Worldwide Vitality Insurance coverage (IEI) Plc has secured shareholder approval to boost as much as N17.5 billion in recent capital and convert a N2 billion shareholder deposit into fairness.
At an Extraordinary Normal Assembly (EGM) held nearly on Tuesday, December 31, 2025, the shareholders endorsed all resolutions tabled by the Board.
This endorsement successfully clears the trail for a multi-layered capital elevate that might contain a non-public placement, rights difficulty, public provide or the entry of a strategic investor, topic to regulatory approvals.
Probably the most quick consequence of the assembly was shareholder ratification of the conversion of a N2 billion deposit by Norrenberger Advisory Companions Restricted into fairness. The transaction might be executed via the issuance of 1.25 billion new bizarre shares at N1.60 per share, offering an prompt increase to IEI Plc’s capital base and enhancing its solvency place.
Market watchers say the fairness conversion not solely strengthens the corporate’s steadiness sheet but in addition indicators sturdy sponsor dedication, reinforcing investor confidence at a time when insurance coverage firms are below strain to shore up capital buffers.
Past the fairness conversion, shareholders granted the Board broad authority to boost as much as N17.5 billion in further capital via a mixture of funding choices. The flexibleness embedded within the mandate permits IEI Plc to faucet probably the most environment friendly capital route, relying on market situations and strategic concerns.
The approval is seen as a essential enabler for the corporate’s medium-term development technique, because it seeks to scale operations, deepen underwriting capability, and compete extra successfully in Nigeria’s more and more consolidated insurance coverage market.
Shareholders additionally permitted amendments to the corporate’s Memorandum and Articles of Affiliation to mirror the enlarged share capital, making certain compliance with the Firms and Allied Issues Act (CAMA) 2020. As well as, the Board and administration had been granted full implementation authority to execute all permitted actions, with prior associated steps formally ratified.
Talking on behalf of the Chairman, Alhaji Bukar Goni Aji, OON, CFR, the Non-Govt Director, Dr Adeyinka Hassan, thanked shareholders for his or her overwhelming help, describing the end result of the EGM as a powerful endorsement of the corporate’s transformation agenda.
In response to him, the approvals underscore shareholder confidence in IEI Plc’s technique to construct a stronger, extra aggressive insurance coverage enterprise anchored on sound governance, improved solvency, and long-term worth creation.
Nairametrics reported that IEI issued a zero-coupon bond to Daewoo Securities (Europe) Restricted on January 24, 2008. The bond carried a 20-year maturity, with reimbursement of the principal scheduled for January 23, 2028. Nonetheless, IEI confronted {financial} challenges years after.
To strengthen its funds, IEI accepted a compulsory takeover bid from Norrenberger Advisory Companions Restricted (NAPL), a course of that started in 2021.
In response to an NGX submitting, NAPL acquired 649.8 million shares, giving it a 50.61% controlling stake within the firm, a transfer anticipated to stabilize operations and enhance its {financial} well being.
By August 2025, NAPL efficiently settled the excellent zero-coupon bond due in 2028, a milestone that displays the advantages of the acquisition. With the EGM approvals now in place, IEI Plc says it’s higher positioned to fulfill regulatory capital necessities, pursue sustainable development, and develop its footprint in Nigeria’s evolving insurance coverage panorama.
Based in 1969, Worldwide Vitality Insurance coverage Plc is Nigeria’s pioneer energy-focused insurance coverage firm, providing specialised underwriting options for offshore and onshore dangers alongside a broad vary of common insurance coverage merchandise.
