Veritas Kapital Assurance appoints former FCCPC boss Babatunde Irukera as Board Chairman, signaling a bold move toward governance reform and sustainable growth.
Veritas Kapital Assurance Plc has officially appointed Mr. Babatunde Irukera, former Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), as the new Chairman of its Board of Directors. The announcement was made following the company’s 196th Board meeting held on July 31, 2025.
This landmark appointment is part of the insurance giant’s strategic commitment to corporate governance excellence and sustainable value creation for its stakeholders.
A Strategic Leadership Choice
Mr. Irukera’s appointment comes just months after he joined the board as a Non-Executive Director during the company’s 195th Board meeting on May 2, 2025, a position that received prompt approval from the National Insurance Commission (NAICOM).
His new role as Board Chairman will be formally presented to shareholders for ratification at the upcoming Annual General Meeting later this year.
In an official statement signed by Saratu Umar Garba, Company Secretary of Veritas Kapital Assurance, the Board and Management extended their congratulations and confidence in Mr. Irukera’s leadership:
“His wealth of experience, sound judgment, and proven leadership capacity will further strengthen our corporate governance and drive sustainable growth in line with global best practices.”
Who Is Babatunde Irukera?
Mr. Irukera is widely regarded as one of Nigeria’s foremost legal and regulatory reform experts, boasting a stellar career spanning over three decades across public interest litigation, market regulation, and institutional reform.
As the immediate past CEO of the FCCPC, he is credited with pioneering Nigeria’s first comprehensive competition law framework, as well as transforming consumer protection enforcement across sectors.
Under his leadership, the FCCPC earned praise for:
- Regulatory innovation
- Transparent market practices
- Proactive enforcement
- Stakeholder-centric engagement
Broad-Spectrum Legal and Policy Expertise
Beyond his work at FCCPC, Mr. Irukera has held:
- Advisory roles with both federal and state governments
- Key contributions to national legislation on digital trade, aviation, and competition law
- Cross-border regulatory consulting with ECOWAS, AfCFTA, and COMESA
His private-sector background includes being Managing Partner at Simmons Cooper Partners, where he led legal teams handling:
- Securities and corporate litigation
- Regulatory compliance
- Stakeholder engagement
- Commercial law and governance matters
Academic and Professional Credentials
Mr. Irukera holds a law degree from Obafemi Awolowo University and is called to the Nigerian Bar, with additional licensure to practice in the United States.
He is an active member of several prestigious legal associations:
- Nigerian Bar Association (NBA)
- American Bar Association (ABA)
- International Bar Association (IBA)
His contributions to legal and regulatory reform have earned him listings in:
- Who’s Who Legal
- The American Lawyer
Implications for Veritas Kapital Assurance
With Irukera at the helm, Veritas Kapital Assurance is set to strengthen its:
- Corporate governance standards
- Regulatory compliance frameworks
- Strategic expansion initiatives
His appointment signals a new chapter for the company as it seeks to enhance shareholder value, bolster regulatory alignment, and solidify its market leadership within Nigeria’s insurance and financial services industry.
