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Chuks Udo Okonta
It was pomp and pleasantries at International Energy Insurance (IEI) Plc, a Norrenberger company and a leading player in the Nigerian insurance industry today as Oba Oniru commissioned the company’s new office at FF Millennium, Ligali Ayorinde, Victoria Island, Lagos.
The underwriting firm celebrated a strategic step towards its growth ambitions with the official commissioning of the new office.
The ceremony featured industry stakeholders and key partners to witness the pivotal moment. The event also featured a ribbon cutting ceremony, guided tours of the new office space and provided a platform for engaging and networking with IEI’s leadership team.
Among the top dignitaries present was His Royal Majesty, Oba Abdulwasiu Omogbolahan Lawal, Abisogun II, the Oniru of Iru Land; President, Chartered Institute of Insurance of Nigeria (CIIN), Mr. Edwin Igbiti; President, Nigerian Council of Registered Insurance Brokers, Mr. Tunde Oguntade; Former President, CIIN, Dr. Funmi Babington-Ashaye; among others.
In his welcome speech, the Managing Director, International Energy Insurance, Olasupo Sogelola stated that the landmark event emphasizes the company’s commitment to improving its service delivery and expanding its footprint within the industry.
He disclosed that the company is repositioning and is set to be among the top three insurance companies in the country.
He said: “Repositioned for Growth” becomes more than just a theme as we unveil our state-of-the-art office, designed to provide a conducive and collaborative work environment. The meticulously chosen location in Victoria Island reflects our dedication to maintaining accessibility and convenience for its clients, solidifying our position at the forefront of the insurance industry.
“The commissioning of our new office marks a pivotal moment in our journey. We are committed to repositioning the business for growth and excellence in service delivery and client satisfaction. We are driven by our vision to be the preferred insurance provider in Africa through innovation, professionalism and exceptional service delivery. IEI remains committed to providing top-notch services to clients across the continent. We are positive in our ability to materialize this vision.
“IEI is Nigeria’s first energy-focused insurer. Established in 1969 as Nigeria Exchange Insurance Company Limited and evolving over the years, the company narrowed its focus to energy insurance in 2003 following its recapitalisation. Secured by a consortium led by African Reinsurance Corporation, Norrenberger Advisory Partners Limited took over in July 2022, marking a new era in IEI’s history. The company has shown remarkable innovation in the insurance sector and is set to exceed expectations in the future”, he added.
Cutting the ribbon at the ceremony, His Royal Majesty, Oba Abdulwasiu Omogbolahan Lawal, Abisogun II, the Oniru of Iru Land congratulated the Board of Director and management of the company for their resilience to reposition and grow the bottomline from a negative position to positive position.
He said this is happening despite the current economic conditions, urging Nigerians to be resilient ad believe that the economy will get better soon.
“I believe strongly that the President, Bola Ahmed Tinubu who I know very well is a hard worker and he will get us out of the current situation that we all think we are in now”, he noted.
The Chairman, Norrenberger Group, Mr. Bukar Goni Aji noted that the fortune of the company went down to the extent that the regulator, National Insurance Commission (NAICOM) had to step in to get an interim board to manage the affairs of the company.
Norrenberger stepped in and invested and everything became new again.
“It is a complete reverse. There are about 50 to 60 per cent new staff with new strategy. In less than a year, the company has being repositioned to serve Nigeria.
The Group Managing Director of Norrenberger, Mr. Tony Ede on his part said he is excited to have invested in IEI Insurance.
He recalled how the NAICOM took over IEI which led Norrenberger investing and taking over the company.
“IEI is a company that the regulator put up for sale. We saw the great opportunities that exist in the space; we came in and took over the company. We have been providing both human and financial resources to keep the company going. Today, the company is doing great.
“The new office is a classic example of what the company has done. We have moved from our derelict office in Jide Oki Street to a gracious and beautiful office. We are committed to make IEI one of the most successful insurance companies in Nigeria. Going forward, we will continue to invest in the business, drive technology, among others. We will also get the best of the market in terms of human resources to run the company.
“We have no regret investing in the company. It is our vision that in the next five years, we will be one of the leading insurance companies in the land. As at December, we were adjudged to be the fastest growing insurance company at 264 per cent growth rate. This is just a tip of an ice berg because we will change the landscape completely in the next five years”, he added.
