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Mutual Benefits Life Assurance Ltd.

RC 681998

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09054644444, 09054744444

Aret Adams House,
233 Ikorodu Road, Ilupeju - Lagos

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Board of Directors



Mr. Soye Olatunji is a Chartered Accountant with a bachelor's degree in Chemical Engineering and an MBA from University of Lagos. He has over 30 years of cumulative experience in audit and tax consultancy, accounting and general management.

He was erstwhile General Manager, Best Oils Limited Ibadan, Oyo State and Finance Director, Vitamalt Plc, Agbara Industrial Estate, Ogun State. He joined Ventures & Trust Limited (V&T) as Managing Associate and Chief Financial Officer in 2003.

He joined Mutual Benefits Group in 2007 as Executive Director Corporate Planning and Investment from where he left as Group Finance Director, to establish Mutual Exploration and Production Limited, in 2013. Mr. Olatunju assumed his current position in December 2019. He is an alumnus of Saïd Business School of University of Oxford where he attended the Oxford Advanced Management & Leadership Programme.


B.Sc, M.Sc, ACII
Managing Director/CEO

Ademola Ifagbayi is a graduate of Education and Social Studies from Obafemi Awolowo University Ile-Ife. He is an alumnus of the prestigious Pan African University (Lagos Business School) where he attended the Senior Management Programme (SMP 32) in 2008. He is also an Associate of the Chartered Insurance Institute of Nigeria (ACIIN).

Ademola started his Insurance career as a Marketer with Amicable Assurance Plc in 1995. In 1996, he moved to Industrial and General Insurance Company Limited (IGI) where he rose to the level of a Senior Analyst in 2001. He joined MUTUAL BENEFITS in March, 2003 as the pioneer Agency Manager.

Prior to his current position, Demola was General Manager, Mutual Retail.

Mr. Femi Asenuga

B.Sc, M.Sc, ACII

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.

Mr. Asenuga 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 2007 as a Deputy Manager in the Technical Department. He 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.

He has attended various management and leadership courses at home and abroad including the Senior Management Programme at Lagos Business School, Advance Management course at University of Navarra Barcelona, Spain and the Said Business School, University of Oxford where he attended the Oxford Advanced Management & Leadership Programme.


MPhil., ACA, CPA

Hakeem graduated with a first class honours degree in Agricultural Economics from Obafemi Awolowo University, Ile-Ife and also holds an M.Phil from the same institution. He is a member of different professional accounting bodies in Nigeria, Canada and United Kingdom and has won many academic laurels. An economist and chartered accountant with more than 20 years’ experience in finance, strategy and administration with multinational corporations in Nigeria, Canada and Ghana.

Prior to this appointment, Hakeem was Finance Director of Cadbury Ghana Limited, Ghana.

He has performed in senior management roles in the finance and strategic functions of Cadbury Nigeria Plc, Nestle Canada Inc, and Coca Cola (Nigeria) Bottling Company Plc.