International Energy Insurance Plc (IEI) has secured shareholders’ approval to increase its paid-up through debt-to-equity conversion as well as raise fresh N17.5 billion through a blend of fund-raising programme.

It also secured approval for resolutions at its extraordinary general meeting held in Lagos at the weekend.
The approvals are widely viewed within the industry as a reflection of growing investor confidence in insurance that is aligning with regulatory reforms and repositioning for stronger solvency, governance and long-term competitiveness ahead of the July recapitalisation deadline.

Market analysts note that IEI’s move mirrors a broader sector-wide push to strengthen capital buffers, improve risk-bearing capacity and enhance financial resilience in response to tighter regulatory oversight by the National Insurance Commission (NAICOM).

A major outcome of the EGM was shareholders’ approval for the conversion of a N2 billion deposit by Norrenberger Advisory Partners Limited into equity, through the issuance of 1.25 billion ordinary shares at N1.60 per share.

The move is expected to significantly strengthen the company’s capital base and reinforce confidence among policyholders, reinsurers and the entire market.

Shareholders also authorised the board to raise up to N17.5 billion through various instruments, including private placements, rights issues, public offers and strategic investors’ participation, subject to regulatory approvals.

Industry observers said the flexibility positions IEI to tap capital markets efficiently as competition intensifies and regulatory capital thresholds evolve.

The EGM also approves amendments to the company’s memorandum and articles of association to reflect its enlarged share capital, ensuring compliance with the Companies and Allied Matters Act (CAMA) 2020, while granting management authority to implement and ratify all related actions.

Speaking on behalf of the Chairman, Bukar Goni Aji, its Non-Executive Director, Dr Adeyinka Hassan, said the overwhelming shareholders’ support reflects confidence in the company’s transformation agenda and its commitment to building a stronger and more competitive insurance business.