Ruth Ibikunle
Olufemi Asenuga, the Managing Director of Mutual Benefits Assurance Plc, is quite the figure in the insurance industry whose journey is truly inspiring. He has a rich background that speaks volumes about his journey and achievements. Born and raised in Nigeria, he grew up in a community that emphasized the value of hard work and perseverance. He pursued his education with determination, earning a degree in Insurance, which laid a solid foundation for his career.
Olufemi Asenuga holds a Master of Science Degree in Business Administration and a bachelor’s degree in Insurance from the University of Lagos. He is an Associate of the Chartered Insurance Institute, Nigeria. Femi was the best graduating student in the finals of the B.Sc. Honours Insurance Examination. He won the Femi Johnson & Co. prize as well as the Unity Life & Fire Insurance Company award for being the best overall graduating student in the department of Insurance for 1989/1990 session.
After completing his studies, Olufemi dove headfirst into the world of finance and insurance. He started his insurance career with Metropolitan Trust Insurance Company in 1993. He joined Custodian and Allied Insurance in 1995 as a pioneer staff and Assistant Manager in the Technical Department. He joined Mutual Benefits Assurance Plc in 1997 as a Deputy Manager in the Technical Department.
He has been graced with experiences in business and entrepreneurship, authorship, leadership and management within multiple industries. Most importantly, he has an illustrious career as an insurance professional. With years of experience under his belt, he eventually rose through the ranks and was seconded to the Life subsidiary in 2007 as the pioneer Managing Director a position he held until his appointment as Managing Director of the Company in December 2019.
As the Managing Director of Mutual Assurance Plc, Olufemi has made quite an impact. Honestly, it’s impressive how he has transformed the company since taking office. He’s not just focused on profits; he genuinely cares about the clients and the communities they serve. Under his leadership, Mutual Assurance has introduced several innovative products that cater to the diverse needs of their customers, showing a real understanding of what people want and need.
When you think of a Managing Director, you might picture someone in a sharp suit, buried in paperwork. But Olufemi is different. He’s known for his approachable nature and down-to-earth lifestyle. Since he took on the role of managing director, the company has not only seen significant growth both in terms of revenue and customer satisfaction but has also built stronger relationships with clients and partners. His approach is refreshing; he emphasizes transparency and trust, which are vital in the insurance industry. You know, it’s rare to find someone who can blend professionalism with a warm, approachable demeanor, but Olufemi does it effortlessly.
Under his watch, the share price of Mutual Benefits Assurance has grown significantly by 570.49% to the current price of N4.09 from N0.61 at the beginning of the year 2025. The Company also achieved significant growth in its topline and bottom-line figures in Q3 2025.
But it’s not just about numbers for Olufemi. He believes in a balanced lifestyle — one that includes family, community service, and personal growth. He often shares that success isn’t just about climbing the corporate ladder. It’s also about giving back and making a difference. Whether it’s through mentorship programs or community outreach, he’s always looking for ways to uplift others.
In a nutshell, Olufemi Asenuga’s story is one of ambition, compassion, and impact. He’s a leader who inspires others to pursue their dreams while reminding them of the importance of community. As he continues to steer Mutual Assurance Plc towards new heights, it’s clear that his journey is just beginning, and we can’t wait to see where it takes him next.
MUTUAL BENEFITS ASSURANCE PLC is a well-known brand in the Nigerian insurance business. A leading world-class company offering superior and outstanding financial services to the delight of all stakeholders. Transcending the expectations of customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services.
When he stepped into this role, the company was at a bit of a crossroads. Share prices were fluctuating, and there was a sense of uncertainty hanging in the air. But Asenuga really shook things up. He has not only stabilized but also revitalized the company’s standing in the market. It’s exciting to think about where he’ll take things next. Investors and employees alike are now looking forward to what the future holds under his guidance.