International Energy Insurance Plc (IEI) has announced the resignation of Mr. Olasupo Sogelola as Managing Director and Chief Executive Officer, effective November.

In a statement, the company highlighted that under Mr. Sogelola’s leadership, IEI achieved significant milestones, marking a period of growth, resilience, and strategic progress.

Dr. Joyce Odiachi has been appointed as Acting Managing Director, pending the selection of a substantive MD/CEO. The company described Dr. Odiachi as a highly experienced professional with over two decades of expertise in risk management, compliance, technical operations, corporate governance, and strategic transformation.

“Her career is distinguished by a consistent record of strengthening operational frameworks, enhancing governance systems, and driving performance-led transformation within complex insurance environments,” the statement noted. “She has also held various senior management roles in the industry, bringing the strategic insight necessary to ensure continuity and stability during this transition.”

IEI highlighted key achievements during Sogelola’s tenure, including:

• Successful relisting on the Nigerian Exchange (NGX), restoring investor confidence
• Full exit of the Daewoo loan, strengthening the company’s balance sheet
• Preparations for an ambitious N22 billion recapitalisation programme, aimed at reinforcing growth and market leadership

The company emphasized that these accomplishments were supported by the Norrenberger Financial Group, IEI’s parent company, whose strategic backing has driven innovation, operational efficiency, and long-term value creation.

“IEI’s transformation has been recognized through multiple industry awards for excellence in service delivery and corporate governance, further cementing its reputation as a forward-thinking and future-ready insurer,” the statement concluded.