International Energy Insurance Plc (IEI) has announced the resignation of its Managing Director and Chief Executive Officer, Mr. Olasupo Sogelola, effective November.
In a statement issued in Lagos, the company highlighted Mr. Sogelola’s contributions, noting that his leadership played a pivotal role in stabilising the insurer, accelerating its turnaround efforts, and strengthening operational performance.
According to the statement, his tenure marked “a remarkable chapter” characterised by growth, resilience, and strategic renewal.
The Board has appointed Dr. Joyce Odiachi as Acting Managing Director, pending the naming of a substantive MD/CEO.
Describing her as a “multi-talented professional,” IEI said Dr. Odiachi brings more than 20 years of experience spanning risk management, compliance, technical operations, relationship management and corporate leadership. Her career, the company added, is distinguished by a track record of enhancing governance systems, improving operational frameworks and driving performance-led transformation within complex insurance environments.
IEI noted that Dr. Odiachi has held several senior management positions in the industry, equipping her with the expertise required to provide continuity and stability during the transition.
The company also highlighted several milestones recorded in recent years, including its successful relisting on the Nigerian Exchange (NGX), which it said demonstrated restored investor confidence. IEI likewise confirmed the full settlement and exit of the Daewoo loan, a major step in its financial restructuring and a boost to long-term sustainability.
Looking ahead, the insurer disclosed that it is preparing for a major recapitalisation programme, with plans to raise N22 billion as part of its growth and market expansion strategy. These achievements and ongoing initiatives, it said, have been supported by its parent company, Norrenberger Financial Group, whose strategic backing has enhanced innovation and operational efficiency.
IEI added that its transformation has earned multiple industry awards for service excellence and corporate governance, reinforcing its position as a forward-thinking and future-ready insurer.
