SEC Approves Norrenberger’s Acquisition Of IEI Insurance
The Securities and Exchange Commission has approved the acquisition of International Energy Insurance (IEI) Plc by Norrenberger Advisory Partners Limited (NAPL).
Norrenberger Advisory Partners Limited had in late 2021 commenced the process for the acquisition of International Energy Insurance, IEI, following the endorsement by the National Insurance Commission (NAICOM) for the acquisition of 100 per cent equity of the underwriting firm.
The approval is contained in a statement on Wednesday, with the insurer stating that the acquisition of majority equity stake in International Energy Insurance by NAPL is part of efforts to meet recapitalization requirements as directed by the insurance industry regulator.
The company also noted that upon completion of the deal, the new acquirer, NAPL, would become the majority shareholder of the company.
“Following a previous announcement of the proposed acquisition of International Energy Insurance Company Plc. (IEI or the Company) by Norrenberger Advisory Partners Limited (NAPL or The Acquirer), this is to notify the Nigerian Exchange Limited and the investing public that the Securities and Exchange Commission has granted its No Objection to the Acquisition,” the statement reads.
“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.”
Norrenberger is an Integrated Financial Services Group licensed and regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) that operates a customer-focused business model offering clients a comprehensive range of financial products including Funds & Investment Management,