The latest investor in Nigeria’s insurance and pension sectors is Norrenberger with the recent acquisition of International Energy Insurance Plc and IEI Anchor Pensions Limited, BusinessDay’s finding has shown.
According to a statement seen by BusinessDay, Norrenberger through its acquisition of IEI Insurance has become the largest shareholder of the Pension Fund Administrator.
It stated, “Norrenberger has obtained all necessary approvals from the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission, and the National Insurance Commission for the acquisition.
“The acquisition is driven by efforts to meet IEI’s capitalisation requirement as required by NAICOM and signifies Norrenberger’s entry into the pension and insurance sectors of the financial services industry.”
With the acquisition, it said, Norrenberger would expand and further strengthen its business model to improve product and service distribution to clients across Nigeria.
“It would aggressively create and develop new opportunities for its stakeholders by utilising technology and other digital assets to revolutionise the pension and insurance markets.
Commenting on the acquisition, Tony Edeh, group managing director/CEO, Norrenberger said, “Norrenberger has a proven track record of acquisition and integration with a clear growth strategy for the organisation, which supports our acquisition of IEI.
Findings by BusinessDay showed Norrenberger is a Financial Services Group that provides financial solutions, with subsidiaries as Norrenberger Investment and Capital Management Limited (NICML); Norrenberger Advisory Partners Limited (NAPL); Norrenberger Securities Limited (NSL); Norrenberger Pensions Limited (NPL) and Norrenberger Insurance, but still as IEI Insurance Plc.
The Group through its subsidiary, Norrenberger Advisory Partners Limited (NAPL) earlier in the year announced a takeover of the operations of International Energy Insurance Plc (IEI) after it obtained the approval of the National Insurance Commission (NAICOM) to acquire 100 percent equity holding in the company.
IEI had informed through the Nigerian Stock Exchange that the development would enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.
IEI also in April 2022 announced that the National Pension Commission had approved Norrenberger’s acquisition of IEI-Anchor Pension.
IEI- International Energy Insurance started operations in Nigeria in 1969, as the country’s first energy-focused insurer focusing on offshore and onshore risks alongside general insurance services.
However, the company ran into troubled waters before the National Insurance Commission intervention in 2015 which lead to the dissolution of its board and the appointment of new management.
In the place of the former board, a three-member Interim Board was been appointed to oversee the affairs of the company while necessary investigation was conducted.
The action of NAICOM was pursuant to the powers conferred on the Commission by enabling laws to intervene in the affairs of the company as a result of financial reporting failures, allegations made against some of the Directors, and Board squabbles necessitating regulatory action in the interest of policyholders and other stakeholders of the company.
Members of the Interim Board at the peak of the crises in 2015 were Muhammad Kabir Ahmad, former director-general of the National Pension Commission; Daisy Ekineh, and Bridget Ibiyemi Adeyinka, former commissioner of the Securities and Exchange Commission (SEC).