IEI’s interim board embarks on corporate restructuring


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Chuks Udo Okonta

The Interim Board appointed by the National Insurance Commission (NAICOM) to oversee the affairs of International Energy Insurance (IEI) Plc, in the past nine months, had embarked on reforms to take the firm to lofty heights.

The major task within the period was to quickly ascertain the vital areas of operations of the organisation that required immediate intervention and review to reposition the organisation. Such critical areas were; corporate governance issues, investment policies, prompt payment of claims, products, human resources, cost management, sales growth etc

As part of its corporate restructuring exercise undertaken to improve organisational efficiency, productivity and competitiveness, sound policies have been put in place, including a revamping of human resources which has necessitated a right-sizing of the work force.

The Interim Managing Director, Peter Irene, said 50 staff and 34 drivers affected by the exercise would be given a special exit package.

“The brand pulse at the moment portends very positive signs of growth, now and in the future. We have addressed squarely, all issues bordering on the late submission of Annual Financial Statements.

“Our 2013 Financial Statement was approved by NAICOM while 2014, has been submitted and awaiting approval. Our External Auditors are working on the 2015 Financial Statement with the aim of meeting the March 31stdeadline set by SEC for quoted companies. We have worked hard to retain existing businesses and break into new market frontiers,” he said.

Commenting on the turn-around measures and repositioning of IEI, the Head of Corporate Communications, Tamuno Kiri, disclosed that, “This is no small feat by the Interim Board and Management who have succeeded in boosting the brand equity in terms of meeting requirements for the submission of bids and improved turn-around time”

He noted that the staff and Management have wholly embraced the structural templates and policies introduced by the Interim Board as a panacea for the overall growth and stability of IEI Plc brand in line with its core values of Integrity, Friendliness, Dependability, Innovation, Proficiency and her aspirations to be the leading Underwriter in Energy and other General Insurance Businesses.

He remarked that the Organisation is driven by her mission and commitment to be a dependable Partner while delivering superior value to all her stakeholders, stressing that IEI Plc, no doubt is on the path to greater heights.

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