International Energy Insurance Plc (IEI) will at the end of this month meet with its shareholders to secure approval that will enable the insurer seek N17.5 billion fresh capital to meet the new minimum capital requirement set for players in the sector.
In this vein IEI has scheduled an Extraordinary General Meeting (EGM) called for shareholders to consider the resolutions listed in the statutory notice. The key item is the proposal to undertake a capital raising exercise to inject capital of up to N17.5 billion naira into the business to fully recapitalize as required by the Nigerian Insurance Industry Reform Act, 2025.
Norrenberger Advisory Partners Limited had made a deposit for shares in 2023 in a sum of N2 billion and it is proposed that this deposit be converted into equity through the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at N1.60 per share, subject to the shareholders’ approval.
This proposed conversion reflects continued shareholder support for IEI’s transformation and its ongoing efforts to build a more competitive and efficient business.
The proposal is further supported by the Company’s recent performance and its 10x Story, which highlights the progress made in strengthening operations and laying a stable foundation for long-term growth.
Details on how to join the virtual EGM meeting, submit proxies, and vote have been shared with shareholders through the channels provided in the published notice.
IEI remains committed to open communication and good governance as it continues to advance its recapitalisation plans and long-term growth agenda, the Company said.
