IEI to hold EGM – The Nation Newspaper

International Energy Insurance Plc (IEI) is set to hold its Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025.

This was disclosed in a statement made available to journalists in Lagos.

The company disclosed that the meeting will be held virtually to allow all shareholders, irrespective of their locations, join and take part in the decision-making process.

The statement read: “The EGM has been 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 recapitalise as required by the Nigerian Insurance Industry Reform Act, 2025.

“It is worthy to note that Norrenberger Advisory Partners Limited had made a deposit for shares in 2023 in a sum of N2billion 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 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 stated.