IEI renegotiates Daewoo Securities debt

With a successful share reconstruction, renegotiation of Daewoo Securities(Europe) Limited four-year’s old debt to preference equity capital and full provisioning of premium receivables, International Energy Insurance(IEI) plc is on the part of profitability and stronger balance sheet, promising its shareholders a better future going forward.

The underwriting firm which has further positioned for a bigger share of the market particularly in energy insurance, oil and gas and other allied risks, will have the first right of rejection for most of Daewoo insurance businesses within and outside Nigeria.

These were the excitement of the Company shareholders who gathered in Uyo over the weekend to consider its 2011 financial report and accounts.

According to the shareholders including Godwin Anono, Dele Joseph, Olufemi Timothy among others, it was a big feat for the company to have successfully renegotiated that debt, which according them has been a major headache for about ten insurance companies that accessed the facility in 2008.

Patrick Sule Ugboma, chairman of the Company said with the conversation of Daewoo Securities debt to redeemable preference shares, having secured the approval of regulatory authorities and owners of the Company, IEI has crossed a major hurdle in its business strategy, and now well positioned to make good profit for the benefit of shareholders.

“We this development, Daewoo Securities is part owners of the company and its insurance business among other agreed benefits would be coming to IEI, and I can only assure shareholders that the future is bright.”

Ugboma noted that the “leadership of your company at the board and management level is committed to our strategic goal of not only repositioning the company and turning to profitability, but to also be amongst the top leading insurance companies in the next few years.

“Our strategies and processes are being reviewed to remove bureaucratic bottlenecks that impair on efficient service delivery and position to underwrite big ticket transactions. Our ICT infrastructure is also being upgraded for robust and optimal performance to give your company competitive age.”

Ugboma further stated that IEI was working on increasing its financial and technical capacities to position effectively for the newly introduced risk based supervision introduced by the regulatory authority, and this no doubt will stand us out a proactive organization and give us mileage in our niche area.

Roseline Ekeng, managing director of the company said the company is positioning to key into the various initiatives of the National Insurance Commission (NAICOM) and explore all opportunities open to it for a strong bottom line despite the challenging business environment.

“We are however optimistic that the restructuring measures being put in place by our company will no doubt impact positively on our bottom-line in no distant time, Ekeng stated.