Worldwide Power Insurance coverage Plc (IEI) shall be searching for shareholders’ approval for the proposal to transform into fairness, a N2 billion deposit for shares made by Norrenberger Advisory Companions Restricted (NAPL), throughout an Additional-Unusual Common Assembly (EGM) scheduled for December 31, 2025.
In a company discover filed with the Nigerian Alternate (NGX) on the underwriting agency seeks a ratification for a sweeping recapitalisation plan that might considerably alter the corporate’s possession construction and strengthen its monetary base forward of regulatory calls for within the insurance coverage sector.
In line with the notification signed by Ranti Fajana of Element Nominees, performing because the firm’s secretary, IEI plans to create 1.25 billion new unusual shares of fifty kobo every, priced at N1.60 per share, to be allotted to Norrenberger.
If accredited, the transfer will formally carry Norrenberger in as a major fairness holder, additional cementing its strategic involvement within the insurer’s ongoing revival.
Board seeks approval to elevate as much as N17.5 billion in new capital
Past the conversion, IEI can be asking shareholders to authorise an formidable capital elevate of as much as N17.5 billion, via non-public placement, rights problem, public provide, strategic investor participation, or a mix of those choices.
The board may have full discretion on the construction, pricing, timing, and tranches of the fund-raising, topic to regulatory approval from the SEC, NGX, CAC and others.
The corporate may also improve its share capital to accommodate the brand new shares that may emerge from the capital elevate.
This marks one of many boldest recapitalisation efforts within the insurance coverage trade heading into 2026, reflecting mounting stress on insurers to strengthen solvency ratios, clear up legacy liabilities and reposition for progress.
Amendments to company paperwork, full implementation powers for Board
Shareholders may also vote on amendments to the corporate’s Memorandum and Articles of Affiliation to replicate the enlarged share capital.
Moreover, the board is searching for broad authorisation to hold out all actions essential to implement the recapitalisation, together with regulatory filings, engagement of advisers, and execution of required transactions. All prior actions taken by administration on this regard may also be ratified.
The EGM is anticipated to carry electronically, according to present company governance guidelines.
(associated) events have been directed to abstain from voting, in compliance with NGX guidelines governing related-party transactions.
Backstory
Buying and selling resumed within the shares of IEI on October 2, after the NGX lifted its suspension relating to regulatory compliance in regards to the finalization of its 2024 audited accounts.
Including to the constructive improvement, the corporate additionally absolutely exited its long-standing Daewoo mortgage in August 2025.
In a submitting with the Nigerian Alternate (NGX) earlier in August, IEI introduced the total settlement of its excellent mortgage to Daewoo Securities, now generally known as Mirae Asset Securities (UK) Restricted. The corporate defined that the mortgage was a JPY 1.85 billion zero-coupon bond initially due for compensation in 2028.
Throughout its Annual Common Assembly held in Jigawa on April 10, 2025, shareholders accredited the switch of the excellent debt to Norrenberger Advisory Companions Restricted (NAPL), which was tasked with settling the bond on the corporate’s behalf.
IEI had initially issued the zero-coupon bond to Daewoo Securities (Europe) Restricted on January 24, 2008.
The bond carried a 20-year maturity, with compensation of the principal scheduled for January 23, 2028. Nevertheless, IEI confronted monetary challenges years after. To strengthen its funds, IEI accepted a compulsory takeover bid from Norrenberger Advisory Companions Restricted (NAPL), a course of that started in 2021.
In line with an NGX submitting, NAPL acquired 649.8 million shares, giving it a 50.61% controlling stake within the firm, a transfer anticipated to stabilize operations and enhance its monetary well being.
By August 2025, NAPL efficiently settled the excellent zero-coupon bond due in 2028, a milestone that displays the advantages of the acquisition.
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