International Energy Insurance Plc (IEI) has announced that it will hold its Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025. The meeting will be conducted virtually, allowing all shareholders, regardless of location, to participate in the decision-making process.

The EGM will focus primarily on a proposed capital raising exercise of up to N17.5 billion, aimed at fully recapitalising the company in compliance with the Nigerian Insurance Industry Reform Act, 2025.

As part of the plan, Norrenberger Advisory Partners Limited’s N2 billion deposit for shares in 2023 is proposed to be converted into equity through the creation and allotment of 1.25 billion ordinary shares at N1.60 per share, subject to shareholder approval.

The company highlighted that this conversion underscores continued shareholder support for IEI’s transformation and its progress under the 10x Story, which reflects operational strengthening and a solid foundation for long-term growth. Shareholders have been provided with details on how to join the virtual meeting, submit proxies, and vote.

IEI reaffirmed its commitment to transparency, good governance, and its long-term recapitalisation and growth agenda.