Worldwide Vitality Insurance coverage Plc (IEI) has introduced the total settlement of its excellent mortgage to Daewoo Securities, now generally known as Mirae Asset Securities (UK) Restricted.
In line with a latest submitting with the Nigerian Alternate, the mortgage was a JPY 1,850,000,000 zero-coupon bond initially due in 2028.
The corporate defined that, throughout its Annual Normal Assembly held in Jigawa on April 10, 2025, shareholders accredited transferring the excellent mortgage to Norrenberger Advisory Companions Restricted (NAPL), which was tasked with settling the debt on the corporate’s behalf.
Commenting on the settlement, Worldwide Vitality Insurance coverage said:
“NAPL, on behalf of Worldwide Vitality Insurance coverage Plc, has now absolutely settled and paid off the mortgage to Daewoo Securities (Europe) Restricted.”
The corporate additionally famous that the disclosure was obligatory attributable to latest developments concerning its monetary reporting, significantly the audited statements for the 2024 fiscal 12 months, that are nonetheless underneath evaluate by NAICOM.
Backstory:
Worldwide Vitality Insurance coverage Plc (IEI) issued the zero-coupon bond to Daewoo Securities (Europe) Restricted, on January 24, 2008. The bond had a 20-year maturity, with the principal scheduled for reimbursement on January 23, 2028.
In 2024, IEI reported a unfavourable shareholders’ fund of N7.7 billion and whole belongings of N19.5 billion.
- Accrued losses of over N21 billion meant dividends couldn’t be paid till the stability sheet was restructured.
- The corporate additionally posted a pre-tax lack of N1.6 billion within the first quarter.
Throughout the identical interval, IEI introduced that it had obtained a compulsory takeover bid from Norrenberger Advisory Companions Restricted (NAPL), a course of first initiated in late 2021. In line with a Nigerian Alternate press launch, NAPL later acquired 649,873,013 shares, giving it a 50.61% stake in IEI.
- The acquisition was anticipated to stabilize operations and strengthen IEI’s stability sheet.
Quick ahead to August 2025, NAPL has settled the excellent zero-coupon bond due in 2028, highlighting one of many key advantages of the acquisition.
The corporate emphasised that the latest disclosure was essential to preserve shareholders and the general public knowledgeable in regards to the mortgage settlement and the continued delay in publishing its monetary statements, significantly the audited accounts for FY 2024.
Delayed financials
In its latest launch, Worldwide Vitality Insurance coverage Plc (IEI) acknowledged the delay in publishing its 2024 audited monetary statements, noting that it’s working to safe last approval from the Nationwide Insurance coverage Fee (NAICOM).
The corporate defined that, following the replace on the excellent mortgage, NAICOM continues to be reviewing the total 12 months statements for 2024.
IEI emphasised its dedication to complying with NGX rules and making certain transparency in its operations. Reassuring shareholders, the corporate said:
“As we put together for the nine-month audit, we encourage stakeholders to remain knowledgeable and engaged with our developments.”
Be First to Comment