International Energy Insurance Plc has converted a N2bn deposit from Norrenberger Advisory Partners Limited into equity, creating 1.25 billion ordinary shares in the company, following the approval of shareholders at an Extraordinary General Meeting held virtually on 31 December 2025.
In a notice filed on the Nigerian Exchange Limited on Monday, the new shares, valued at N1.60 per share with a par value of N0.50 each, will rank pari passu with existing ordinary shares in the company’s capital, giving NAPL an equity stake in IEI.
“At an Extraordinary General Meeting of International Energy Insurance Plc, duly convened and held virtually on 31 December, 2025, the following resolutions were proposed and duly passed.
IT IS RESOLVED as follows: “That the deposit for shares in the sum of N2,000,000,000 (two billion naira) made by Norrenberger Advisory Partners Limited be converted to equity in favour of NAPL by the creation of 1,250,000,000 (one billion, two hundred and fifty million) ordinary shares of N0.50 each at the price of N1.60 per share, ranking pari passu in all respects with the existing ordinary shares in the Company’s capital.”
In addition to the equity conversion, shareholders authorised the company to raise additional capital of up to N17.5bn through various options, including private placement, rights issue, public offer, strategic investor participation, or a combination thereof. The Board of Directors is empowered to determine the timing, pricing, tranches, and structure of the capital raise, subject to obtaining all relevant regulatory approvals.
The EGM also approved the necessary increase in the company’s share capital to accommodate the new issuance, as well as amendments to the Memorandum and Articles of Association to reflect the company’s revised share capital in line with the Companies and Allied Matters Act, 2020.
The Board was further authorised to take all steps necessary to implement the resolutions, including filing documents with regulatory authorities, engaging advisers and professionals, and complying with all regulatory directives. All prior acts carried out by the Board and management in connection with the resolutions were ratified and approved by shareholders.
The capital-raising initiative is expected to strengthen IEI’s financial position, enhance its capacity for underwriting and investment, and support strategic growth plans in Nigeria’s insurance sector.
