L-R:  Mrs. Monsurat Ayoola, Director, International Energy Insurance (IEI) Plc; Mr. Olasupo Sogelola, Managing Director/CEO, IEI Plc; Dr. Adeyinka Hassan, Director, and Elvis Otunta, Managing Director, Norrenberger Securities Limited, during the a pressing briefing by IEI Plc held today in Lagos .


By Ngozi Onyeakusi— International Energy Insurance Plc. (IEI) said it  has put in place modalities that will enable it rake in N5.3 bn and a profit of 10 per cent of it come the financial year 2023.

The Managing Director, IEI, Supo Sogelola made this known today at a press conference in Lagos aimed at unveiling  the new Management of the firm  following its acquisition by Norrenberger, an integrated Financial Services Group last year.

“Our projection for 2023 , we are projecting to go N5.3bn and we are looking at having a profit in excess of 10 per cent that to start with.
We are doing everything to work towards that and to achieve the figure.
We are going to be working on every area, brokers market which we have done a bit of touch, we have gone the market and they are delighted to see us because most of  them have good stories to tell about us”, he said.

Sogelola,  assured that apart from working with the brokers the firm resolved to bring in innovations, value aided services, business expansion, brand equity even as he assured that the firm is focusing on retail business.

He assured that IEI was coming up with  world class new  products not yet offered by companies in Africa which are tailored to meet customers needs.

He pointed out that the firm was  looking at alternative channels, the MSMEs and SMEs . “We will sit with them and ask them what their needs are and design products in that line.

Sogelola, who said  the 54 year old firm  will be using world class technology to drive business noting  the firm was looking at Promoting its travel insurance  and going into Energy sector  among others to restore all lost grounds.

He further hinted that firm was working towards expanding its retail offices from eight to ten offices to enable it cover all as well as be close to all its esteemed customers.

International Energy Insurance Plc was last year acquired by Norrenberger,  an integrated Financial Services Group, having obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the Company.

During the period, Norrenberger further obtained approval from the Nigerian Exchange Limited (NGX) for the block acquisition of 50.6% equity in the first instance and
commenced the process for the approval of the Nigerian Securities and Exchange Commission (SEC) for the Mandatory Takeover Bid to acquire the remaining holdings of IEI Plc. It is worthy of note that Norrenberger had held various engagement meetings with the representatives of the Retail Shareholders as well as other Stakeholders towards repositioning IEI Plc. Norrenberger expressed its comment to expand and strengthen the business models of IEI Plc and to improve its solutions and service distribution to its clients across the country.