Norrenberger Advisory takes over International Energy Insurance after acquiring 100% stake

Norrenberger Advisory Partners Limited (NAPL) has taken over the operation of International Energy Insurance Plc (IEI) after it obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company.

In a disclosure by IEI, the development will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.

While the company has obtained the final approval of the NGX for the lock acquisition of 50.6% equity, it has commenced the process for the approval of the Nigerian Security and Exchange Commission for the mandatory take-over bid to be able to acquire the remaining holdings of the company.

I stated, “International Energy Insurance Plc wishes to announce the takeover of the company by Norrenberger. Norrenberger has obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company.

• “Norremberger has obtained the final approval of the NGX for the block acquisition of 50.6% equity in the first instance while it has commenced the process for the approval of the Nigerian Security and Exchange Commission for the mandatory take-over bid to be able to acquire the remaining holdings of the company. Various engagements have been held with the representatives of the retail shareholders as well as other stakeholders towards repositioning the company.”
• I however believe that with the acquisition, Norrenberger will expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.

NAICOM’s Commissioner for Insurance – Thomas Sunday welcomed the new owners and expressed his satisfaction with their interest in the Nigeria insurance industry despite the challenges faced by practitioners in the industry.

He further advised the incoming board of the company on the need for training of staff and directors. He also emphasized that the director should be patient to understand the culture, nature as well as principles, and practice of insurance because of the peculiarity of the insurance business. He assured the board of the commission’s unparalleled support and cooperation.

The outgoing chairman of the interim board, Ahmed, OON, while handing over to the provisional board of directors emphasized the need for transparency and encouraged the spirit of oneness amongst all stakeholders of the company including its management and staff. He also emphasized the importance of culturalization for the sensitivity of the insurance business.

The chairman of the provisional board, Buka Goni Aji, OON, CFR stated the board’s mission to significantly contribute to the transformation and growth of the insurance industry by leveraging technology and top-notch human capital. He further reassure the regulator of Norrenberger’s cooperation and commitment to strict compliance with laid down regulations while focusing on the growth of the company.

The provisional Board Chairman expressed his gratitude to the outgoing interim board for laying a solid foundation to enable the provisional board to thrive and make its contributions to the development of the insurance industry in Nigeria.

Norrenberger is set to strategically develop new opportunities for its stakeholders by utilizing technology to revolutionize and reposition the company in the insurance sector of the economy.

The members of the provisional board proposed by Norrenberger to NAICOM are Buka Goni Aji; OON, CFR- Chairman, Anthony Edeh, Mohammed N. Mijindadi, Chamberlain Peterside, Adeyinka Hassan, Monsurat Ayoola, Oluwateniola O. Eldorado.

Nairametrics had earlier reported that the SEC okayed NAPL’s acquisition of International Energy Insurance (IEI) Plc.

According to the insurer, the deal upon conclusion makes the new acquirer, NAPL, the majority shareholder of the company.