International Energy Insurance Plc has launched a N17.5bn public offer as the underwriter moves to strengthen its capital base amid ongoing recapitalisation efforts in Nigeria’s insurance industry.
The company disclosed this in a statement issued on Wednesday, announcing the commencement of the public offer, which opened on May 20 and is scheduled to close on June 11, 2026.
According to the statement, the offer followed a signing ceremony held on May 11, 2026, in Lagos, which it described as “a significant milestone in the company’s recapitalisation journey and long-term growth plans.”
IEI said it was offering 5.47 billion ordinary shares of 50 kobo each at N3.20 per share, with the exercise expected to raise N17.5bn from institutional and retail investors.
The firm said the capital raise would strengthen its position in the insurance market and expand its underwriting capacity.
