Mutual Benefits chairman cuts stake with 850,000-share sale

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.

The disclosure indicated that Ogunbiyi, a substantial shareholder, trimmed his stake while remaining one of the company’s key shareholders.

As of 30 September 2025, Ogunbiyi held 1,100,000,024 units of Mutual Benefits Assurance shares, representing 5.48 per cent of the company’s issued share capital. This is the same percentage holding as at 31 December 2024.

The unaudited consolidated and separate financial statements of Mutual Benefits Assurance Plc for the period ended 30 September 2025 showed that the company’s issued share capital stood at 20,061,622,397 units. The shareholding structure also indicated that substantial shareholders collectively held 76.86 per cent of the company’s shares as at 30 September 2025, unchanged from the position at the end of 2024.

The insider trading disclosure further showed that Ogunbiyi, a non-executive director, sold the shares at prices ranging between N3.97 and N4.18 per unit between 9 and 12 January in Lagos. The deal is worth between N3.37m and N3.55m.