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Chuks Udo Okonta
The acquisition of International Energy Insurance by Norrenberger, an integrated Financial Services Group has repositioned the underwriting firm which presently is a toast for investors, brokers and policyholders as revealed by the rise of its equity value in the capital market and acceptance by stakeholders.
International Energy Insurance Plc at a press conference today in Lagos unveiled its management team, with a pledge to improve lives and the economy through provision of top notch underwriting services.
Ownership of International Energy Insurance Plc (IEI Plc or the Company) was transferred to Norrenberger having obtained the approval of the National Insurance Commission (NAICOM) to acquire 100 per cent equity holding in the Company.
During the period, Norrenberger further obtained approval from the Nigerian Exchange Limited (NGX) for the block acquisition of 50.6% equity in the first instance and commenced the process for the approval of the Nigerian Securities and Exchange Commission (SEC) for the Mandatory Takeover Bid to acquire the remaining holdings of IEI Plc. It is worthy of note that Norrenberger had held various engagement meetings with the representatives of the Retail Shareholders as well as other Stakeholders towards repositioning IEI Plc. Norrenberger expressed its comment to expand and strengthen the business models of IEI Plc and to improve its solutions and service distribution to its clients across the country.
Under Norrenberger Leadership
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 S.404(3) of 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.
It is instructive to note that 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. The Company in line with S.126.96.36.199 & S.188.8.131.52 of the Revised Market Conduct and Business Practice Guideline for Insurance and Reinsurance Companies as issued by the National Insurance Commission (Naicom) in September 2022, filed and obtained a No Objection letter dated January 18, 2023, from its primary regulator (NAICOM) for the appointment of a new Managing Director/Chief Executive Officer, Olasupo Oladeinde Sogelola who takes over from Ebun Ayeni the preceding Managing Director/Chief Executive Officer of the Company.
Olasupo Sogelola possesses 20 years plus experience supporting group-wide executive achievement in Technical Operations, consisting of Underwriting, Claims and reinsurance and up to 40 per cent growth in revenue YOY via marketing and business development strategies to drive revenue growth. He ensures 100 per cent retention of key business accounts.
Commenting on the appointment, the Group Managing Director of Norrenberger, Anthony Edeh, 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.
For effective and efficient Branch operations, the Company embarked on Head Office and Branch restructuring. The Corporate Office of the Company is now located on the Right Wing, 4th Floor, FF Towers, Plot 13/14 Ligali Ayorinde Street, Victoria Island, Lagos, while the branch offices have been restructured into Northern Branch (Abuja), Eastern Branch (Port – Harcourt) and Southern Branch (Ibadan) for optimum revenue generation.
For cost efficiency, some branches were converted to Agency offices in line with the volume of transactions in the identified areas. The branches scaled down to agency offices are Kano, Makurdi, Kaduna (for Northern Region); Akure, Ilorin, Abeokuta and Calabar (for Southern Region).
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.