IEI positions for growth, rolls out 5-year plan

International Energy Insurance (IEI) Plc, after its acquisition by Norrenberger, an integrated Financial Services Group, is now positioned for growth. This is beginning to reflect in its share price, which began an upward trajectory in the past weeks.

With the new managing director’s appointment and five-year growth plan, IEI is set again to take its rightful place in the country’s insurance industry.

According to the company, various measures are to ensure that proper steps are in place for revenue mobilization for operations, cost optimization, and efficient strategies for the healthy running of the Company.

Olasupo Sogelola possesses twenty years plus experience supporting group-wide executive achievement in Technical Operations, consisting of Underwriting, Claims and Reinsurance and up to 40 percent growth in revenue YOY via marketing and business development strategies to drive revenue growth. He ensures 100 percent retention of key business accounts.

Commenting on the appointment, Anthony Edeh, group-managing director of Norrenberger, welcomed Olasupo Oladeinde Sogelola into the Norrenberger family and stated that his experience, culture, and desire make him a great fit for International Energy Insurance Plc.

He said Olasupo has the full support of the Board of Directors.

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Sogelola commenting on the acquisition of IEI Plc reaffirmed his delight and commitment to steer the strategic direction of the Company to the next level.

He said Norrenberger had held various engagement meetings with the representatives of the retail shareholders as well as other stakeholders towards repositioning IEI Plc.

He reaffirmed the commitment of the new owners to expand and strengthen the business models of IEI Plc and to improve its solutions and service distribution to its clients across the country.

Part of the efforts to get the company’s customers back he noted was settlement of outstanding claims in excess of a billion naira.

As a first step in the post-acquisition of IEI Plc, the Company conducted an Annual General Meeting (AMG) wherein members of the Company approved the following: (1). Five Years, Audited Financial Statements, (2). The appointments to the Board of Directors were ratified and (3). In line with the Companies and Allied Matters Act, 2020 the meeting reconstituted an Audit Committee for the Company.

The Company has filed its 2021 Audited Financial Statements with all its Regulators in line with its listing obligation. In the same vein, the Management Accounts for the First, Second, Third and Fourth Quarter, 2022 have been filed with the Regulators.

We are hopeful to receive the approval of our primary regulator (NAICOM) for the filing of our Audited Financial Statement for the year ended December 31, 2022, on time to enable us to file it with NGX and the Securities and Exchange Commission within the stipulated statutory time frame.