International Energy Insurance Plc (IEI) has announced that it will hold its Extraordinary General Meeting (EGM) virtually, where shareholders will be asked to approve key resolutions aimed at strengthening the company’s capital structure and supporting its long-term growth strategy.
The company, in a notice to the NGX seen by NEWSNGR, noted that at the meeting, shareholders will consider the conversion of an N2bn deposit for shares made by Norrenberger Advisory Partners Limited (NAPL) into equity.
Under the proposal, the company will convert the deposit through the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at a price of N1.60 per share.
The new shares will rank pari passu with all existing ordinary shares of the company.
IEI will also seek approval to raise additional capital of up to N17.5bn or such amount as may be determined by the Board of Directors.
The proposed capital raise may be undertaken through a combination of private placement, rights issue, public offer, strategic investor participation or any other method deemed appropriate by the board.
The board will also have the flexibility to determine the tranches, pricing, terms, and timing of the fundraising exercise, subject to regulatory approvals.
As part of the capital expansion plan, shareholders will be asked to authorise the company to increase its share capital to accommodate the new shares to be issued pursuant to the capital raise.
The new shares will also rank equally with existing ordinary shares and will be registered with the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), the Nigerian Exchange Limited (NGX) and other relevant regulatory bodies.
The company will further seek approval to amend its Memorandum and Articles of Association to reflect the new share capital and any related updates required under the Companies and Allied Matters Act (CAMA) 2020.
IEI’s board will additionally request authorisation to take all necessary steps to implement the approved resolutions.
This includes executing and filing relevant documentation with regulatory authorities, engaging professional advisers, ensuring compliance with regulatory directives, and performing any other actions required to give full effect to the shareholders’ decisions. Shareholders will also vote to ratify all actions previously taken by the board or management in connection with these matters.
The notice, dated December 9, 2025, was issued by Ranti Fajana of Detail Nominees Company on behalf of the Board of Directors.
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