Mutual Benefits Assurance Plc has been listed among Africa’s fastest growing companies, in a ranking by Financial Times that accessed compound annual growth in revenues between 2017 and 2020.
After announcing the completion of the ranking exercise, Mutual Benefits emerged 61st in Africa and 19th in Nigeria, according to FT.
Seventy-five companies across sectors made the list out of which 20 are Nigerian firms, including Mutual Benefits Assurance Plc.
Mutual Benefits’ annual revenue (net) for 2017 and 2020 were submitted and the company qualified after meeting the criteria for inclusion with its compound annual growth rate at 13.31 per cent and absolute growth rate at 45.49 per cent, above minimum CAGR of 8.58 per cent required for participation.
FT said, “The ranking was created through a complex procedure but does not claim to be complete because some companies do not want to make their figures public.”
The Managing Director/Chief Executive Officer, Mutual Benefits Assurance, Femi Asenuga, commenting on the rating, said: “We are excited to be listed among Africa’s fastest growing companies for 2022, which underscores that we are part of institutions that are creating wealth and boosting the economy not only in Nigeria but across Africa.