The shareholders of Veritas Kapital Assurance Plc have elected the former Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, as the Chairman of the Board of Directors.
His election followed a unanimous decision by shareholders at the company’s 48th Annual General Meeting (AGM) held on Friday in Abuja.
Addressing issues raised during the meeting, Irukera assured shareholders that his leadership would prioritize fairness, transparency, and inclusivity in the company’s operations.
On the recapitalisation of the insurance industry, he described the process as a positive step toward strengthening the sector, while emphasizing that Veritas Kapital would ensure its shareholders are not disadvantaged in any way. “We will scrutinise the recapitalisation process to protect the interests of our shareholders,” Irukera said.
Responding to concerns about dividend payments, the new chairman pledged that the company’s management would remain committed to prompt and consistent payouts.
“Even before recapitalisation, we have been on a high-speed train toward dividend payment. We are working up to the point that you will receive your dividends,” he assured shareholders.
About Babatunde Ayokunle Irukera
Babatunde Irukera is a renowned legal and regulatory expert with over 30 years of experience in institutional reform, market regulation, and public interest litigation in Nigeria and internationally.
He is the immediate past Executive Vice-Chairman/CEO of the FCCPC, where he led the transformation of Nigeria’s consumer protection landscape and established the country’s first comprehensive competition law framework. Under his leadership, the FCCPC became a model for regulatory innovation, accountability, and market fairness.
Irukera has advised and represented governments, regulatory agencies, and international organizations in complex legal and policy matters, including major aviation accident claims and multi-jurisdictional consumer and competition cases. He has also contributed to developing key national and regional frameworks in consumer protection, digital trade, and competition law.
Before his public service, Irukera was the Managing Partner at Simmons Cooper Partners, where he specialized in commercial law, securities litigation, and corporate governance. He currently consults for regional bodies such as ECOWAS, COMESA, and AFCFTA on digital trade and competition enforcement.
A graduate of Obafemi Awolowo University, Irukera is called to both the Nigerian Bar and the U.S. Bar. He is a member of the Nigerian Bar Association (NBA), American Bar Association (ABA), and International Bar Association (IBA).
Mr. Irukera’s appointment to the Board reinforces Veritas Kapital’s commitment to strong governance, regulatory excellence, and long-term value creation.