International Energy Insurance Plc (IEI) will be seeking shareholders’ approval for the proposal to convert into equity, a N2 billion deposit for shares made by Norrenberger Advisory Partners Limited (NAPL), during an Extra-Ordinary General Meeting (EGM) scheduled for December 31, 2025.
In a corporate notice filed with the Nigerian Exchange (NGX) on the underwriting firm seeks a ratification for a sweeping recapitalisation plan that could significantly alter the company’s ownership structure and strengthen its financial base ahead of regulatory demands in the insurance sector.
According to the notification signed by Ranti Fajana of Detail Nominees, acting as the company’s secretary, IEI plans to create 1.25 billion new ordinary shares of 50 kobo each, priced at N1.60 per share, to be allotted to Norrenberger.
If approved, the move will formally bring Norrenberger in as a significant equity holder, further cementing its strategic involvement in the insurer’s ongoing revival.
Beyond the conversion, IEI is also asking shareholders to authorise an ambitious capital raise of up to N17.5 billion, through private placement, rights issue, public offer, strategic investor participation, or a combination of these options.
The board will have full discretion on the structure, pricing, timing, and tranches of the fund-raising, subject to regulatory approval from the SEC, NGX, CAC and others.
The company will also increase its share capital to accommodate the new shares that will emerge from the capital raise.
This marks one of the boldest recapitalisation efforts in the insurance industry heading into 2026, reflecting mounting pressure on insurers to strengthen solvency ratios, clean up legacy liabilities and reposition for growth.
Shareholders will also vote on amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital.
Additionally, the board is seeking broad authorisation to carry out all actions necessary to implement the recapitalisation, including regulatory filings, engagement of advisers, and execution of required transactions. All prior actions taken by management in this regard will also be ratified.
The EGM is expected to hold electronically, in line with current corporate governance rules.
Interested (related) parties have been directed to abstain from voting, in compliance with NGX rules governing related-party transactions.
Trading resumed in the shares of IEI on October 2, after the NGX lifted its suspension relating to regulatory compliance concerning the finalization of its 2024 audited accounts.
Adding to the positive development, the company also fully exited its long-standing Daewoo loan in August 2025.
In a filing with the Nigerian Exchange (NGX) earlier in August, IEI announced the full settlement of its outstanding loan to Daewoo Securities, now known as Mirae Asset Securities (UK) Limited. The company explained that the loan was a JPY 1.85 billion zero-coupon bond originally due for repayment in 2028.
During its Annual General Meeting held in Jigawa on April 10, 2025, shareholders approved the transfer of the outstanding debt to Norrenberger Advisory Partners Limited (NAPL), which was tasked with settling the bond on the company’s behalf.
During its Annual General Meeting held in Jigawa on April 10, 2025, shareholders approved the transfer of the outstanding debt to Norrenberger Advisory Partners Limited (NAPL), which was tasked with settling the bond on the company’s behalf.
IEI had originally issued the zero-coupon bond to Daewoo Securities (Europe) Limited on January 24, 2008.
The bond carried a 20-year maturity, with repayment of the principal scheduled for January 23, 2028. However, IEI faced financial challenges years after. To strengthen its finances, IEI accepted a mandatory takeover bid from Norrenberger Advisory Partners Limited (NAPL), a process that began in 2021.
According to an NGX filing, NAPL acquired 649.8 million shares, giving it a 50.61% controlling stake in the company, a move expected to stabilize operations and improve its financial health.
By August 2025, NAPL successfully settled the outstanding zero-coupon bond due in 2028, a milestone that reflects the benefits of the acquisition.