Veritas Kapital Assurance Plc has announced the appointment of renowned legal and regulatory expert, Babatunde Irukera, as the new Chairman of its Board of Directors, marking a strategic leadership move aimed at strengthening governance and driving growth within the company.
The appointment of Irukera, the immediate past Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), was officially confirmed by the Board following its most recent meeting in Abuja. His emergence as Chairman is seen as a bold step by the insurance firm to leverage his vast experience in regulatory compliance, corporate governance, and consumer protection.
During his tenure at the FCCPC, Irukera played a pivotal role in reshaping Nigeria’s consumer rights framework and strengthening institutional enforcement against anti-competitive practices and unfair market behaviour. His leadership earned the commission both local and international recognition, and it established new standards for consumer-focused regulation in Nigeria.
Veritas Kapital, in a statement to the Nigerian Exchange Limited and stakeholders, expressed confidence in Irukera’s ability to provide visionary guidance at a time the company is repositioning to play a more dominant role in Nigeria’s insurance sector. The Board described his appointment as timely, adding that it aligns with the company’s long-term goals of driving innovation, maintaining strong regulatory compliance, and delivering enhanced value to shareholders.
With over three decades of legal, regulatory, and public policy experience, Irukera brings to the table a wealth of expertise spanning both private legal practice and public sector leadership. Prior to his role at the FCCPC, he had served as Director-General of the Consumer Protection Council (CPC), which later merged into the FCCPC, and had a distinguished legal career in both Nigeria and the United States.
Industry watchers have hailed the development as a strategic win for Veritas Kapital Assurance, which has, in recent years, embarked on an ambitious transformation agenda to improve operational efficiency, expand market share, and deepen insurance penetration in Nigeria.
Irukera’s appointment takes effect immediately, and he is expected to work closely with the executive management team to steer the company through evolving market dynamics and regulatory expectations.