Veritas Kapital Assurance board chairman resigns

Veritas Kapital Assurance Plc, the insurance firm, has announced the resignation of its board chairman, Nahim Abé Ibraheem.

In a statement released on Thursday, the company’s secretary and legal adviser, Saratu Garba, said Mr. Ibraheem’s resignation was presented and accepted by the board at its meeting on May 2. No reason was provided for his departure.

Since the announcement, the company’s stock has declined by 9.9%, falling to ₦1 as of Thursday, when it closed flat.

Mr. Ibraheem is a well-connected figure in Nigeria’s corporate scene. He serves on the boards of VFD Group Plc, Future Unity Glanvills Pensions Ltd, and Veritas Glanvills Pensions Ltd. He is also affiliated with the Institute of Directors Nigeria, Lagos Polo Club, Petroleum Equipment Suppliers Association, and the National Honor Society.

He previously chaired Goldlink Insurance Plc and SDEM Erectors Nigeria Ltd., and served as a director at Lighthouse Properties Plc. He holds a bachelor’s degree from the University of Lagos.

Veritas Kapital posted a loss of ₦785 million in 2024, despite recording a profit of ₦2.75 billion in the preceding year. For the first quarter of 2025, it reported a moderated profit of ₦1.6 billion—down significantly from ₦5.6 billion during the same period last year.