IEI Plc Settles ?1.85 Billion Loan Ahead of Schedule

International Energy Insurance Plc (IEI) has announced the full settlement of its outstanding loan with Daewoo Securities, now known as Mirae Asset Securities (UK) Limited.

In a filing with the Nigerian Exchange (NGX), the company disclosed that the debt originated from a JPY 1.85 billion zero-coupon bond issued on January 24, 2008, with a 20-year maturity date of January 23, 2028.

The settlement followed a resolution passed at IEI’s Annual General Meeting in Jigawa on April 10, 2025, where shareholders approved the transfer of the debt obligation to Norrenberger Advisory Partners Limited (NAPL). Acting on behalf of IEI, NAPL has now fully cleared the bond liability.

The insurer described the disclosure as necessary, given ongoing scrutiny of its financial statements by the National Insurance Commission (NAICOM).

Backstory

• In 2024, IEI reported a negative shareholders’ fund of ?7.7 billion, with accumulated losses exceeding ?21 billion, preventing dividend payouts.
• Total assets stood at ?19.5 billion, while the company posted a ?1.6 billion pre-tax loss in Q1 2024.
• During the same period, IEI confirmed a mandatory takeover bid from NAPL, which acquired 50.61% of its shares (649.87 million units), becoming the majority shareholder.
• The acquisition was expected to strengthen IEI’s balance sheet and stabilize operations.

The latest loan settlement represents a key milestone in that restructuring process.

Delayed Financials

Despite the debt clearance, IEI acknowledged that its 2024 audited financial statements remain under NAICOM review. The company assured stakeholders of its commitment to transparency and compliance with NGX regulations.

“As we prepare for the nine-month audit, we encourage stakeholders to stay informed and engaged with our developments,” IEI stated.