International Energy Insurance Plc, a subsidiary of Norrenberger Financial Group, has announced the commencement of its N17.5 billion public offer, which opened on Wednesday and will close on 11 June.
The company disclosed this in a statement issued on Wednesday, noting that the offer follows a formal signing ceremony held on 11 May at FF Millennium Tower in Lagos.
According to the statement, the exercise marks a major milestone in the company’s recapitalisation drive and long-term growth strategy.
“International Energy Insurance (IEI) Plc, a Norrenberger company, has announced the commencement of its ₦17,500,000,000 public offer, which opens today, 20 May 2026, and closes on 11 June 2026,” the statement said.
IEI Plc, an NGX-listed general insurance company established in 1969, provides underwriting solutions in property, casualty and related risks, alongside a range of general insurance products.
Headquartered in Lagos, the company operates under the regulatory oversight of the National Insurance Commission (NAICOM) in line with the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
The company distributes its products through licensed brokers and serves corporate organisations, public sector institutions and private individuals.
Terms of the offer
Under the terms of the offer, IEI Plc is offering 5.47 billion ordinary shares of 50 kobo each at N3.20 per share.
The company said the capital raise is intended to strengthen its position in the insurance industry and boost its capacity to provide specialised insurance services.
“The capital injection will provide the necessary resources to expand the company’s underwriting capabilities and improve its competitive edge in the Nigerian financial services sector,” the statement added.
The transaction is being led by CardinalStone Partners as Lead Issuing House, while Anchoria Advisory Services, Norrenberger Advisory and Vetiva Advisory Services Limited are serving as Joint Issuing Houses.
IEI Plc said the public offer provides institutional and retail investors an opportunity to participate in the company’s next phase of growth as it strengthens its capital base and expands operations within the insurance sector.
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The company also said it would continue to prioritise operational efficiency and digital transformation to improve service delivery to its customers.
Interested investors were advised to obtain further information on the offer and subscription process through the company’s official website or licensed stockbrokers.