Energy Insurance Aims To Strengthen Capital Base With N17.5bn Public Offer

International Energy Insurance Plc, a member of the Norrenberger Group, has announced the commencement of its N17.5 billion Public Offer as part of efforts to strengthen its capital base and expand operations within Nigeria’s insurance industry.

The offer, which opened on Wednesday, May 20, 2026, and is scheduled to close on June 11, 2026, follows a formal signing ceremony held on May 11, 2026, at the FF Millennium Tower in Lagos, the company said.

Under the terms of the offer, the company is offering 5.47 billion ordinary shares of 50 kobo each at N3.20 per share to institutional and retail investors.

The company said the capital raise forms part of its recapitalisation and long-term growth strategy aimed at reinforcing its position as a leading general insurance provider in Nigeria.

It noted that the fresh capital injection would enhance its underwriting capacity, strengthen its balance sheet, and improve its ability to provide specialised insurance services across key sectors of the economy.

According to the company, the offer is also expected to improve its competitiveness within Nigeria’s financial services sector while supporting ongoing investments in operational efficiency and digital transformation initiatives.

The transaction is being led by CardinalStone Partners as Lead Issuing House, while Anchoria Advisory Services, Norrenberger Advisory and Vetiva Advisory Services Limited are serving as Joint Issuing Houses.

The company said the participation of the financial advisers reflects market confidence in IEI Plc’s renewed business strategy and growth prospects.

It added that the Public Offer presents an opportunity for investors to participate in the company’s next phase of expansion as it seeks to deepen its footprint in the insurance market and deliver sustainable value to shareholders.

IEI Plc reaffirmed its commitment to innovation, customer service, and operational excellence as it continues to reposition for growth in the evolving insurance landscape.