Major Investor Offloads Mutual Benefits Assurance Stocks
By Dipo Olowookere
One of the major shareholders in Mutual Benefits Assurance Plc, Mrs Adedotun Ogunbiyi, has offloaded some of her stakes in the company.
According to the audited financial statements of Mutual Benefits Assurance for the 2019 accounting year analysed by Business Post, Mrs Ogunbiyi, wife of Chairman of the firm, Mr Akin Ogunbiyi, controls 5.8 per cent stake in the company, amounting to 650,398,460 units.
In a notice to the Nigerian Stock Exchange (NSE), it was disclosed that a few days ago, she sold about 14.5 million units of the company’s stocks in her portfolio.
In the statement, it was further stated that the shares were offloaded by her at a unit price of 21 kobo on Friday, September 4 and Monday, September 7, 2020, at the exchange.
Mutual Benefits Assurance is mainly involved in general and life insurance underwriting (under separate licenses held by the company and its subsidiary respectively), risk management, financial services, microfinance banking and real estate.
The company has progressed into a group with five subsidiary companies namely: Mutual Benefits Life Assurance Limited, Mutual Benefits Assurance Company Liberia, Mutual Benefits Assurance Niger SA, Mutual Benefits Homes and Properties Limited and Mutual Benefits Microfinance Bank Limited.
The firm, which had its equity price closing flat at the local course on Friday at 20 kobo per unit, has shares outstanding of 11,172,733,508 units and a market value of N2.2 billion.
Meanwhile, a non-executive director on the board of the company, Mr Ebube Ezeagwula, has increased his stake in the organisation.
Mr Ezeagwula, who is the co-Chairman of FUTeLIV KONSULT and President/Chief Executive Officer for Eye Express 20-20, acquired additional 2.5 million shares of the company last Friday at 21 kobo per unit.