International Energy Insurance Plc has secured shareholder approval to convert a N2 billion deposit from Norrenberger Advisory Partners Limited into equity and to raise N17.5 billion in additional capital, as the insurer moves to strengthen its financial position and support future growth plans.
The approvals were granted at an Extraordinary General Meeting (EGM) of the company held virtually on December 31, 2025, according to resolutions released to the market on January 2, 2026.
As part of the approvals granted at the meeting, the N2 billion deposit for shares earlier made by Norrenberger Advisory Partners Limited will be converted into equity through the creation of 1.25 billion ordinary shares of 50 kobo each, priced at N1.60 per share.
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The newly issued shares will be ranked accordingly in all respects with the company’s existing ordinary shares, effectively making Norrenberger a shareholder in International Energy Insurance Plc.
Shareholders also approved a plan authorising the board of directors to raise additional capital of up to N17.5 billion, through a combination of private placement, rights issue, public offer, or strategic investor participation. The board was given discretion to execute the fundraising in tranches and on such terms, pricing, and timing as it considers appropriate, subject to obtaining all relevant regulatory approvals.
International Energy Insurance Plc was further authorised to increase its share capital to accommodate the issuance of new shares arising from the approved capital raise. The company will also register the new shares with relevant regulatory bodies, including the Securities and Exchange Commission, the Corporate Affairs Commission, and the Nigerian Exchange Limited, as required under applicable regulations.
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Shareholders approved amendments to the company’s Memorandum and Articles of Association to reflect the revised share capital structure and any related changes in line with the Companies and Allied Matters Act (CAMA) 2020.
The resolutions also empower the board to take all necessary steps to implement the approved transactions, including executing and filing statutory documents, engaging professional advisers, and complying with directives from regulatory authorities. All actions previously taken by the board and management in connection with the capital restructuring were also ratified at the meeting.
The approvals mark a key milestone in International Energy Insurance’s recapitalisation efforts, as insurance companies across Nigeria continue to strengthen their capital positions amid regulatory requirements and the need to improve solvency, competitiveness, and long-term sustainability in the sector.