International Energy Insurance Plc (IEI) has announced the full settlement of its outstanding loan to Daewoo Securities, now known as Mirae Asset Securities (UK) Limited.
According to a recent filing with the Nigerian Exchange, the loan was a JPY 1,850,000,000 zero-coupon bond originally due in 2028.
The company explained that, during its Annual General Meeting held in Jigawa on April 10, 2025, shareholders approved transferring the outstanding loan to Norrenberger Advisory Partners Limited (NAPL), which was tasked with settling the debt on the company’s behalf.
Commenting on the settlement, International Energy Insurance stated:
“NAPL, on behalf of International Energy Insurance Plc, has now fully settled and paid off the loan to Daewoo Securities (Europe) Limited.”
The company also noted that the disclosure was necessary due to recent developments regarding its financial reporting, particularly the audited statements for the 2024 fiscal year, which are still under review by NAICOM.
Backstory:
International Energy Insurance Plc (IEI) issued the zero-coupon bond to Daewoo Securities (Europe) Limited, on January 24, 2008. The bond had a 20-year maturity, with the principal scheduled for repayment on January 23, 2028.
In 2024, IEI reported a negative shareholders’ fund of N7.7 billion and total assets of N19.5 billion.
- Accumulated losses of over N21 billion meant dividends could not be paid until the balance sheet was restructured.
- The company also posted a pre-tax loss of N1.6 billion in the first quarter.
During the same period, IEI announced that it had received a mandatory takeover bid from Norrenberger Advisory Partners Limited (NAPL), a process first initiated in late 2021. According to a Nigerian Exchange press release, NAPL later acquired 649,873,013 shares, giving it a 50.61% stake in IEI.
- The acquisition was expected to stabilize operations and strengthen IEI’s balance sheet.
Fast forward to August 2025, NAPL has settled the outstanding zero-coupon bond due in 2028, highlighting one of the key benefits of the acquisition.
The company emphasized that the recent disclosure was necessary to keep shareholders and the public informed about the loan settlement and the ongoing delay in publishing its financial statements, particularly the audited accounts for FY 2024.
Delayed financials
In its recent release, International Energy Insurance Plc (IEI) acknowledged the delay in publishing its 2024 audited financial statements, noting that it is working to secure final approval from the National Insurance Commission (NAICOM).
The company explained that, following the update on the outstanding loan, NAICOM is still reviewing the full year statements for 2024.
IEI emphasized its commitment to complying with NGX regulations and ensuring transparency in its operations. Reassuring shareholders, the company stated:
“As we prepare for the nine-month audit, we encourage stakeholders to stay informed and engaged with our developments.”
