International Energy Insurance Plc (IEI) has announced that it will hold its Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025, with the event set to take place virtually to ensure full shareholder participation, regardless of location.
The EGM, disclosed in a statement to journalists in Lagos, will focus on key resolutions, most notably a proposed capital raising exercise of up to N17.5 billion. This move aims to fully recapitalise the company in line with the requirements of the Nigerian Insurance Industry Reform Act, 2025, reinforcing IEI’s commitment to financial stability and long-term growth.
Key Proposal: Conversion of Share Deposit to Equity
As part of the capital raise, Norrenberger Advisory Partners Limited, which previously deposited N2 billion for shares in 2023, is proposed to convert this deposit into equity. This will involve the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at N1.60 per share, subject to shareholder approval.
The company noted that this conversion highlights ongoing shareholder support for IEI’s transformation and its drive to become a more competitive and efficient insurer. The move also reflects the company’s “10x Story”, showcasing its progress in strengthening operations and building a robust foundation for long-term growth.
Shareholder Participation and Governance
IEI emphasized that details on joining the virtual EGM, submitting proxies, and voting have been communicated through the statutory notice. The insurer reaffirmed its commitment to transparency, good governance, and open communication as it advances its recapitalisation plans.
With this capital injection, IEI aims to enhance shareholder value, support operational expansion, and position itself strongly in Nigeria’s insurance market.
