International Energy Insurance Plc (IEI) has completed the repayment of its long-standing loan to Daewoo Securities—now Mirae Asset Securities (UK) Limited—through its majority shareholder, Norrenberger Advisory Partners Limited (NAPL).
According to a filing with the Nigerian Exchange, the loan was a ¥1.85 billion (JPY) zero-coupon bond, originally issued in 2008 and scheduled to mature in January 2028.
At its Annual General Meeting in Jigawa on April 10, 2025, IEI shareholders approved the transfer of the debt obligation to NAPL, which has now fully settled the facility on the insurer’s behalf.
“NAPL, on behalf of International Energy Insurance Plc, has now fully settled and paid off the loan to Daewoo Securities (Europe) Limited,” IEI confirmed in its statement.
The zero-coupon bond was issued by IEI in January 2008 with a 20-year maturity. By 2024, however, the company was facing severe financial strain, reporting:
- Negative shareholders’ funds: ₦7.7 billion
- Total assets: ₦19.5 billion
- Accumulated losses: over ₦21 billion
- Pre-tax loss (Q1 2024): ₦1.6 billion
Due to these losses, IEI was unable to pay dividends and required urgent restructuring. That same year, Norrenberger Advisory Partners launched a mandatory takeover bid, eventually acquiring a 50.61% stake (649.87 million shares) in IEI. The acquisition was aimed at stabilizing operations and strengthening the insurer’s balance sheet.
The settlement of the bond in August 2025 marks one of the key benefits of the Norrenberger takeover, eliminating a major liability ahead of its original maturity date.
Financial Reporting Delays
Alongside the loan settlement, IEI acknowledged delays in releasing its 2024 audited financial statements. The company said the accounts remain under review by the National Insurance Commission (NAICOM), even as it prepares for its nine-month audit.
Reassuring shareholders, IEI stated its commitment to transparency and regulatory compliance:
“As we prepare for the nine-month audit, we encourage stakeholders to stay informed and engaged with our developments.”
