International Energy Insurance (IEI) Plc has secured shareholder approval to raise up to N17.5 billion in fresh capital and convert a N2 billion shareholder deposit into equity.
At an Extraordinary General Meeting (EGM) held virtually on Tuesday, December 31, 2025, the shareholders endorsed all resolutions tabled by the Board.
This endorsement effectively clears the path for a multi-layered capital raise that could involve a private placement, rights issue, public offer or the entry of a strategic investor, subject to regulatory approvals.
Resolutions the shareholders approved
The most immediate outcome of the meeting was shareholder ratification of the conversion of a N2 billion deposit by Norrenberger Advisory Partners Limited into equity. The transaction will be executed through the issuance of 1.25 billion new ordinary shares at N1.60 per share, providing an instant boost to IEI Plc’s capital base and improving its solvency position.
Market watchers say the equity conversion not only strengthens the company’s balance sheet but also signals strong sponsor commitment, reinforcing investor confidence at a time when insurance companies are under pressure to shore up capital buffers.
Beyond the equity conversion, shareholders granted the Board broad authority to raise up to N17.5 billion in additional capital through a mix of funding options. The flexibility embedded in the mandate allows IEI Plc to tap the most efficient capital route, depending on market conditions and strategic considerations.
The approval is seen as a critical enabler for the company’s medium-term growth strategy, as it seeks to scale operations, deepen underwriting capacity, and compete more effectively in Nigeria’s increasingly consolidated insurance market.
Shareholders also approved amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital, ensuring compliance with the Companies and Allied Matters Act (CAMA) 2020. In addition, the Board and management were granted full implementation authority to execute all approved actions, with prior related steps formally ratified.
A turning point in recapitalization journey
Speaking on behalf of the Chairman, Alhaji Bukar Goni Aji, OON, CFR, the Non-Executive Director, Dr Adeyinka Hassan, thanked shareholders for their overwhelming support, describing the outcome of the EGM as a strong endorsement of the company’s transformation agenda.
According to him, the approvals underscore shareholder confidence in IEI Plc’s strategy to build a stronger, more competitive insurance business anchored on sound governance, improved solvency, and long-term value creation.
What you should know
Nairametrics reported that IEI issued a zero-coupon bond to Daewoo Securities (Europe) Limited on January 24, 2008. The bond carried a 20-year maturity, with repayment of the principal scheduled for January 23, 2028. However, IEI faced financial challenges years after.
To strengthen its finances, IEI accepted a mandatory takeover bid from Norrenberger Advisory Partners Limited (NAPL), a process that began in 2021.
According to an NGX filing, NAPL acquired 649.8 million shares, giving it a 50.61% controlling stake in the company, a move expected to stabilize operations and improve its financial health.
By August 2025, NAPL successfully settled the outstanding zero-coupon bond due in 2028, a milestone that reflects the benefits of the acquisition. With the EGM approvals now in place, IEI Plc says it is better positioned to meet regulatory capital requirements, pursue sustainable growth, and expand its footprint in Nigeria’s evolving insurance landscape.
Founded in 1969, International Energy Insurance Plc is Nigeria’s pioneer energy-focused insurance company, offering specialized underwriting solutions for offshore and onshore risks alongside a broad range of general insurance products.
