IEI to hold EGM over N17.5bn capital raise

International Energy Insurance Plc (IEI) has announced plans to hold an Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025, to seek shareholders’ approval for key resolutions, including a proposed capital raising exercise of up to ₦17.5 billion.

According to a formal notice issued by the company, the EGM will be held virtually, enabling shareholders from different locations to participate fully in the meeting and decision-making process.

The meeting is primarily aimed at considering proposals to recapitalise the company in line with the requirements of the Nigerian Insurance Industry Reform Act, 2025. The planned capital injection is expected to strengthen IEI’s balance sheet and position the insurer for long-term growth and competitiveness in the evolving insurance market.

As part of the resolutions to be considered, IEI disclosed that Norrenberger Advisory Partners Limited had paid a ₦2 billion deposit for shares in 2023. The company is proposing that the deposit be converted into equity through the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at an issue price of ₦1.60 per share, subject to shareholders’ approval.

The proposed conversion, the company noted, reflects sustained investor confidence and continued shareholder support for IEI’s transformation agenda.

Management added that the capital raising plan is further supported by the company’s recent operational improvements, as outlined in its “10x Story,” which highlights progress in strengthening internal processes and building a stable foundation for future expansion.

Details on participation, proxy submission, and voting procedures for the virtual meeting have been communicated to shareholders through the channels outlined in the published notice.

IEI reaffirmed its commitment to transparency, sound corporate governance, and open engagement with stakeholders as it advances its recapitalisation programme and long-term growth strategy.