In a bold move to consolidate its recovery and reclaim market leadership, International Energy Insurance (IEI) Plc has unveiled a ₦22.5 billion recapitalisation roadmap, setting the stage for a major turnaround in Nigeria’s insurance industry.
The plan was announced during a strategic stakeholders’ engagement held ahead of the company’s Extraordinary General Meeting (EGM) scheduled for next month. The session brought together board members, management executives, and key investors to outline IEI’s path toward financial stability, growth, and long-term value creation.
Debt Cleared, Confidence Renewed
The recapitalisation drive follows a series of major milestones that have repositioned IEI for resurgence. Earlier this month, the insurer successfully relisted on the Nigerian Exchange (NGX) after years of absence and cleared a ₦14 billion Daewoo loan, a debt overhang that had hindered growth for more than a decade.
IEI also confirmed the receipt of ₦2 billion in deposits for shares, pending conversion to equity upon regulatory approval — a strong indicator of renewed investor confidence and financial credibility.
Leadership Speaks: Transparency and Trust
Speaking at the forum, Dr. Joyce Odiachi, Acting Managing Director of IEI Plc, reaffirmed management’s commitment to transparency, accountability, and stakeholder value.
“This engagement marks the beginning of a new era for IEI. We are building a resilient, transparent, and profitable institution — one that will lead innovation and sustainability in Nigeria’s insurance industry,” Odiachi said.
Non-Executive Directors Dr. Adeyinka Hassan and Mr. Tony Edeh highlighted that the recapitalisation reflects IEI’s renewed governance discipline and inclusive approach to stakeholder engagement.
Chief Financial Officer Mr. Uyi Osagie and Statutory Audit Committee Chairman Mr. Moses Igbrude assured participants that prudent financial management and adherence to regulatory best practices remain central to the company’s growth plan.
Capital Raise Strategy and Partnerships
To drive the capital raise, IEI Plc has appointed CardinalStone Partners Limited and Vertiva Capital Management Limited as Lead Financial Advisers. The recapitalisation process—comprising a private placement, offer for sale, and rights issue—is slated to begin in February 2026, subject to shareholder and regulatory approvals.
With strategic backing from its core investor, the Norrenberger Group, IEI is leveraging expanded financial capacity and operational synergies to fast-track execution and deepen its market footprint.
Industry analysts say the upcoming EGM could mark a defining moment in IEI’s transformation journey, consolidating its recent gains and positioning the company for sustained profitability and renewed industry leadership.
