Prepares for November EGM

International Energy Insurance (IEI) Plc has announced plans for a ₦22.5 billion recapitalisation as part of its bold recovery strategy, following a sweeping financial turnaround that has restored the insurer’s market confidence and operational stability.

The move was unveiled during a high-level stakeholders’ engagement in Lagos this week, which brought together board members, management, and key investors to deliberate on the company’s next growth phase ahead of its Extraordinary General Meeting (EGM) scheduled for November 2025.

The recapitalisation target crowns a year of remarkable progress for IEI Plc, marked by its successful relisting on the Nigerian Exchange (NGX) and the full repayment of a long-standing ₦14 billion loan owed to Daewoo. The clearance of the legacy debt, which had long constrained the insurer’s growth, signals what the company described as a “complete financial liberation.”

IEI also confirmed the receipt of ₦2 billion in deposits for shares — funds set for conversion to equity before the end of the current financial year, pending regulatory approval. The move, the company said, underscores its strengthened capital position and investor confidence.

At the engagement, Acting Managing Director Dr Joyce Odiachi, alongside Non-Executive Directors Dr Adeyinka Hassan and Mr Tony Edeh, and Chief Financial Officer Mr Uyi Osagie, reaffirmed the company’s commitment to governance discipline, transparency, and accountability as it executes its recapitalisation roadmap.

To drive the capital raise, IEI has appointed CardinalStone Partners Limited and Vertiva Capital Management Limited as Lead Financial Advisers. The exercise — a mix of private placement, rights issue, and offer for sale — is expected to commence in February 2026, subject to regulatory and shareholder approvals.

IEI’s core investor, the Norrenberger Group, continues to provide strategic and operational support as the insurer consolidates its position in the Nigerian insurance market.

Founded in 1969 as Nigeria’s first energy-focused insurance company, IEI Plc has evolved into a broad-based provider of both energy and general insurance services. Following Norrenberger’s acquisition of a majority stake in 2022, the company has entered what it describes as “a new era of operational excellence and innovation.”

The November EGM is expected to formalise IEI’s recent milestones and set the stage for sustainable profitability and long-term value creation for shareholders and policyholders alike.