IEI unveils N22.5b recap plan ahead EGM
International Energy Insurance convened stakeholders to present its 22.5 billion naira capital expansion plan before an extraordinary general meeting next month. Acting Managing Director Joyce Odiachi said the insurer has resolved legacy financial problems after repaying a 14 billion naira Daewoo loan and relisting on the Nigerian Exchange. The company received 2 billion naira in share deposits awaiting regulatory conversion to equity this year.
CardinalStone Partners and Vertiva Capital Management will advise on the fundraising effort, starting in February 2026, through private placements and rights offerings. Non-executive directors Adeyinka Hassan and Tony Edeh told attendees the recapitalization demonstrates governance standards and stakeholder inclusion. Chief Financial Officer Uyi Osagie assured participants the firm maintains prudent financial controls and regulatory compliance.
The Norrenberger Group backs the insurance provider as its core investor. Odiachi said the general meeting will establish the foundation for profitability and market leadership in Nigeria’s insurance sector.
