International Energy Insurance Plc has announced plans to raise additional capital of up to ₦17.5 billion as part of efforts to strengthen its financial position and support future growth initiatives.
The proposed capital raise, which is subject to regulatory approvals, was approved by the company’s shareholders, authorising the Board of Directors to determine the structure, timing and terms of the exercise. Under the resolution, the board is empowered to raise the funds through a private placement, rights issue, public offer, strategic investor participation, or a combination of these options.
According to the company, the capital injection may be executed in tranches or series, with flexibility on pricing, proportions and dates, as the board considers appropriate in line with market conditions and the company’s strategic objectives.
International Energy Insurance Plc said the planned capital raise is intended to enhance its capital base, improve underwriting capacity and position the company to take advantage of emerging opportunities in the insurance and energy-related risk markets.
The company added that the exercise will be carried out in compliance with all applicable regulatory requirements, including approvals from relevant authorities, and that shareholders will be kept informed as implementation plans are finalised.
Over recent years, IEI has reported significant growth in revenue and return to profitability, driven by stronger insurance underwriting results and investment income, as it continues to pursue strategic initiatives under its five-year plan (2023–2027) to become a leading insurer in Nigeria.
