Norrenberger Settles IEI’s N1.3bn Outstanding Claims, Liabilities

Following its 100 per cent acquisition of International Energy Insurance Plc (IEI Plc last year, an integrated Financial Services Group Norrenberger has forged ahead to reposition the insurance firm by settling about N1.3billion outstanding liabilities, which included, claims, staff salaries, among others, between August and December, 2023.

The new managing director/CEO, IEI Plc, Mr Olasupo Oladeinde Sogelola, who stated this during a press briefing at the company’s new head office on Ligali Ayorinde Street, Victoria Island, Lagos, at the weekend, noted that, in the process, the new owner has paid brokers all outstanding salaries and claims, excluding foreign dominated claims because of volatility in the forex market, of which the company has even initiated the process of payment.

Stating the IEI Plc is now ready for serious business having survived its initial challenges, he added that, the new management appointed after Norrenberger’s take-over have the needed expertise to drive the fortune of the company upward within a short time.

Disclosing that his management will prioritise prompt claims payment and quick response time, he noted that, the company, going forward, the firm’s processes would be largely driven by robust Information Technology(IT) as a lot of invest has already gone into this area, adding that, the company will soon come out with innovative products that will redefine insurance landscape in the country.

The National Insurance Commission (NAICOM) had, in a No Objection letter dated January 18, 2023 approved the appointment of Mr Olasupo Oladeinde Sogelola as the new MD/CEO of the company.

Sogelola had taken over from the preceding managing director/CEO of the firm, Mr Ebun Ayeni.

Commenting on the appointment, the group managing director of Norrenberger, Mr Anthony Edeh welcomed Olasupo Oladeinde Sogelola into the Norrenberger Family and stated that, his experience, culture, and desire make him a great fit for International Energy Insurance(IEI) Plc. He said Olasupo has the full support of the board of directors.

Mr Olasupo Sogelola, commenting on the acquisition of IEI Plc, reaffirmed his delight and commitment to steer the strategic direction of the Company to the next level.

The company has filed its 2021 Audited Financial Statements with all its regulators in line with its listing obligation. In the same vein, the management Accounts for the First, Second, Third and Fourth Quarter, 2022 have been filed with the regulators.

“We are hopeful to receive the approval of our primary regulator (NAICOM) for the filing of our Audited Financial Statement for the year ended December 31, 2022, on time to enable us to file it with NGX and the Securities and Exchange Commission within the stipulated statutory time frame,” the firm stressed.