The Managing Director/Chief Executive Officer of International Energy Insurance, Mr Olasupo Sogelola, has resigned.
This was disclosed in a corporate filing with the Nigerian Exchange Limited on Monday, which was signed by the Company Secretary, Detail Nominees Company.
The PUNCH reports that IEI, founded in 1969, is Nigeria’s first energy-focused insurance company, providing specialised underwriting for offshore and onshore risks. Norrenberger Advisory Partners Limited in 2022 acquired a majority stake in the firm.
According to the corporate disclosure, Sogelola resigned from the company with effect from 12 November 2025.
“Further to the resignation of the MD/CEO, Dr Joyce Odiachi, the Executive Director, Technical, will be the Acting Managing Director/CEO pending the appointment of a substantive MD/CEO,” read part of the statement.
Meanwhile, the company has announced plans to raise about N22.5bn to strengthen its capital base. Also, in October, the company announced its successful relisting on the Nigerian Exchange alongside the full discharge of a debilitating N14bn Daewoo loan. This legacy debt had restricted the company’s growth potential for years.
Trading in IEI shares had been suspended on the exchange in connection with regulatory compliance relating to its 2024 audited accounts.
On the Daewoo loan and its repayment, the company said, “This development signifies the restoration of normal trading activities for IEI shares and reaffirms our commitment to transparency, compliance, and corporate governance. The lifting of the suspension marks a new chapter in our journey of recovery and growth. The road ahead includes our strategic recapitalisation plans, aimed at strengthening our financial base and enhancing our capacity to serve customers effectively.
“We remain fully committed to repositioning IEI as a strong, responsible, and customer-focused insurance company.
With this step, we are focused on rebuilding investor confidence and delivering long-term value for all stakeholders.”
