Veritas Kapital appoints ex-FCCPC boss Babatunde Irukera as board chairman

Veritas Kapital Assurance Plc has appointed Babatunde Irukera, former Executive Vice-Chairman and Chief Executive Officer (CEO) of the Federal Competition and Consumer Protection Commission (FCCPC), as chairman of its board of directors.

His election was ratified by shareholders during the company’s 48th Annual General Meeting (AGM) held in Abuja on Friday, following a unanimous vote of confidence in his leadership credentials and track record in corporate governance.

In his acceptance speech, Irukera assured shareholders that his tenure would be guided by fairness, transparency, and equitable treatment for all stakeholders.

“We will ensure that every shareholder is treated fairly and that our decisions reflect integrity, accountability, and long-term value creation,” he said.

Speaking on the ongoing recapitalisation exercise in Nigeria’s insurance industry, Irukera said the move was designed to strengthen the sector and make it more resilient. He added that Veritas Kapital would navigate the process carefully to safeguard shareholder interests.

“The recapitalisation is an opportunity to make the industry more vibrant. We will ensure that Veritas Kapital’s shareholders are not disadvantaged in the process,” he stated.

On dividend payments, the new chairman pledged prompt and consistent returns to investors.

“Even prior to recapitalisation, we have been on a high-speed train to pay dividends,” he said. “We are working towards the point where shareholders will always receive their dividends as and when due.”

During the meeting, shareholders commended the company for maintaining strong gender representation on its board and within management ranks. They also urged the firm to continue improving operational efficiency and ensure that future annual meetings are held promptly.

Irukera, a lawyer and consumer rights advocate, is widely regarded for his leadership at the FCCPC, where he championed market fairness, regulatory reforms, and consumer protection across Nigeria’s business sectors.