Top insurance firm, IEI Plc holds AGM in Jigawa, targets N15bn recapitalisation

The International Energy Insurance PLC (IEI) concluded its 44th Annual General Meeting (AGM) in Dutse, the Jigawa State capital marking a pivotal moment in the company’s strategic direction and the recapitalisation of N15 billion.

The Head, Brands and Communications, Acharu Osime, said the Insurance firm’s choice of Jigawa State for the AGM was to deepen insurance penetration in the north and expand its business coupled with the purposeful leadership of Governor Umar Namadi.

Mr Osime, said the insurance firm- a Norrenberger company, is also planning to launch Takaful Insurance – a sharia compliance products that would meet the needs of the people of Jigawa and other predominant Islamic northern states. He stated further:

“The AGM served as a platform for robust engagement with shareholders and the culmination of key decisions designed to propel IEI towards sustained growth and improved financial stability. A defining achievement of the 44th AGM was the decisive step taken by IEI to exit the Daewoo Loan.

“This strategic maneuver represents a significant victory for the company, demonstrating its proactive approach to strengthening its financial foundation and optimising its capital structure.

“The successful exit from this legacy loan is projected to unlock substantial growth opportunities and accelerate IEI’s ongoing recapitalization initiatives, with a clear focus on meeting the regulatory minimum capital requirement of N15 billion”.

Mr Osime added that beyond the landmark Daewoo Loan resolution, the AGM facilitated comprehensive discussions on different matters shaping IEI’s operational governance framework: He said the AGM saw shareholders adopt financial statements (2021-2023) and engage in key governance actions: re-electing directors, appointing auditors, and establishing committee roles to ensure accountability.

He stated that to uphold best practices, the company also authorised auditor remuneration and disclosed management compensation, demonstrating a commitment to transparency in its operational framework.

He said significant steps have also been taken to restructure the company’s financial standing and modernize its governance. A key decision involved settling the company’s debt to Daewoo by transferring loan obligations to Norrenberger Advisory Partners Limited (NAPL), with NAPL receiving shares in the company as part of this agreement.

“This move aimed to resolve a major financial obligation and reposition the company for future growth. Furthermore, the company approved measures to strengthen its capital base and operational framework.

“These included increasing the Issued Share Capital to facilitate growth and authorizing the Board to raise additional capital through various means. In a move to update its practices, the meeting also authorized amendments to the company’s governing documents, specifically to allow for flexibility in how general meetings are conducted (virtual or physical) and to reflect the changes in share capital.

“The Board was empowered to take all necessary actions to implement these changes, ensuring compliance with regulatory requirements and smooth execution. The successful completion of the 44th AGM at the Haitel Hotel Dutse (Jigawa State) signifies IEI’s unwavering commitment to fostering strong relationships with its stakeholders and adhering to principles of sound corporate governance.

“The company is confident that the resolutions passed, and the strategic direction reaffirmed at the AGM will empower IEI to achieve its ambitious goals and deliver enhanced value to its shareholders” , the official said.