Mutual Benefit Assurance Invests $64m in Oil Producing Assets

Mutual Benefit Assurance Invests $64m in Oil Producing Assets

Mutual Benefit Assurance Plc said besides its core insurance operations, it has diversified into the energy sector having invested a whooping $64 million (N96 billion) in a producing oil asset as a hedge against economic volatility. 

This was revealed by the company’s chairman, Dr Akin Ogunbiyi at the 30th anniversary/ thanks giving service held by the company in Lagos.

Describing this as a major milestone for a firm that started operations three decades ago with an initial capital of approximately N5 million, Ogunbiyi said going forward Mutual Benefit would focus efforts on growing its retail market as part of its growth efforts. 

Ogunbiyi said ahead of June deadline for recapitalisation of insurance firms in the system, Mutual Benefit has already exceeded the industry’s recapitalisation requirements and is currently on growth track.

According to Ogunbiyi, the retail segment remains largely untapped and presents significant opportunities for sustainable expansion.

Speaking to journalists on the side lines of the event, the Managing Director and Chief Executive Officer, of Mutual Benefit, Mr. Olufemi Asenuga, said the company had strategically positioned itself to meet recapitalisation requirements long before the enactment of the Nigerian Insurance Industry Reform Act 2025.

According to him, despite multiple regulatory directives issued over the past five years, Mutual Benefits had already surpassed the required capital thresholds of N10 billion for Life insurance and N15 billion for General insurance.

“By 2020, we had already complied with the initial directives. Today, we have not only met the minimum requirements, we have exceeded them for both the holding company and the Life business,” he said.

He added that the company’s current focus had shifted from regulatory compliance to injecting additional liquidity aimed at driving aggressive business growth.

He said the group’s regional subsidiaries were also contributing to performance, adding that its Niger Republic operation has grown to become the country’s second-largest insurer and was positioned to become the market leader following the exit of several francophone competitors.

NEPAD Business Group Calls for AfCFTA Expertise in Ambassador Appointments

The President Bola Tinubu-led administration has been urged to prioritise deep knowledge and practical understanding of the African Continental Free Trade Area (AfCFTA), as the key requirement for appointing new ambassadors recently screened by the National Assembly.

In a statement, the NEPAD Business Group Nigeria (NBGN), noted that as Africa is repositioning its economy towards intra-African trade, regional value chains, and economic resilience, Nigeria’s diplomatic representation must be strategically aligned with AfCFTA objectives.

According to NBGN, “AfCFTA represents a $3.4 trillion market for over 1.4 billion people, offering Nigeria unprecedented opportunities to expand exports, attract investment, strengthen industrialisation, and create jobs. However, these opportunities can only be fully harnessed if Nigeria’s foreign missions are led by ambassadors who are conversant with AfCFTA rules, protocols, trade remedies, non-tariff barrier mechanisms, and regional trade frameworks.

“The success of AfCFTA will not be determined solely by policies signed at the continental level but by how effectively countries deploy their institutions and representatives to implement them. Nigeria’s ambassadors must be prepared to serve as frontline drivers of intra-African trade, investment promotion, and private sector competitiveness.”

NBGN reaffirms its readiness to continue supporting the Federal Government through policy advisory, private sector engagement, and evidence-based advocacy, to ensure that Nigeria assumes its rightful leadership role in AfCFTA implementation and Africa’s economic transformation.

Access Bank to Drive Africa’s Trade Ambitions at Cape Town Conference

Nume Ekeghe

Access Bank Plc has announced plans to host the second edition of the Africa Trade Conference (ATC 2026), a high-level strategic convening designed to accelerate Africa’s role in shaping the future of global trade.

Source: https://www.thisdaylive.com/2026/01/28/mutual-benefit-assurance-invests-64m-in-oil-producing-assets/