Trading in the shares of International Energy Insurance Plc (IEI) has officially resumed on the Nigerian Exchange Limited (NGX) after more than a month-long suspension, following the company’s compliance with regulatory requirements and the release of its 2024 audited financial statements.
The insurer disclosed this in a notice to the NGX on Monday, confirming that the exchange had lifted the trading suspension placed on its shares on September 1, 2025. The suspension had been imposed over delays in filing its audited accounts, which the company has now rectified.
“The lifting of the suspension marks a new chapter in our journey of recovery and growth. With this step, we are focused on rebuilding investor confidence and delivering long-term value for all stakeholders,” the company said in a statement.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
IEI’s shares, which trade under the ticker INTENEGINS, returned to the market on October 2. Despite sliding over 10 percent month-to-date, the stock has seen renewed trading momentum, with more than seven million shares changing hands in the days following the resumption.
The development is one of several key milestones for the insurer, which has been working to restructure its balance sheet and restore investor trust after years of financial turbulence.
Daewoo Loan Settlement and Norrenberger Takeover
In what has been described as a major turning point, IEI also announced that it has completely exited its long-standing loan with Daewoo Securities, now known as Mirae Asset Securities (UK) Limited.
The loan, a JPY 1.85 billion zero-coupon bond originally issued in January 2008 and due for repayment in 2028, had weighed heavily on the company’s financial health for years. However, during its Annual General Meeting in Jigawa on April 10, 2025, shareholders approved a debt-transfer plan to Norrenberger Advisory Partners Limited (NAPL), which took over responsibility for settling the bond.
By August 2025, IEI confirmed that NAPL had fully repaid the Daewoo bond—an event that capped years of restructuring and effectively cleared one of the company’s most significant liabilities.
The repayment followed Norrenberger’s acquisition of a 50.61 percent controlling stake in IEI in 2021 through a mandatory takeover bid involving 649.8 million shares. That acquisition, which transferred management control to the investment firm, was aimed at stabilizing IEI’s operations and positioning it for growth after a prolonged period of losses.
Financial Performance: Signs of Stability Amid Lower Earnings
While the company’s recent results show mixed performance, there are signs of gradual recovery. For the half-year ended June 30, 2025, IEI reported a pre-tax profit of N679.1 million, down from N1.04 billion recorded in the same period of 2024.
Insurance revenue declined to N2.3 billion, compared to N3 billion a year earlier. However, insurance service expenses fell to N866 million from N1.2 billion, while insurance service results stood at N1.2 billion, a decline from N1.6 billion in 2024.
Net investment income also dropped by 8.84 percent to N237.2 million, bringing the combined net insurance and investment income to N1.49 billion—a 22.7 percent year-on-year decline.
Despite lower earnings, the company’s balance sheet strengthened modestly. Total assets rose to N17 billion from N16.8 billion in 2024, while total liabilities decreased slightly to N24.06 billion from N24.4 billion in the prior year.
These figures, analysts say, suggest the company is gradually stabilizing following years of financial distress and restructuring. The lifting of the trading suspension, coupled with the complete repayment of the Daewoo bond, could signal a new phase for the insurer—one centered on capital rebuilding, governance strengthening, and renewed investor engagement.
As IEI turns the page on a turbulent chapter, its immediate focus appears to be on consolidating the gains from the Norrenberger-led restructuring while pursuing fresh business growth in Nigeria’s competitive insurance industry.
Some analysts believe that with improved compliance, cleaner balance sheets, and clearer governance, the company may now be in a position to restore market confidence and reposition itself as a key mid-tier player in Nigeria’s insurance sector.