Shareholders of International Energy Insurance Plc (IEI) have unanimously approved key resolutions aimed at strengthening the company’s capital base and repositioning it for growth, following the successful conclusion of its Extraordinary General Meeting (EGM).
At the meeting held virtually, shareholders ratified the conversion of a N2 billion deposits by Norrenberger Advisory Partners Limited into equity, through the issuance of 1.25 billion new ordinary shares priced at N1.60 per share. The move is expected to significantly boost IEI’s capital structure and reinforce investor confidence in the company.
In a major step towards recapitalisation, shareholders also authorised the board to raise up to N17.5 billion through a combination of funding options, including private placement, rights issue, public offer or the introduction of a strategic investor, subject to regulatory approvals.
The EGM further approved amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital, in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020. Shareholders equally granted the board and management full authority to implement all approved resolutions and ratified actions already taken in connection with the recapitalisation process.
Industry watchers say the approvals mark a turning point for IEI as it accelerates its recapitalisation programme in response to regulatory requirements and ongoing reforms in the insurance sector. The company is expected to benefit from improved solvency, stronger balance sheet fundamentals and enhanced capacity to create long-term shareholder value.
Speaking on behalf of the Chairman, Alhaji Bukar Goni Aji, the company’s Non-Executive Director, Dr Adeyinka Hassan, thanked shareholders for their overwhelming support, noting that it reflects strong confidence in IEI’s transformation agenda.
According to him, the resolutions underscore shareholders’ commitment to building a more resilient, competitive and growth-oriented insurance business.
International Energy Insurance Plc is Nigeria’s pioneering energy-focused insurance company, with a strong presence in offshore and onshore risk underwriting, alongside a broad portfolio of general insurance products. Founded in 1969 and headquartered in Lagos, the company is a subsidiary of Norrenberger Financial Group and is licensed and regulated by the National Insurance Commission (NAICOM).
