International Energy Insurance Plc (IEI) has converted a ₦2 billion deposit from Norrenberger Advisory Partners Limited (NAPL) into equity, issuing 1.25 billion new ordinary shares following shareholder approval at an Extraordinary General Meeting (EGM) held virtually on December 31, 2025.
In a notice filed with the Nigerian Exchange Limited on Monday, the insurer said the newly issued shares were priced at ₦1.60 each, with a par value of 50 kobo, and will rank pari passu with existing ordinary shares. The transaction gives Norrenberger Advisory Partners an equity stake in the company.
According to the resolution passed at the EGM, the ₦2 billion deposit was converted through the creation of 1.25 billion ordinary shares, in line with the terms approved by shareholders.
Beyond the equity conversion, shareholders also authorised IEI to raise additional capital of up to ₦17.5 billion through various options, including private placements, rights issues, public offers, strategic investor participation, or a combination of these methods. The Board of Directors was mandated to determine the structure, timing, pricing and tranches of the capital raise, subject to obtaining all relevant regulatory approvals.
The meeting further approved an increase in the company’s share capital to accommodate the new issuance, alongside amendments to the Memorandum and Articles of Association to reflect the revised share capital in compliance with the Companies and Allied Matters Act (CAMA) 2020.
Shareholders also empowered the Board to take all necessary steps to implement the resolutions, including engaging advisers, filing required documents with regulators and ensuring full compliance with applicable directives. All actions previously taken by the Board and management in connection with the resolutions were ratified.
The capital-raising programme is expected to strengthen IEI’s financial position, enhance its underwriting and investment capacity, and support its strategic growth ambitions within Nigeria’s insurance industry.
