Chuks Udo Okonta
The Chairman Mutual Benefits Assurance Plc, Akin Opeodu, has disclosed the company's plans to divest from some of its subsidiaries.
Opeodu said this at the firm's annual general meeting in Lagos. He noted that the move is in line with the International Financial Reporting Standard (IFRS) requirements.
Thought he was not emphatic on the business the company wants to let go, he assured shareholders that the company wants to focus on area of core competence.
The firm subsidiaries presently include: Mutual Benefits Microfinance Bank Limited which it has invested over N450 million; Mutual Benefits Assurance Company Liberia ($5 million); Mutual Benefits Assurance Plc; Mutual Benefits Life assurance Limited; Mutual Benefits Homes and Properties Limited (N3 billion); Charks Investment Limited (N1.5 billion).
Others are: Mutual Benefits Model Transport Limited (N2 billion); Assurance Generales du Cameroun ($2.1 million) and TFS Securities and investment Limited.
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