The shareholders of International Energy Insurance Plc have approved the management of the company to raise about N17.5bn in additional funds as part of its recapitalisation drive.
The approval was given at the Extraordinary General Meeting of the company, which was held virtually recently.
Sunday PUNCH reports that the National Insurance Commission had issued a mandatory increase in minimum capital requirements following the signing of the Nigerian Insurance Industry Reform Act 2025 into law by President Bola Tinubu.
At the EGM, presided over by the Chairman of the Board, Bukar Goni Aji, who was represented by Dr Adeyinka Hassan, a Non-Executive Director of the company, shareholders approved the resolutions unanimously.
The resolutions include: “Equity Conversion: Shareholders ratified the conversion of the N2bn 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.
“Capital Raise Authorisation: The Board received full authorisation to raise up to N17.5bn through various instruments, including private placement, rights issue, public offer, or strategic investor participation, subject to regulatory approvals.
“Amendment of Governing Documents: The Memorandum and Articles of Association will be updated to reflect the enlarged share capital, ensuring compliance with the Companies and Allied Matters Act, 2020.
“Implementation Authority and Ratification: Shareholders granted the Board and management authority to execute all necessary steps for the approved actions and ratified prior related activities.”
The company said the resolutions approved at the EGM marked a turning point as it accelerates its recapitalisation programme in line with regulatory requirements and industry reforms.
Speaking after the EGM, Hassan expressed gratitude for the “strong support from shareholders,” stating that it demonstrates confidence in the company’s transformation agenda and commitment to building a stronger, more competitive insurance business.
He also assured shareholders that the company would continue to engage stakeholders openly and transparently, stressing that no aspect of the recapitalisation would be carried out without proper disclosure. He added that IEI was confident of meeting the recapitalisation deadline set by regulators for July 2026.
IEI Plc is Nigeria’s pioneering energy-focused insurance company, offering specialised 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.
