Iei Converts ₦2bn Deposit into Equity

International Energy Insurance Plc has converted a ₦2 billion deposit received from Norrenberger Advisory Partners Limited into equity, resulting in the creation of 1.25 billion new ordinary shares in the company. The conversion was approved by shareholders at an Extraordinary General Meeting (EGM) held virtually on December 31, 2025.

In a disclosure filed with the Nigerian Exchange Limited on Monday, the company stated that the newly issued shares were priced at ₦1.60 per share, with a nominal value of ₦0.50 each. The shares will rank pari passu with existing ordinary shares, thereby granting Norrenberger Advisory Partners Limited an equity stake in International Energy Insurance.

According to the resolutions passed at the EGM, the ₦2 billion deposit for shares provided by Norrenberger Advisory Partners Limited was formally converted into equity through the issuance of 1,250,000,000 ordinary shares on the stated terms.

Beyond the equity conversion, shareholders also approved plans for the company to raise additional capital of up to ₦17.5 billion through a range of options, including private placements, rights issues, public offers, strategic investor participation, or a combination of these methods. The Board of Directors was authorised to determine the structure, pricing, timing and tranches of any capital raise, subject to the necessary regulatory approvals.

The meeting further approved an increase in the company’s share capital to accommodate the new issuance, alongside amendments to the Memorandum and Articles of Association to reflect the updated share structure in line with the Companies and Allied Matters Act, 2020.

Shareholders also empowered the Board to take all required steps to implement the resolutions, including filings with regulatory authorities, engagement of professional advisers and full compliance with applicable regulatory requirements. All actions previously taken by the Board and management in connection with the resolutions were ratified.

The company said the capital restructuring and planned fundraising are expected to strengthen its financial position, improve underwriting and investment capacity, and support long-term strategic growth within Nigeria’s insurance sector.