Firm unveils Sharia-based insurance to boost northern market presence

In a strategic move to deepen its presence in northern Nigeria and fast-track its N15 billion recapitalization drive, International Energy Insurance (IEI) PLC has announced the introduction of a Sharia-compliant financial system.

The development was disclosed during the company’s 44th Annual General Meeting (AGM) held at Haitel Hotel in Dutse, Jigawa State—an event described as a turning point in IEI’s transformation agenda.

Addressing journalists shortly after the meeting, IEI’s Independent Non-Executive Director and Chairman of the AGM, Dr. Chamberlain Peterside, highlighted the significance of the decisions taken at the meeting, emphasizing that they were aimed at ensuring long-term growth and financial stability.

Peterside said “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”.

The Non-executive Director explained that”a defining achievement of the 44th AGM was the decisive step taken by IEI to exit the Daewoo Loan”.

According to him”This strategic maneuver represents a significant victory for the company, demonstrating its proactive approach to strengthening its financial foundation and optimizing its capital structure”.

Dr. Chamberlain Peterside noted that the successful exit from this legacy loan is projected to unlock substantial growth opportunities and accelerate the company’s ongoing re-capitalization initiatives, with a clear focus on meeting the regulatory minimum capital requirement of N15 billion.

“Beyond the landmark Daewoo Loan resolution, the AGM facilitated comprehensive discussions on different matters shaping IEI’s operational governance framework. 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 maintained that in order to uphold best practices, the company also authorized auditor remuneration and disclosed management compensation, demonstrating a commitment to transparency in its operational framework.

The chairman added that the significant steps also have been taken to restructure the company’s financial standing and modernize its governance.

Peterside emphasis that a key decision is taken that 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”.

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

“International Energy Insurance Plc is committed to being a trusted partner for individuals and businesses across Nigeria, offering a wide range of insurance solutions tailored to meet diverse needs”.

In his parts the Managing Director of the company, Mr. Olasupo Sogelola said as he took over the aspect management of the company in January 2023 when the company was in cormmators almost gone with a lot of liabilities of unpaid claims such as Tax, penalities, unpaid pensions and other outstanding liabilities in excess of over N1.1 billion.

The Managing director disclosed that “God had helped us to be able to rebuild the organization and paid back all outstanding Naira denominated claims. We have brought the company back to life”.

Mr Olasupo Sogelola disclosed that in a very next future the company will start its tacapolo insurance a Sharia combine so that the northern people han no reason to complain that the insurance bring to them is western one, “we want bring them the one they know”.

According to him “this is a company that wanted make his name known and presence in the north, not remains only in the south. We are coming to the north, we want partners as with many northern governments as possible so that we will bring real insurance on the ground to increase our insurance panatratiion”.

“We discovered that when you go to Gombe, Jigawa, even Kano today what we have is just a shadow of what insurance should be. We want partner with the northerners, we want be friends”.

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