WorldStage Newsonline– International Energy Insurance Plc, Nigeria’s first energy-focused insurance company has informed the Nigerian Stock Exchange (NSE) and investment public of the late submission of its second quarter period ended 30th June 2020, saying it was due to the restructuring exercise going on in the company.
A note to the NSE on 19 August 2020 signed by H. Michael & Co said the company’s interim board had been working on the total restructuring while ensuring a successful recapitalization in line with the new capital requirements.
The note said the audit of the year 2019 statements was ongoing and would soon be concluded and submitted to the NSE after approval by the National Insurance Commission (NAICOM).
The company anticipated that it would be able to file the results with the NSE on or before 30th October 2020.
The company was established in 1969 as Nigeria Exchange Insurance Company Limited. It transformed to International Energy Insurance in 2003 which was followed by a major recapitalization, which was needed to meet the challenges of this new direction.
In 2007, after a successful private placement where it raised capital in the neighborhood of N7.7 billion, IEI became a Plc. Its authorized share capital is N8.5 billion and N3.2 billion paid up and a shareholders fund of N9.3 billion as at 2009 financial year end.
