International Energy Insurance Converts N2bn Deposit into Equity, Approves Additional N17.5bn Capital Raise

International Energy Insurance Plc (IEI) has finalized the conversion of a N2 billion deposit from Norrenberger Advisory Partners Limited (NAPL) into equity, following shareholder approval. The transaction was ratified at an Extraordinary General Meeting held virtually on December 31, 2025.

According to a corporate disclosure filed with the Nigerian Exchange Limited, the conversion creates 1.25 billion new ordinary shares for NAPL at N1.60 per share, each with a par value of N0.50. The newly issued shares will rank equally—pari passu—with all existing ordinary shares in the company’s capital structure, granting NAPL a significant equity stake in IEI.

The resolution passed by shareholders stated: “That the deposit for shares in the sum of N2,000,000,000 made by Norrenberger Advisory Partners Limited be converted to equity in favour of NAPL by the creation of 1,250,000,000 ordinary shares of N0.50 each at the price of N1.60 per share.”

In a broader move to bolster its financial base, shareholders also authorized the company to raise up to an additional N17.5 billion through various instruments. These may include a private placement, rights issue, public offer, strategic investor participation, or a combination of these options. The Board of Directors has been empowered to determine the specific timing, pricing, structure, and tranches of the fundraising, pending all necessary regulatory approvals.

To accommodate the new shares, the EGM also approved an increase in the company’s authorized share capital and authorized amendments to IEI’s Memorandum and Articles of Association to align with the updated capital structure under the Companies and Allied Matters Act, 2020.

All prior actions taken by the Board and management in pursuit of these resolutions were formally ratified. The Board is further authorized to complete all required steps to implement the resolutions, including filing documents with regulators and engaging professional advisers.

This capital initiative is designed to strengthen IEI’s balance sheet, enhance its underwriting capacity and investment capabilities, and support strategic growth initiatives within Nigeria’s competitive insurance sector.