The Nation Newspaper

Tag: IEI

  • IEI to hold EGM

    IEI to hold EGM

    International Energy Insurance Plc (IEI) is set to hold its Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025.

    This was disclosed in a statement made available to journalists in Lagos.

    The company disclosed that the meeting will be held virtually to allow all shareholders, irrespective of their locations, join and take part in the decision-making process.

    The statement read: “The EGM has been called for shareholders to consider the resolutions listed in the statutory notice. The key item is the proposal to undertake a capital raising exercise to inject capital of up to N17.5 billion naira into the business to fully recapitalise as required by the Nigerian Insurance Industry Reform Act, 2025.

    “It is worthy to note that Norrenberger Advisory Partners Limited had made a deposit for shares in 2023 in a sum of N2billion and it is proposed that this deposit be converted into equity through the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at N1.60 per share, subject to the shareholders’ approval.

    Read Also: Tunji-Ojo: Nigeria’s future depends on unity, national renewal

    “This proposed conversion reflects continued shareholder support for IEI’s transformation and its ongoing efforts to build a more competitive and efficient business. The proposal is further supported by the Company’s recent performance and its 10x Story, which highlights the progress made in strengthening operations and laying a stable foundation for long-term growth. Details on how to join the virtual meeting, submit proxies, and vote have been shared with shareholders through the channels provided in the published notice”.

    IEI remains committed to open communication and good governance as it continues to advance its recapitalisation plans and long-term growth agenda, the company stated.

  • IEI to motorists: get your Third Party Insurance before Feb. 1 deadline

    IEI to motorists: get your Third Party Insurance before Feb. 1 deadline

    International Energy Insurance Plc (IEI) has urged motorists to get a valid policy to avoid falling short of the law.

    Managing Director/CEO of the company, Mr Olasupo Sogelola, who made this call, added that Nigerians, who have a valid policy and suffered damage or injury from accidents, should reach out to their insurance companies to make a claim.

    He said the enforcement of Third Party Motor Insurance Policy by the police would kick off on Saturday.

    He applauded the Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, for his quest to ensure the enforcement, noting that this would improve insurance acceptability and deepen penetration in the industry.

    He, however, said operators needed to look into how they could make the policy available and their distribution model properly followed because they would not always have the police going after a third party for them.

    He said: “We, as operators, need to find a way of attracting the people to the third party motor insurance. Beyond saying we will pay your claim, we must do things that will make people naturally want to buy the policy. So, we need to start to look at scaling and improving third parties and looking at what more we can do. We need to make it available and ensure that they are variants. There are so many things that go with it like incentives and whatever to retain and maintain all the people that will be buying.

    “This is because apart from police enforcing third parties, we ourselves must be prepared to give what is right and that is to make sure that claims are paid promptly on every third party knowing fully well that with the volume that is expected the claims ratio is still very low. We need to do more than just clapping for the police.

    “The police will do their best but after this first year, how do we ensure that we continuously get it right? This is the question we need to ask ourselves and find lasting solutions to. We cannot run to the police every year to come and help us to enforce the third party. Beyond enforcement, we have to look at our distribution models.”

    Advising motorists on claims, he said: “When people have third party claims, they should ensure they look at their policy or certificates for a link on how to report claims or telephone numbers to do so.

    “More importantly, people should be honest about claims and not just come with fictitious claims, looking for somebody who’s going to spray their cars for them. Usually third party claims are on the low side with few of them as high severity claims where there is life or property damage. But where it is just a normal accident, there is usually low severity.

    Read Also: Wingo appointed Still Earth holdings Group MD

    “However, experience has shown that people also always want to find a way of adding more to their claims and this can discourage an insurance company from paying such claims.”

    Sogelola pointed out that at IEI, they pay genuine claims below N200,000 within 24 hours, adding that they pay claims promptly.

    “We have put this to test and it has worked for us since we came back into the market and we believe that everybody selling third party insurance should also be able to make this available,’’ he stressed.

    Egbetokun had, along with the National Insurance Commission (NAICOM), fixed February 1, 2025, for the enforcement.

    Affirming the importance of third party insurance, he said Section 68 of the Insurance Act and Section 312 of the 1945 Motor Vehicle (Third Party Insurance) Act mandated vehicle owners to have third party insurance before hitting the roads.

    He urged Nigerians to comply, as violation is punishable by imprisonment, and fines.

    He noted that the NPF remained steadfast in collaborating with  MDAs and companies in ensuring that the protection of lives and property of citizens remains paramount.

    Commissioner for Insurance/Chief Executive Officer, NAICOM, Mr. Olusegun Ayo Omosehin, who had congratulated the IG on his plan to enforce third party motor insurance, emphasised his assistance in ensuring compliance with the laws.

  • IEI tackles climate change with innovative products, others

    IEI tackles climate change with innovative products, others

    International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, is adjusting its models of product offerings and risk management to respond to climate change.

    This is coming on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging Africa, including Nigeria, as a result of climate change.

    Speaking on the sidelines of the just-concluded 50th Conference and Annual General Assembly of the African Insurance Organisation (AIO) with theme “Coping with rising natural catastrophes In Africa”, which held last week in Windhoek, Namibia, the Group said insurers need to rethink their models, product offerings and risk management to adjust it in a way that they respond to the reality of time.

    Group Managing Director, Norrenberger Group, Mr. Tony Ede, a delegate at the conference, said the topic of the programme was apt.

    He stated that global natural disasters are taking place, resulting in the world losing $380 billion last year, with losses emanating from insurance at $118billion.

    He said this was why the AIO began to rethink natural disasters and it is important that insurance companies, too, should begin to rethink their models to withstand changes in the global economy.

    He stressed that natural disasters and climate change have come to stay.

    The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola, said insurance has to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.

    Sogelola said IEI is coming up with products that would enhance and support climate change in all ramifications.

    He said: “Take Namibia for example, entering into the country from the airport, you will see patched land that shows that something is wrong. I believe that nothing draws attention more than what you see rather than what you are talking about without seeing it.

    “So, insurance has to move, starting from the impact of climate change even on agricultural products in Nigeria. Agric insurance is something that has to respond quickly at the moment along with other classes of insurance. As experts stated, there are six agenda that the conference was looking at and top of it is pulling resources together to start looking at what has to change in insurance.

    “For example, we have to start rewarding people for having properties that are energy compliant because properties with solar panels are part of the things that will reduce the impact of climate change. We have to start giving discounts such that when we are quoting for a fire policy, we give a discount because the policyholder has a solar panel.

    “For us at IEI, we are coming up with products that would enhance and support climate change in all ramifications. We have two important goals at IEI. The first is about our value proposition to the system which is to pay claims as quickly as possible. The second is about product creation. I believe that this program has come at a time where we start looking at products that helps to improve and draws attention to climate change so that when you come to my company to buy a policy, the moment you tell me you have a solar panel then we will be able to give you discount when agreed with other insurers in the country.”

    On IEI’s financial performance, he said the company has witnessed tremendous growth in its first quarter result.

    He said the company has grown by over 300 per cent in the first quarter of this year, better than what was achieved in the first quarter of last year. “I can say categorically that we are moving forward and by the end of the year, we should be coasting very well,” he said.

    Read Also: APC accepts Edo vice chairman’s resignation

    On climate change funding, the Chief Finance Officer, Norrenberger Group, Queen Ehi-Uujamhan, stated that climate change is very topical because the impact is seen around in the form of flooding, drought, among others.

    She said funding for climate change is something that the multilaterals, individuals, government and the private sector have to look at from a holistic point.

    “We have multilaterals like the African Development Bank providing grants.  I think the very prudential thing for the government and others to do is to provide funding to areas that are prone to disasters. They need to make funds available for renewable energy and irrigation to militate against drought.

    “The private sector should look at it from a three-piece perspective. We want to be profitable but in being profitable we have to look after the planet and the people. I believe that this is a very holistic way of funding. The multilaterals will continue to provide funds, responsible governments also need to make those provisions and subsidies available. For the private sector like us, the insurance impact has to be taken seriously even as we ensure that we remain profitable while protecting the planet and its people,” she added.

  • IEI Insurance gets new office

    IEI Insurance gets new office

    • •Repositions

    International Energy Insurance (IEI) Plc has opened a new office in Victoria Island, Lagos.

    Its Managing Director, Mr. Olasupo Sogelola, stated that the event emphasised the company’s commitment to improving its service delivery and expanding its footprint in the industry.

    He said the company is repositioning and is set to be among the top three insurance companies in the country.

    He said: “Repositioned for Growth” becomes more than just a theme as we unveil our state-of-the-art office, designed to provide a conducive and collaborative work environment. The meticulously chosen location in Victoria Island reflects our dedication to maintaining accessibility and convenience for its clients, solidifying our position at the forefront of the insurance industry.

    “The commissioning of our new office marks a pivotal moment in our journey. We are committed to repositioning the business for growth and excellence in service delivery and client satisfaction. We are driven by our vision to be the preferred insurance provider in Africa through innovation, professionalism and exceptional service delivery. IEI remains committed to providing top-notch services to clients across the continent. We are positive in our ability to materialise this vision.’’

    The ceremony was attended by Oba Abdulwasiu Omogbolahan Lawal, Abisogun II, the Oniru of Iru Land; President, Chartered Institute of Insurance of Nigeria (CIIN), Mr. Edwin Igbiti; President, Nigerian Council of Registered Insurance Brokers, Mr. Tunde Oguntade; former President, CIIN, Dr. Funmi Babington-Ashaye; among others.

    Oba Omogbolahan Lawal, who  inaugurated the edifice, congratulated the Board of Directors and management, for their resilience to reposition the company.

    He noted that this was happening despite the economic conditions, urging Nigerians to be resilient and believe that the economy would get better soon.

    The Chairman, Norrenberger Group, Mr. Bukar Goni Aji, noted that the fortune of the company went down to the extent that the National Insurance Commission (NAICOM) had to step in to get an interim board to manage its affairs.

    Norrenberger also stepped in and invested and things were turned atround, he added.

    “It is a complete reverse. There are about 60 per cent new staff with new strategy. In less than a year, the company has being repositioned to serve Nigeria.

    Group Managing Director, Norrenberger, Mr. Tony Ede, said he was excited to have invested in IEI Insurance.

    He recalled how the NAICOM took over IEI, leading to Norrenberger’s reinvestment and take over.

    “IEI is a company that the regulator put up for sale. We saw the great opportunities that exist in the space; we came in and took over the company. We have been providing both human and financial resources to keep the company going. Today, the company is doing great.

    Read Also: Be patient with us, Speaker Abbas appeals to Nigerians

    “The new office is a classic example of what the company has done. We have moved from our derelict office in Jide Oki Street to a gracious and beautiful office. We are committed to make IEI one of the most successful insurance companies in Nigeria. Going forward, we will continue to invest in the business, drive technology, among others. We will also get the best of the market in terms of human resources to run the company.

    “We have no regret investing in the company. It is our vision that in the next five years, we will be one of the leading insurance companies in the land. As at December, we were adjudged to be the fastest growing insurance company at 264 per cent growth rate. This is just a tip of an ice berg because we will change the landscape completely in the next five years”, he added.

  • IEI partners military

    IEI partners military

    International Energy Insurance (IEI), a subsidiary of Norrenberger Group, has sensitised the Armed Forces on the need to insure their families and properties.

    IEI also offered free comprehensive motor insurance cover, among others, to the graduating military officers in Federal Capital Territory (FCT).

    Speaking at the graduation of Military Officers Course 31 of the National Defence College graduation, Managing Director IEI, Mr. Olasupo Sogelola, said the company was trying to deepen insurance penetration.

    Read Also: CSR: IEI supports Kids & Teens Got Talent Africa

    Sogelola said: “The Nigerian Military’s need for insurance should not just be for their personnel while at work but for their private insurance. The military is supposed to have insurance for their assets, which include aviation assets, marine assets. We all know that the Military consists of the Navy, Army and the Airforce.

    “The Navy and Airforce possess fighter jets and ships. Apart from that, it consists of men and women who could get injured in the battlefield. They need to have insurance so that their families do not lose and their assets are not lost totally.

     “We are very happy and indeed proud to partner the Nigerian Military and foster a mutually beneficial relationship.”

    “We chose to be a partner in the sponsorship of this event because we recognise the role of the military in ensuring peace and stability in the country, subregion, and Africa as a whole. And as part of our support, we are providing a free comprehensive Motor Insurance Cover for the winner amongst the gifts we have made available”, he added.

  • IEI gets shareholders’ nod to raise N13b

    International Energy Insurance (IEI) Plc is set to recapitalise as it plans to raise N13 billion from the market, Interim chairman of the board, Mohammad Ahmad has said.
    Ahmad, who was appointed on May 18, 2015, following regulatory intervention by the National Insurance Commission, made this known during the Company’s 42nd Annual General Meeting (AGM) held in Kano.
    He said the development is as a result of the approval given the interim Board to recapitalise the company for growth and competitiveness.
    According to him, the expected new capital when injected would enhance the firm’s working capital, improve IT infrastructure, meet solvency requirement as well as boost investment opportunities.
    He said: “Rising from the Company’s 42nd Annual General Meeting (AGM) held in Kano, the shareholders approved that the directors in conjunction with the Technical Committee should further recapitalise the company by raising additional N9 billion, which when added to initial recapitalisation approval of N4 billion given at its 41st Annual General Meeting amounts to a total approval of N13 billion.
    “The money, according to the approval, could be raised from the capital markets, local, or foreign investors whether by way of private placement, public or rights offer and or issuing ordinary and or preference shares of the company for such equity, whether by bonds , convertible loans or other debt instruments, with or without the option of converting such bonds, loans or other debt instruments to ordinary and or preference shares of the company or by debt equity conversion upon such terms and conditions as the directors may deem fit or determine, subject to all relevant approvals.
    “Besides, the directors were also authorised to constitute a Technical Committee of the Board and Shareholders to renegotiate and restructure the company’s indebtedness to Daewoo Securities (Europe) Limited. The board has taken necessary actions to stabilise and ensure sound management and growth of the company.”
    He hinted that the interim board has succeeded in getting approvals of the Company’s financial accounts up to date, assuring that 2016 accounts would be ready soon.
    He also said the company has achieved risk underwriting, strengthened internal control, cost optimisation as well as implementing policies towards establishing good governance and industry best practice among others.
    He assured shareholders that the board will ensure strong corporate governance and pursue measures to quickly return the company to profitability.
    It is the responsibility of shareholders to ensure that the board that will take over from us comprise of honest people, and those you can trust. The interim board has no interest and does not represent any interest, he stated.
    Timothy Adesiyan, a shareholder, said NAICOM’s intervention has saved the company from total collapse, urging the interim board to bring the firm to full stability before leaving.
    Oyiwole Omishola, another shareholder also urged majority shareholders to consider the future of the company by giving their support to the interim board to enable them resuscitate and reposition the company for growth.

  • IEI restructures

    IEI restructures

    International Energy Insurance (IEI) has rebounded as a result of measures employed by the Interim Board appointed by the National Insurance Commission (NAICOM).

    Its Interim Managing Director, Peter Irene who made this known in Lagos, said this was achieved in nine months.

    He said part of the restructuring undertaken include improved operational efficiency, productivity and competitiveness, sound policies including a revamping of human resources which has necessitated a right-sizing of the work force.

    According to him, the major task within the period was to quickly ascertain the vital areas of operations of the organisation that required immediate intervention and review to reposition the firm.

    Such critical areas he said, are corporate governance issues, investment policies, prompt payment of claims, products, human resources, cost management, and sales growth, among others.

    He said: “Fifty staff and 35 drivers affected by the exercise are to be given a special exit package. The brand pulse at the moment portends very positive signs of growth, now and in the future. We have addressed all issues bordering on the late submission of annual financial statements.

    “Our 2013 financial statement was approved by NAICOM while 2014 has been submitted and awaiting approval. Our external auditors are working on the 2015 financial statement with the aim of meeting the March 31 deadline set by Securities and Exchange Commission (SEC) for quoted companies. We have worked hard to retain existing business and break into new market frontiers.”

    IEI Head of Corporate Communications Tamuno Kiri added: “This is no mean feat by the Interim Board and management who have succeeded in boosting the brand equity in terms of meeting requirements for the submission of bids and improved turnaround time.

    “The staff and management wholly embrace the structural templates and policies introduced by the board as a panacea for the overall growth and stability of IEI Plc brand in line with its core values of integrity, dependability, innovation, proficiency and her aspirations to be the leading underwriter in energy and general insurance businesses.

    “The organisation is driven by her mission and commitment to be a dependable partner while delivering value to all her stakeholders.”

     

  • IEI pays N1.2b claims

    IEI pays N1.2b claims

    International Energy Insurance (IEI) Plc paid N1.29 billion claims last year, its Interim Managing Director, Peter Irene, has said.

    In a statement, he said the claims paid are categorised into motor, fire, oil and gas, general accidents, marine hall, aviation, industrial risks and public liability.

    He said the company is determined to keep its promise to deliver on prompt claims payment to its clients.

    According to him, this is no mean feat considering the harsh economic condition in the country.

    Irene said: “This singular act demonstrates that the company is committed to putting its customers first, and always make them happy.

    “It also epitomises the company’s core values of integrity, dependability,proficiency, innovativeness and friendliness. The company exemplifies good corporate responsiveness and transparency.”

    He expressed satisfaction with the achievements of the company, noting the prevailing economic situation in the country.

    He said the astronomical rise in claims payment indicates the level of awareness and exposure of the customers.

    The company says it has the most technical and experienced energy-underwriting unit in the country. With the best crop of hands, the IEI brand has demonstrated a consistent growth-led business model that has continued to stand the test of time, he added.

  • IEI partners FRSC to promote road safety

    International Energy Insurance (IEI) Plc is  partnering with the Federal Road Safety Corps, in driving home the message of road safety during these ember months.

    This was made known in a statement made available to journalists in Lagos by the Head of Corporate Affairs, Tamuno Kiri.

    According to him, the IEI and FRSC partnership is to appeal to motorists to obey traffic rules and reduce overspreading that could lead  lead to road accidents which are avoidable.

    He said: “IEI in partnership with the Federal Road Safety Corps (FRSC), has begun the 2015 ember months special patrol with the theme: “driving safely into 2016’. The programe was designed to consolidate   the successes recorded in 2014. With the efforts of the Federal Road Safety Corps and other Government Agencies, there has been a drastic reduction in road crashes nationwide.

    “Reports state  that Nigeria loses three per cent of its annual GDP to road accidents. In 2014 alone, the country lost an equivalent of $10 billion to road traffic crashes, hence the need to champion the cause of road safety especially during these ember months.

    “Nigeria has the largest road network in West Africa and second largest in sub-Saharan Africa. It is reported that from 1960, to the third quarter of 2015, Nigeria has recorded 344, 367 road accident-related deaths with those of the deaths within productive age.”

  • IEI Board chair pledges stability

    The Interim Board of the International Energy Insurance (IEI) Plc has pledged to bring stability to the organisation and make it stronger.

    This Board took over, following the intervention of the National Insurance Commission (NAICOM) after the dissolution of the former board.

    Its Chairman, Mohammed Ahmad, who assumed duties about three weeks ago, said the new board would ensure that the firm competes effectively and meets its obligations.

    To this end, he said the board has embarked on the restructuring of the company’s operations, improving its relationship with brokers as well as investment amortisation.

    Speaking during a Broker’s forum  by the company in Lagos, he said the company is healthy and can meet its obligations.

    He said: “The intervention of NAICOM is to protect policyholders, investors and other stakeholder’s interests.

    “Regulatory intervention was to ensure that individual interest does not destroy the institution, particularly that there were squabbles amongst board members.”

    He said NAICOM’s intervention does not amount to stress on the company, and that it is for the interest of the industry to avoid laying a bad precedence.

    Ahmad, who has many years of experience as a regulator across the financial services industry including CBN, NDIC and Pensions where he retired as pioneer Director-General of Contributory Pension Scheme (CPS), said: “We are not here to close IEI, but to ensure that actions of the board does not undermine the institution.

    “We gave you license not because of the money you paid but because you have promised to exhibit good character, integrity and good corporate governance. We are not here to stay long, but to finish our assignment within the specified time of first six months.’’

    He assured the brokers that the company would look at the outstanding claims and pay soon.

    At the event, the firm’s online Marine Cargo product, aimed at assisting importers, was unveiled.