IEI strengthens recapitalisation plans with N2bn equity conversion

L-R: Kolade Awosanmi, head of technical; Olayemi Idebi-Yusuf, head of Financial Institutions; Reginald Reuben, head of compliance; Joyce Odiachi, acting MD; Adeyinka Hassan, non-executive director; Ifeoma Ijeli, head of Legal, Uyi Osagie, chief financial office; Confidence Yinusa, chief marketing officer at International Energy Insurance EGM in Lagos

International Energy Insurance (IEI) Plc has strengthened its recapitalisation plan with approval of shareholders to convert N2 billion deposit by Norrenberger Advisory Partners Limited into equity through the issuance of 1.25 billion new ordinary shares at N1.60 per share. This strengthens IEI Plc’s capital base and reinforces investor confidence.

At its Extra Ordinary General Meeting held virtually, shareholder approved all resolutions, giving the board full authorisation to raise up to N17.5 billion through various instruments, including Private Placement, Rights Issue, Public Offer, or Strategic Investor participation, subject to regulatory approvals.

The meeting also amended The Memorandum and Articles of Association to reflect the enlarged share capital, ensuring compliance with the Companies and Allied Matters Act, 2020.

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“The successful EGM marks a turning point for The Company as it accelerates its recapitalization program in line with regulatory requirements and industry reforms. These approvals position the Company for sustainable growth, improved solvency, and enhanced shareholder value, the company said.

Bukar Goni Aji, board chairman who was represented by Adeyinka Hassan, a non-executive director of the company expressed gratitude for the strong support from the shareholders, stating that it demonstrates the shareholders’ confidence in the company’s transformation agenda and commitment to building a stronger, more competitive insurance business.

International Energy Insurance Plc (IEI Plc) is Nigeria’s pioneering energy-focused insurance company, offering specialized underwriting solutions for offshore and onshore risks alongside a wide range of general insurance products. Established in 1969 and headquartered in Lagos, IEI Plc operates as a subsidiary of Norrenberger Financial Group. The company remains committed to driving innovation in risk management and expanding its footprint in the insurance industry, while consistently delivering superior customer experiences across all its processes.

With a focus on transparency, governance, and long-term value creation, IEI Plc is positioning itself for sustainable growth and leadership in Nigeria’s evolving insurance landscape.

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ByModestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.