By Elijah Olusegun
WorldStage– Axa Mansard Insurance Plc, the highest capitalized insurance company on the Nigerian Exchange disclosed about N90 million it paid in two fines, but covered up the third sanction in its 2025 corporate governance report to the Financial Reporting Council of Nigeria.
In the Nigerian Code of Corporate Governance (NCCG 2018) report it filed May 30, the company board admitted the insurer was fined by the National Insurance Commission (NAICOM).
It listed non-compliance “with NAICOM’s circular on foreign insurer participation without prior approval’, earning it N89.8 million. It also disclosed the late filing of its annuity report that earned it over N650,000.
In its February X-Compliance report, the Nigeria Exchange Group said it slammed the company N300,000 for filing its 2024 audited financial statements four months late in 2025.
However, Asa Mansard Plc didn’t disclose the third fine, in violation of Principle 28 (ii) of the NCCG 2018.
The principle demands “a list of all the fines and penalties (including date, amount, and subject matter) imposed on the Company by regulators at the end of the reporting period’.
Axa Mansard Insurance Plc, a subsidiary of the Axa Masard Investment Ltd, boasts the highest capitalization (N140 billion) in the industry.The Worldstage News earlier reported no fewer than 12 insurance companies got sanctioned in the NGX report.
