Mutual Benefits Annual Report 2021

Mutual Benets Assurance Plc 155 SHARE CAPITAL HISTORY
2021 Annual Report & Accounts

AUTHORIZED (N) AUTHORIZED (N)

DATE INCREASE CUMULATIVE INCREASE CUMULATIVE CONSIDERATION
1995 CASH
1995 5,000,000 5,000,000 CASH
1996 CASH
1999 15,000,000 20,000,000 15,000,000 20,000,000 CASH
2001 CASH
2002 10,000,000 30,000,000 10,000,000 30,000,000
2003 CASH(IPO)
2004 40,000,000 70,000,000 40,000,000 70,000,000 BONUS (1:5)
2006 CASH(RIGHT)
2007 150,000,000 220,000,000 70,000,000 BONUS (9:10)
2009 CASH (PUBLIC OFFER)
280,000,000 500,000,000 150,000,000 220,000,000 CASH (Capitalization of
2018 deposit for share)
2019 500,000,000 73,483,333 293,483,333
2021 Nil
500,000,000 206,516,667 500,000,000 CASH (Right Issue)
CASH (Private Placement)
2,500,000,000 3,000,000,000 450,000,000 950,000,000

2,000,000,000 5,000,000,000 2,394,730,000 2,844,370,000

5,000,000 1,155,639,000 4,000,000,000

5,000,000 10,000,000,000 - 4,000,000,000
- 10,000,000,000 1,586,367,000 5,586,367,000
10,050,000,000 4,444,444,000 10,030,811,000
50,000,000

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benets Assurance Plc 157 MUTUAL’S PRODUCT
2021 Annual Report & Accounts

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benets Assurance Plc 158 PROXY FORM
2021 Annual Report & Accounts

Notice is hereby given that the 26th Annual General Meeting of Mutual Benets Assurance Plc. will be held at Radisson Hotel,
Isaac John Street, G.R.A. Ikeja, Lagos on 26th October at 10.00 am to transact the following business:
I/We……………………………………………….of……………………………………………………………………………………
….............................................................................................being a member of MUTUAL BENEFITS ASSURANCE PLC,
hereby appoint **Mr./Mrs…………………......................…………....….. of…………............................………………………
……….……………………………..........…… or failing him, the chairman of the meeting as my/our proxy to vote for me/our
behalf at the Annual General Meeting of the company to be held on 26th October 2022 and at any adjournment thereof.
Dated this.......................................................day of ...........…………………………………………………2022

Shareholder's signature……………………………………………………………

RESOLUTION FOR AGAINST

1. To lay before the Members, the Audited Financial Statements of the Company for the year

ended 31st December 2021 together with the Reports of Directors, Auditors and Statutory

Audit Committee thereon.

2. To re-elect the following Directors retiring by rotation and being eligible have offered

themselves for re-election

i. Dr. Akin Ogunbiyi

ii. Dr. Eze Ebube

iii. Mr. Soye Olatunji

3. To authorise the Directors to x the remuneration of the Auditors;

4. To disclose the remuneration of the Managers

5. To elect shareholders' representatives of the Statutory Audit Committee.

6. To approve the remuneration of Directors

7. To consider and if thought t pass with or without modication the following as special

resolutions:

Amendment to Clauses 3 & 4 of the Memorandum of Association and Articles 5,46, & 66 of the Articles of Association

"That the Company Secretary be and is hereby authorized to take such steps and to do such things as may be required to give

effect to the above resolutions.

Please indicate with ‘X’ in the appropriate square how you wish your vote to be cast on the resolutions referred to above. Unless

otherwise instructed, the proxy will vote or abstain from voting at his discretion.

Compliance with the COVID-19 Related Directives and Guidelines
In view of the ravaging COVID-19 pandemic, the curtailment measures and the guidelines put in place by the Federal
Government, Lagos State Government, Health Authorities and Regulatory Agencies, particularly, the Corporate Affairs
Commission (CAC) issued Guidelines on Holding AGM of Public Companies by Proxy. The convening and conduct of the AGM
shall be done in compliance with these directives and guidelines.

PROXY
A member entitled to attend and vote at the Annual General Meeting is also entitled to appoint a proxy to attend and vote in his/her
stead. A proxy need to be a member of the Company. To be valid, a proxy form must be completed and duly stamped by the
Commissioner of Stamp Duties and returned to the Registrar, Apel Capital Registrars Limited, 8, Alhaji Bashorun Street Off
Norman Williams Crescent South West Ikoyi Lagos or by mail to [email protected] not less than 48 hours before the time of the
meeting.

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benets Assurance Plc 159 PROXY FORM
2021 Annual Report & Accounts

Attendance by Proxy

In line with CAC Guidelines, attendance of the AGM still be by Proxy only. Shareholders are required to appoint a proxy of their

choice from the list of nominated proxies below:

1. Dr. Akin Ogunbiyi Chairman, Board of Directors

2. Mr. Olufemi Asenuga Managing Director/CEO

3. Mr. Biyi Ashiru-Mobolaji Executive Director

4. Mr. Eric Akinduro Shareholder

5. Dr. Anthony Omojola Shareholder

6. Mrs. Bisi Bakare Shareholder

7.. Mrs. Efunyemi Obideyi Shareholder

8. Mr. Moses Igbrude Shareholder

Stamping of Proxy
The Company has made arrangements, at its cost for the stamping of the duly completed and signed proxy forms submitted to the
Company's Registrars within the stipulated time.

Broadcast of the AGM
The AGM will be recorded and broadcast online. This will enable shareholders and other stakeholders who will not be attending
physically to view the proceedings. The link for the AGM broadcast will be made on the Company's website at
www.mutualng.com

Please tear here

ADMISSION FORM
MUTUAL BENEFITS ASSURANCE PLC. RC 269837

The 26th Annual General Meeting of Mutual Benets Assurance Plc. will be held at Radisson Hotel, Isaac John Street GRA Ikeja,
Lagos on Thursday 29th October 2022 at 10:00 am

Name of Shareholder*______________________________________________________________________________________

IF YOU ARE UNABLE TO ATTEND THE MEETING
A member (shareholder) who is unable to attend Annual General meeting is allowed by law to vote by proxy and the above proxy
Form has been prepared to enable you to exercise your right to vote in case you cannot personally attend the meeting.

A. This admission form must be produced by his proxy in order to obtain entrance to the Annual General Meeting.

B. Shareholder or their proxies are represented to sign the admission form before attending the meeting:

Name of person attending:

Signature of Person attending:

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benets Assurance Plc 160 MUTUAL BENEFITS’ PRODUCTS
2021 Annual Report & Accounts

MUTUAL’S PRODUCTS

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION

Mutual Benets Assurance Plc 162
2021 Annual Report & Accounts

Mutual Benefits Assurance Plc. NIA
RC 269837
A MEMBER OF THE NIGERIAN
INSURERS ASSOCIATION