IEI Plc seals financial recovery, convenes crucial EGM to anchor N22.5bn capital leap

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In a powerful demonstration of its financial turnaround, International Energy Insurance (IEI) Plc has hosted a high-stakes stakeholders’ engagement, charting a definitive course for its future ahead of an Extraordinary General Meeting (EGM) slated for November 2025.

The session, which convened management, board representatives, and core stakeholders, served as a platform to articulate the company’s strategic roadmap, which is anchored on a formidable N22.5 billion recapitalization target. This move follows a year of significant milestones that have decisively repositioned the insurer on the path to market leadership.

A statement from the company today said the renewed confidence stems from IEI’s dramatic emergence from years of constraints. Earlier this month, the company announced its successful relisting on the Nigerian Exchange (NGX) alongside the full discharge of a debilitating N14 billion Daewoo loan. This legacy debt had for years served as an anchor, restricting the company’s growth potential.

This financial liberation has been further complemented by the receipt of N2 billion in deposits for shares, a critical capital injection set for conversion to equity within the current financial year, subject to regulatory clearance. This underscores the robust effort to consolidate IEI’s financial stability and commit to long-term solvency.

Board representatives, Dr. Adeyinka Hassan and Mr. Tony Edeh, both Non-Executive Directors, together with the management team, including the Acting Managing Director, Dr. Joyce Odiachi; Chief Financial Officer, Mr. Uyi Osagie; and other key officers, as well as Mr. Moses Igbrude, Chairman of the Statutory Audit Committee, took the opportunity to address key queries.

The Management of IEI used the forum to underscore the institution’s unwavering commitment to governance discipline and radical transparency as it pursues the N22.5 billion capital mandate. They noted that the engagement reflected IEI’s dedication to inclusive communication and prudent stewardship as it prepares for an accelerated growth phase.

To execute the capital raise, IEI Plc has enlisted CardinalStone Partners Limited and Vertiva Capital Management Limited as Lead Financial Advisers. The capital mobilisation exercise, planned as a combination of private placement, offer for sale, and rights issue, is projected to commence in February 2026, pending final approvals from shareholders and regulators.

Backed by its core investor, the Norrenberger Group, IEI Plc is leveraging a broader financial ecosystem and operational support to execute its strategic plans with speed and integrity.

The proposed EGM scheduled to hold in November is thus poised to be a pivotal event. It is expected to formalise the company’s significant gains and pave the way for sustained profitability, ultimately enhancing value delivery to policyholders, shareholders, and the Nigerian insurance industry at large.

Founded in 1969, International Energy Insurance Plc (IEI Plc) is Nigeria’s first energy-focused insurance company, providing specialized underwriting for offshore and onshore risks alongside a wide range of general insurance products. Since 2003, IEI has expanded its focus to bridge critical gaps in Nigeria’s insurance industry, supported by top local and international reinsurers.

With a majority stake acquired by Norrenberger Advisory Partners Limited in 2022, the company is entering a new era of innovation, operational excellence, and market growth. Regulated by NAICOM, IEI Plc continues to deliver trusted, agile, and forward-looking insurance solutions to individuals and institutions across Nigeria.