Mutual Benefits Assurance Chairman Sells 850,000 Shares, Reduces Stake

The Chairman of Mutual Benefits Assurance Plc, Akinade Ogunbiyi, has reduced his shareholding in the company following the sale of 850,000 ordinary shares, according to an insider trading disclosure filed with the Nigerian Exchange Limited (NGX).

The disclosure showed that Ogunbiyi, a substantial shareholder and non-executive director of the insurance firm, trimmed his stake while remaining one of the company’s key shareholders. As of September 30, 2025, Ogunbiyi held 1,100,000,024 shares, representing 5.48 per cent of the company’s issued share capital, the same percentage recorded as of December 31, 2024.

Unaudited financial statements for the period ended September 30, 2025, indicated that Mutual Benefits Assurance had a total issued share capital of 20,061,622,397 units. The company’s shareholding structure showed that substantial shareholders collectively owned 76.86 per cent of the shares, unchanged from the position at the end of 2024.

Details from the insider trading filing revealed that Ogunbiyi sold the shares at prices ranging between N3.97 and N4.18 per unit between January 9 and January 12 in Lagos. The transaction was valued at between N3.37m and N3.55m.

The divestment comes weeks after another major shareholder, Charks Investment Limited, which has common directors and shareholders with Mutual Benefits Assurance, sold 2,989,733 ordinary shares in early December at prices between N3.06 and N3.10 per share.

In recent trading sessions, Mutual Benefits Assurance shares have fluctuated between N3.98 and N4.38. At the close of trading on Friday, the stock stood at N4.29 per unit, giving the company a market capitalisation of over N86bn.

Meanwhile, the company has entered a closed period ahead of its board meeting scheduled for January 28, 2026, to consider and approve its fourth-quarter financial results for the year ended December 31, 2025. The closed period, which began on January 1, 2026, will remain until 24 hours after the release of the unaudited and audited financial statements to the NGX.