Mutual Benefit assures customers on recapitalisation

Mutual Benefits Assurance Group has assured its customers of meeting the June recapitalisation deadline for both Life and General Insurance business.

Its Group Chairman, Mr. Akin Ogunbiyi, spoke when the company hosted its customers to a dinner at Sheraton Hotel and Towers in Lagos.

He said the recapitalisation of the insurance companies in the industry has come to stay and the company has put all things in motion to achieve the June 2020 deadline.

He said that they have been able to recapitalise all companies under the group which include Mutual Benefits; Mutual Benefits Liberia, Mutual Benefits Microfinance bank and believe that Mutual Benefits Life and General Insurance.

The Chairman said the company has achieved over 60 percent completion of its five years’ strategic plan set in 2017, noting that the recapitalisation process hindered them from achieving 100 per cent of the plan.

But he,, however, assured that the strategic plan will commence at the end of the recapitalisation process.

He called on the National Insurance Commission ((NAICOM) to focus more on enforcement, as it will help increase insurance awareness and penetration.

He said that it is not enough to increase capital base but the industry needs the commission to do more in the area of enforcement.