LR: Tony Ede, Group MD/CEO, Nollenberger Financial Group/International Energy Insurance (IEI) Plc Director. Mr. Bukar Goni Aji, Chairman of IEI Plc. His Majesty King Oba Abdulwasiu Omogbolahan Lawal, Onilu of Iru, King Abisogun II. Mr. Ibrahim Aliyu Bala, Chairman of the Board of Directors of Norreberger, Mr. Olasupo Sogerola, Managing Director, IEI Plc, during the formal commissioning/relocation of IEI’s new office at FF Millennium Tower, Rigali Ayorinde, Victoria Island, Lagos, on Friday. and Chief Executive Officer (CEO)
Tony Edeh, Group Managing Director of Norrenberger, reveals that the company has a five-year plan to reposition International Energy Insurance (IEI) Plc, Nigeria's first energy-focused insurance company, as an industry leader. I made it.
Nollenberger recently acquired the struggling IEI in 2022 and is working to rebuild the company.
Mr. Ede said this at the opening ceremony of IEI.
Ede said:
- “You will not regret investing in us. Our vision is for us to become one of the leading insurance companies in the region within the next five years.
- “As of December, we were rated the fastest growing insurance company with a growth rate of 264%. This is just the tip of the iceberg, as things will change completely over the next five years. .”
Bukal Goni Aji, Chairman of Nollenberger Group, also pointed out that IEI had experienced a remarkable recovery after a period of recession that led to regulatory intervention by the National Insurance Commission (NAICOM).
With the new investment from Norrenberger, the company has undergone a major transformation, replacing 50-60% of its workforce and adopting new strategies.
Olasupo Sogerola, Managing Director of IEI, underlined the company's dedication to becoming a top contender in the insurance industry and highlighted the role of the new office in providing an environment that fosters innovation and professionalism. .
He said:
- “The opening of our new office marks a pivotal moment in our journey. We are repositioning our business to deliver growth, service excellence and customer satisfaction. We are committed. Our vision is to become Africa's insurance company of choice through innovation, professionalism and service excellence. IEI provides first-class service to clients across the continent. We remain committed to making this vision a reality.
- “IEI is Nigeria's first energy-focused insurance company. Established in 1969 as Nigeria Exchange Insurance Company Limited, the company has continued to grow over the years, and in 2003, after a recapitalization, focused on energy insurance. I did.
- “With the support of a consortium led by the African Reinsurance Corporation, Norrenberger Advisory Partners Limited takes over in July 2022, ushering in a new era in IEI's history. The company has demonstrated remarkable innovation in the insurance sector. We will exceed your expectations in the future.”
Further information
- In August 2022, Nairametrics reported the acquisition of International Energy Insurance Plc (IEI) by Norrenberger Advisory Partners Limited (NAPL) following approval of the all-stock acquisition by NAICOM.
- This strategic move was aimed at expanding Nollenberger's reach and strengthening its service offering across Nigeria.
- Prior to the acquisition, IEI suffered losses for about nine years and by 2021, its total liabilities exceeded its total assets by N11,805 million. According to unaudited financial statements, the decline in net assets has slowed, declining slightly to NEB 11.68 billion in 2022.
- In May 2023, the underwriters announced the postponement of the filing of unaudited first quarter 2023 financial statements. As of the filing of this article, there are no records yet available for 2023 financial statements.
- The value of Nigeria's insurance industry is currently N2.8 trillion, with total assets of N1.74 trillion for non-life insurance and N1.7 trillion for life insurance, and remains a key player in promoting economic growth and improving the welfare of Nigerians. It's a potential treasure trove.
- Currently, there are 58 insurance companies operating in Nigeria, ranging from life insurance to non-life insurance. Top companies in this space include Leadway Assurance, AIICO Insurance PLC, Custodian Investment Plc, Continental Reinsurance Plc, FBN Insurance Brokers, and more.
