International Energy Insurance (IEI) Plc secured shareholder approval to raise ₦17.5 billion in fresh capital.
Moreover, at the EGM on December 31, 2025, shareholders approved converting a ₦2 billion deposit into equity.
Shareholders Back IEI Plc Capital Conversion
Specifically, Norrenberger Advisory Partners will convert the ₦2 billion deposit into 1.25 billion ordinary shares at ₦1.60 each.
This conversion immediately strengthens IEI’s capital base and improves the company’s solvency position.
Furthermore, analysts note that the move demonstrates strong sponsor commitment and boosts investor confidence.
Board Granted Flexible Fundraising Powers
In addition, shareholders authorised the Board to raise additional capital through multiple funding options.
This flexibility allows IEI to select the most efficient route depending on market conditions.
Consequently, the approvals support IEI’s plan to expand operations and deepen underwriting capacity nationwide.
Meanwhile, shareholders updated the Memorandum and Articles of Association to reflect the larger share capital.
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These changes ensure that the company complies fully with the Companies and Allied Matters Act (CAMA) 2020.
A Stronger, Growth-Focused Future
Looking back, IEI issued a 2008 zero-coupon bond to Daewoo Securities, which later created financial challenges.
Then, in 2021, Norrenberger Advisory Partners acquired a 50.61% controlling stake to stabilise operations.
By August 2025, NAPL fully settled the bond, significantly strengthening IEI’s financial position.
Now, the company plans to raise more capital to fund growth and enhance competitive strength.
Non-Executive Director Dr Adeyinka Hassan addressed shareholders on behalf of Chairman Alhaji Bukar Goni Aji, OON, CFR.
He described the EGM outcome as strong shareholder support for IEI’s transformation agenda.
Founded in 1969, IEI continues to lead Nigeria as a pioneer energy-focused insurer with specialised offshore and onshore solutions.
Today, the company actively pursues growth, resilience, and renewed ambition in Nigeria’s insurance market.
With these approvals, IEI can implement its plans efficiently and further reinforce investor confidence.
