THE Securities and Exchange Commission (SEC) has approved the acquisition of International Energy Insurance Company Plc (IEI) by Norrenberger Advisory Partners Limited (NAPL).
A statement by the energy firm published on the Nigerian Exchange Group (NGX) noted that SEC granted its “no objection” to the acquisition.
Prior to now, NAPL had commenced the process for the acquisition of IEI following the National Insurance Commission’s (NAICOM) nod for the acquisition of 100 per cent equity of the insurer.
The firm, which began in 1969 as the country’s first energy-focused insurer focusing on offshore and onshore risks, has been suffering losses and struggling to thrive.
It raised N7.7 billion by way of private placement from investors but has been unable to pay dividends since 2012.
The statement explained that at the end of the acquisition process, NAPL would become the majority stakeholder in the insurance firm and it is making consultations with all its stakeholders as the process drags on.
“NAPL will, therefore, immediately commence the process of the block acquisition in accordance with the Shares Purchase Agreement with the selling shareholders. Upon conclusion of the process, NAPL becomes the majority shareholder in IEI Plc. To this end, it shall be making consultations with all its stakeholders as appropriate,” the statement read.
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