showed that the insurance sector accounted for over 70% of total compliance breaches.
Mutual Benefits Assurance incurred N67.44 million in cumulative fines, ranking among the top three delinquent filers.
It paid N11 million for filing its 2024 Audited Financial Statements (AFS) on July 9, 2025, instead of the December 31, 2024 deadline.

The company also paid a discounted N53.640 million penalty for late submission of its 2023 AFS and 2024 first to third quarter Unaudited Financial Statements (UFS), as well as N2.8 million for filing its 2025 first quarter UFS after the deadline.

The top three delinquent filers — Mutual Benefits Assurance, African Alliance Insurance and Universal Insurance Plc — accounted for N168.14 million, representing 43.2% of the total N378 million fines imposed.

What you should know

The remaining ten non-compliant insurers accounted for N214.86 million, or 56.84% of the total penalties, revealing widespread reporting lapses within the sector. The compliance breaches cut across both annual audited accounts and interim quarterly reports.

Regency Alliance Insurance Plc incurred N28 million in cumulative penalties.
Prestige Assurance Plc paid N12.1 million in multiple fines.
Cornerstone Insurance recorded N10.2 million in penalties for double defaults, while Sovereign Trust Insurance Plc paid N4.4 million for similar breaches.
International Energy Insurance was fined N28.2 million for filing its 2024 AFS on September 30, 2025, instead of the December 2024 deadline.

The figures highlight the scale of reporting infractions within the insurance sector, which emerged as the least compliant segment in NGX’s latest compliance assessment.

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