The Chairman of Mutual Benefits Assurance Plc, Akinade Ogunbiyi, has reduced his equity holding in the insurance firm after selling 850,000 ordinary shares, according to an insider trading notification submitted to the Nigerian Exchange Limited (NGX).
The disclosure shows that Ogunbiyi, a substantial shareholder and non-executive director of the company, carried out the transaction while maintaining his position as one of the insurer’s key investors.
Company filings indicate that as of 30 September 2025, Ogunbiyi held 1.1 billion shares, representing 5.48 per cent of Mutual Benefits Assurance’s issued share capital, a level unchanged from his position at the end of 2024. The company’s unaudited financial statements for the period ended 30 September 2025 show that total issued share capital stood at 20.06 billion shares.
The shareholding analysis further revealed that substantial shareholders collectively controlled 76.86 per cent of the company’s shares as at the end of September 2025, maintaining the same ownership structure recorded at 31 December 2024.
Details from the insider trading report showed that Ogunbiyi sold the shares between 9 and 12 January at prices ranging from N3.97 to N4.18 per share, with the transaction valued at between N3.37 million and N3.55 million.
The latest sale follows a separate divestment by Charks Investment Limited, another significant shareholder with shared directors and ownership links to Mutual Benefits Assurance. In early December, the firm disposed of 2.99 million shares at prices between N3.06 and N3.10 per unit, according to NGX filings.
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 settled at N4.29 per share, giving the company a market capitalisation of approximately N86.06 billion.
Meanwhile, the insurer has entered a closed period effective from 1 January 2026, ahead of its board meeting scheduled for 28 January 2026. The closed period will remain in force until 24 hours after the release of the company’s unaudited fourth-quarter 2025 results and audited full-year financial statements to the NGX.
