International Energy Insurance Plc (IEI) has suffered yet another leadership shakeup, with the resignation of its Managing Director/Chief Executive Officer, Mr. Olasupo Sogolola, effective November 12, 2025.
This marks the company’s third CEO exit in just over three years, underscoring persistent instability at the top following its acquisition by Norrenberger Advisory Partners Limited (NAPL).
The company disclosed the development in a regulatory filing to the Nigerian Exchange Limited (NGX) dated November 14, 2025.
In the interim, Dr. Joyce Odiache, Executive Director, Technical, has been appointed as Acting Managing Director/CEO pending the appointment of a substantive head.
From Ayeni to Sogolola: Trend of short tenures
IEI’s leadership changes began on July 23, 2021, when the National Insurance Commission (NAICOM) approved the appointment of Mr. Ebunolu Oludele Ayeni as Managing Director/CEO. Ayeni, a seasoned chartered insurer and risk management consultant with more than 30 years of industry experience, was expected to drive stability and reposition the company.
However, less than two years later, another transition occurred, with Mr. Olasupo Sogolola assuming the reins. Now, his resignation marks yet another abrupt exit, raising questions among stakeholders over board governance, strategic alignment, and the ability of the majority shareholder to sustain leadership continuity.
Industry analysts note that frequent CEO changes in highly regulated sectors such as insurance often reflect deep-seated internal restructuring challenges, particularly following acquisitions.
Norrenberger acquisition triggered strategic reset
IEI’s leadership crisis coincides with the firm’s acquisition cycle. In 2021, Norrenberger initiated the takeover process after receiving regulatory clearance from NAICOM to acquire 100% of the company.
By June 2024, the transaction became formalised, as Norrenberger Advisory Partners Limited completed the acquisition of 649.87 million ordinary shares, representing 50.61% equity stake, thus becoming the majority shareholder and triggering a Mandatory Takeover Offer (MTO) under the Investment and Securities Act and SEC regulations.
Further details from the company’s 2023 audited financial statements confirmed NAPL as the single largest shareholder, with no other investor holding more than 5% equity. Approximately 49% of IEI’s shares are held as free float, indicating a diversified retail investor spread.
Market reaction and outlook
As of Monday, November 17, 2025, shares of International Energy Insurance traded at N2.72 per share. Investors bought 80,688 units only valued at only N205,574, reflecting subdued investor confidence amid operational and governance uncertainties.
The stock began the year with a share price of N1.70 and has since gained 60%, ranking it 70th on the NGX in terms of year-to-date performance. On Monday, September 22, the stock hit its year high of N3.34 per share before shedding weight at its current price.
The stock is currently the 125th most valuable stock on the NGX with a market capitalization of N3.49 billion, which makes about 0.0037% of the NGX equity capitalisation.
Implications of CEO’s resignation
The latest resignation could further unsettle market sentiment, especially as Norrenberger continues expanding its influence within Nigeria’s financial services sector, having recently acquired about 4.5% stake in the National Association of Securities Dealers (NASD) Plc, Nigeria’s over-the-counter exchange where unlisted securities are traded.
Observers say the acting CEO, Dr. Odiache, will be tasked with not only maintaining operational stability but also navigating stakeholder confidence and regulatory compliance at a time of heightened scrutiny.
What next for IEI?
With three CEOs in three years, the company’s future strategic direction remains unclear.
“Continuous executive turnover risks weakening corporate vision and slowing execution of post-acquisition integration plans,” says Mr. Eva Asagwara, a retail investor and stock market analyst.
Stakeholders now await the announcement of a substantive CEO, hoping the next appointment will bring long-term direction and restore investor confidence in the insurer, one of Nigeria’s oldest energy underwriting firms.
For many, IEI’s leadership stability may ultimately depend on the ability of Norrenberger to align management structure with its strategic investment objectives.
