Norrenberger Takes Over International Energy Insurance Plc

Norrenberger Takes Over International Energy Insurance Plc

Norrenberger, a leading financial service group in Nigeria, has taken over International Energy Insurance Plc, according to a statement released to the regulators with a plan to use technology to revolutionise and reposition the insurance industry.

According to the insurer, the decision to take over follows approval obtained from the National Insurance Commission to acquire 100% equity interest in the company. The statement said Norrenberger has also obtained approval from the Nigerian Exchange for the block acquisition of 50.6% equity in the first instance.

Also, as part of requirements by Nigeria’s investment act, the company has started the process to obtain approval from the Nigerian Securities and Exchange Commission for the mandatory takeover bid to be able to acquire the remaining holdings of International Energy Insurance Plc in the market.

The company hints that various engagements have been held with representatives of retail shareholders in IEI Plc, as well as other connected stakeholders towards the repositioning of IEI Plc.

Management said the acquisition will avail Norrenberger the opportunity to strengthen IEI’s business model to improve its business solutions and services distributions to clients across Nigeria.

On this, Thomas Olorundare Thomas, NAICOM’s Commissioner for Insurance while welcoming the new owner expressed satisfaction with Norrenberger’s interest in the Insurance business despite challenges facing the industry, according to the statement.

He advised the incoming owners of IEI Plc on the need to train staff and directors while emphasizing the directors should be patient to understand the culture, nature as well as principles and practices of the Insurance business.

Speaking on the deal, the outgoing chairman of IEI Plc, M.K Ahmad OON while handling the provisional board of directors emphasized the need for transparency and encouraged the spirit of oneness among the company’s stakeholders. READ: Dangote Cement Plans Second Bonds Issuance

The chairman of the Provisional Board of Directors, Buka Goni Aji, OON, CFR said the board’s mission is to significantly contribute to the transformation and growth of the insurance industry by leveraging technology and top-notch human capital.

He reassured regulators of Norrenberger’s cooperation and commitment to strict compliance with laid down regulations while focusing on the growth plan of IEI Plc.