IEI Plc secures shareholders’ approval for all resolutions at EGM
L-r: Kolade Awosanmi - Head of technical, Olayemi Idebi-Yusuf- Head of Financial Institutions, Reginald Reuben - Head of compliance, Dr Joyce Odiachi - Acting MD, Dr Adeyinka Hassan - Non-Executive Director, Ifeoma Ijeli, Head of Legal, Uyi Osagie - Chief Financial Office, Confidence Yinusa- Chief Marketing Officer.
Nike Popoola
International Energy Insurance Plc (“IEI Plc” or “the Company”) is pleased to announce the successful conclusion of its Extraordinary General Meeting (EGM) held virtually today. Shareholders overwhelmingly approved all proposed resolutions, marking a significant milestone in the Company’s recapitalization and growth strategy.
A statement from company today said the key Outcomes of the EGM were;
Equity Conversion Approved
Shareholders ratified the conversion of the ₦2 billion deposit by Norrenberger Advisory Partners Limited into equity through the issuance of 1.25 billion new ordinary shares at ₦1.60 per share. This strengthens IEI Plc’s capital base and reinforces investor confidence.
Capital Raise Authorization Granted
The Board received full authorization to raise up to ₦17.5 billion 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 & Ratification
Shareholders granted the Board and management authority to execute all necessary steps for the approved actions and ratified prior related activities.
The successful EGM marks a turning point for The Company as it accelerates its recapitalization program in line with regulatory requirements and industry reforms. These approvals position the Company for sustainable growth, improved solvency, and enhanced shareholder value.
The Chairman of the Board, Alhaji Bukar Goni Aji, OON, CFR was capably represented by Dr Adeyinka Hassan, Non-Executive Director at the company, who expressed gratitude for the strong support from the shareholders, stating that it demonstrates the shareholders’ confidence in the company’s transformation agenda and commitment to building a stronger, more competitive insurance business.
