Tag: International Energy Insurance Plc

Shareholders of International Energy Insurance Plc (IEI) have unanimously approved key resolutions aimed at strengthening the company’s capital base and repositioning it for growth, following the successful conclusion of its Extraordinary General Meeting (EGM).

At the meeting held virtually, shareholders ratified the conversion of a N2 billion deposits by Norrenberger Advisory Partners Limited into equity, through the issuance of 1.25 billion new ordinary shares priced at N1.60 per share. The move is expected to significantly boost IEI’s capital structure and reinforce investor confidence in the company.

In a major step towards recapitalisation, shareholders also authorised the board to raise up to N17.5 billion through a combination of funding options, including private placement, rights issue, public offer or the introduction of a strategic investor, subject to regulatory approvals.

The EGM further approved amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital, in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020. Shareholders equally granted the board and management full authority to implement all approved resolutions and ratified actions already taken in connection with the recapitalisation process.

Industry watchers say the approvals mark a turning point for IEI as it accelerates its recapitalisation programme in response to regulatory requirements and ongoing reforms in the insurance sector. The company is expected to benefit from improved solvency, stronger balance sheet fundamentals and enhanced capacity to create long-term shareholder value.

READ ALSO: Still on Anthony Joshua’s car accident

Speaking on behalf of the Chairman, Alhaji Bukar Goni Aji, the company’s Non-Executive Director, Dr Adeyinka Hassan, thanked shareholders for their overwhelming support, noting that it reflects strong confidence in IEI’s transformation agenda.

According to him, the resolutions underscore shareholders’ commitment to building a more resilient, competitive and growth-oriented insurance business.

International Energy Insurance Plc is Nigeria’s pioneering energy-focused insurance company, with a strong presence in offshore and onshore risk underwriting, alongside a broad portfolio of general insurance products. Founded in 1969 and headquartered in Lagos, the company is a subsidiary of Norrenberger Financial Group and is licensed and regulated by the National Insurance Commission (NAICOM).

International Energy Insurance Plc has announced the stepping down of Mr. Olasupo Sogelola from his role as Managing Director and Chief Executive Officer. The resignation took effect from November.

In a statement in Lagos, the company stated that under Mr. Sogelola’s stewardship, IEI recorded significant achievements that underscored its turnaround story and renewed strength.

According to the company, his tenure marked a remarkable chapter in the company’s history, defined by growth, resilience, and strategic progress.

In his stead, the Board of IEI Plc has appointed Dr. Joyce Odiachi as Acting Managing Director, pending the appointment of a substantive Managing Director/CEO, the company disclosed.

The statement read: “Dr. Joyce Odiachi is a multi-talented professional with proven expertise in strategic business process transformation.  She brings over two decades of cross functional depth in risk management, compliance, technical operations, relationship management, and corporate leadership.

READ ALSO; Shettima returns after G20, AU–EU summits

 Her career is distinguished by a consistent track record of strengthening operational frameworks, enhancing governance systems, and driving performance-led transformation within complex insurance environments. Renowned for her strategic clarity and technical sophistication, she has been instrumental in enabling organizational turnarounds and elevating professional standards across the industry.

“She has served in various senior management roles within the insurance industry, bringing a wealth of expertise and strategic insight that will ensure continuity and stability during this transition period at IEI Plc

“Notably, in the last few years, the company successfully relisted on the Nigerian Exchange (NGX), signalling restored investor confidence and compliance with market standards. The Company also achieved the full exit of the Daewoo loan, a major milestone in its financial restructuring journey, paving the way for a healthier balance sheet and sustainable operations”.

In addition: “The company is actively preparing for its recapitalisation programme, with plans underway for an ambitious N22 billion capital raise, reinforcing its commitment to growth and market leadership. These strides have been made possible under the flagship of the Norrenberger Financial Group, IEI Plc’s parent company and major stakeholder, whose strategic support has been instrumental in driving innovation, operational efficiency, and long-term value creation.

“IEI transformation has not gone unnoticed in the marketplace. The company has earned industry recognition through multiple awards for excellence in service delivery and corporate governance, further cementing its reputation as a trusted, forward-thinking and future ready insurer”, the company noted.

The Managing Director of International Energy Insurance PLC (IEI), Mr. Olasupo Sogelola, has bagged the Businessday BAFI award on Transformative CEO of Year for returning the company to profitability.

According to the organisers of the award, Sogelola has been found to be a transformational leader and business strategist who is very passionate about insurance.

Since assuming the leadership role at IEI, the company has witnessed tremendous growth by not only paying all outstanding liabilities but climbing to profitability.

The company has also paid all outstanding claims and now pays genuine claims as and when due.

Sogelola has over 30 years’ experience in the industry, which spans across reinsurance, brokerage, General Insurance, Life insurance, sales, marketing and technical operations.

He was part of the start-up team that led the business transformation of FBN Insurance Limited (a subsidiary of First Bank and Sanlam of South Africa), where he joined as head of the corporate sales division. During his time at FBN, the business saw significant revenue growth and became a market leader in terms of business revenue generated.

As a result of his extraordinary leadership skills, Olasupo acted as the Managing Director of FBN General Insurance Limited from December 2015 to April 2016.

Read Also: IEI launches digital studio for SMEs

He was also part of the business transformation team that revamped Law Union and Rock Insurance, which metamorphosed into Tangerine General. During his tenure as Executive Director Technical, there was significant improvement in business underwriting quality and product development, particularly in the retail and SME spaces.

He is currently the Managing Director of International Energy Insurance Plc, the fastest-growing insurance company in 2023, based on the latest report from the Naira metric. He has changed the course of business direction and returned the company to profitability.

He is an accomplished executive who has over the years proven himself as a market leader and has played an active role in the Nigerian Insurance Association and the Chartered Insurance Institute of Nigeria.

Sogelola is a devoted Christian, and he is happily married with children.

Since IEI’s acquisition by Norrenberger Group, the company now prides as the fastest growing insurer in the insurance industry.

International Energy Insurance Plc (IEI), a Norrenberger company, has showcased its innovative insurance solutions at the Africa International Housing Show (AIHS) 2024 in Abuja.

The company provided a Group Personal Accident Cover to attendees, ensuring their safety and peace of mind.

The initiative, according to the company, was a significant highlight, reinforcing IEI’s dedication to protecting the interests of the community.

The IEI team also organised a raffle, giving away gifts to encourage participants to invest in insurance.

Read Also: Protests: No police, military officer fired live ammunition – IGP

Managing Director/CEO of IEI Plc, Mr Olasupo Sogelola, said: “Our participation in the Africa International Housing Show 2024 is a remarkable experience. We were thrilled to engage with attendees, share our insurance solutions, and emphasize the importance of securing their future. The raffle draws and free gifts is our way of encouraging people to consider the invaluable benefits of insurance. We are grateful for the overwhelming response and look forward to continuing our mission to provide comprehensive and reliable insurance solutions.

“The Africa International Housing Show 2024 provided a unique platform for us to connect with industry leaders, potential clients, and partners. Our active participation underscored its commitment to innovation, collaboration, and community engagement in the insurance industry.

“We are a leading insurance company offering a wide range of innovative risk management solution products and services designed to meet the diverse needs of individuals and businesses.

With a strong commitment to customer satisfaction and innovation, we strive to provide reliable and comprehensive insurance solutions that ensure peace of mind and security,” he added.

• Partners EDC

International Energy Insurance Plc, in partnership with Enterprise Development Centre (EDC) of Pan Atlantic University, has launched a first digital studio to help sensitise Small and Medium-Sized Enterprises (SMEs) to secure their businesses with insurance.

The studio, located at the Lagos Business School, is aimed at creating content for podcasts.

Managing Director/CEO of IEI, Mr. Olasupo Sogelola, who inaugurated the project, said they looked for an organisation that disseminates knowledge to SMEs and realised that top on the list is the EDC.

He stated that this was in line with the deepening of insurance penetration.

He said: “IEI has once more shown through the funding of this project that it is willing to partner regular organisations to enable more Nigerians to benefit from what insurance offers. We decided to create awareness by partnering EDC where we know that over 500,000 SMEs are part of the alumni and they have a wide range.

Read Also: Manager Vieira leaves Strasbourg

“We believe that while the SMEs trainees are coming out from the EDC, they already have a relationship with an insurance company and they will have information on what type of risk they can face and how to avoid those risks. With the opening of the digital studio both parties believe the journey to increasing insurance patronage by more Nigerians has begun which will safeguard businesses especially SMEs from going into total collapse.’’

An EDC alumnae, Kate Obetta, said the partnership was a good development, noting that IEI has come to the right place as the EDC had come to the right place for its training.

“I thought that was innovative because the average Nigerian will shy away from insurance. The question mostly asked is, ‘If I put my money there, will I be paid when nothing happens in the long run? But yes, I know the benefit of insurance and I have benefited from insurance over and over again. It is a good initiative to let businesses know.