Lagos, Feb. 25, 2024: International Energy Insurance (IEI) Plc, a Norrenberger company has commissioned its new office at FF Millenium, Ligali Ayorinde, Victoria Island in Lagos in a bid to reposition.
The Managing Director, of the insurance company, Mr Olasupo Sogelola said this at the opening of the office on Saturday in Lagos.
Sogelola stated that the commissioning proved the company’s commitment to improving its service delivery and expanding its footprint within the industry.
He explained that the company is repositioning and set to be among the top three insurance companies in the country.
“Repositioned for Growth” becomes more than just a theme as we unveil our state-of-the-art office, designed to provide a conducive and collaborative work environment.
“The meticulously chosen location in Victoria Island reflects our dedication to maintaining accessibility and convenience for our clients, solidifying our position at the forefront of the insurance industry.
“The commissioning of our new office marks a pivotal moment in our journey. We are committed to repositioning our business for growth, excellent service delivery and client satisfaction,”he said.
According to him, IEI remain committed to providing top-notch services to clients across the continent and optimistic of materialising this vision.
In his address, the Oniru of Iru Land, Oba Omogbolahan Lawal, congratulated the Board of Director and management of the company for their resilience to reposition and grow the firm’s bottomline from a negative to positive position.
Oba Lawal lauded the feat achieved by the insurance company in spite of the current economic conditions.
He urged Nigerians to be resilient and believe that the economy will get better soon.
“I believe strongly that President Bola Tinubu whom I know very well as a hard worker will get us out of the current situation that we are curently in,” he noted.
The Chairman, Norrenberger Group, Mr Bukar Aji recalled that the fortune of IEI had previously declined to the extent that the National Insurance Commission (NAICOM) had to step in to get an interim board to manage the affairs of the company.
Aji said that Norrenberger intervened and invested in the insurance company and it bounced back again.
“It is a complete reverse. There are about 50 to 60 per cent new staff with new strategy and in less than a year, the company has been repositioned to serve Nigeria,” he said.
On his part, the Group Managing Director of Norrenberger, Mr Tony Ede expressed excitement to have invested in IEI Insurance.
Ede said: ” IEI is a company that NAICOM put up for sale, but we saw the great opportunities that existed in the space.
“We came in and took over the company and have been providing both human and financial resources to keep the company going. Today, the company is doing great.
“The new office is a classic example of what the company has done, by moving from its derelict office in Jide Oki Street to a gracious and beautiful office.
Ede stated that Norrenberger is committed to make IEI one of the most successful insurance companies in Nigeria.
He pledged that Norrenberger will continue to invest in the insurer’s business, drive technology, among others, and get the best of the market in terms of human resources to run the company.
“We have no regret investing in the company. It is our vision that in the next five years, we will be one of the leading insurance companies in the land.
“As at Dec. 2023, we were adjudged to be the fastest growing insurance company at a growth rate of 264 per cent.
“This is just a tip of an ice berg because we will change the landscape completely in the next five years”, he added.
Among other dignitaries present at the event were: the President, Chartered Institute of Insurance of Nigeria (CIIN) Mr Edwin Igbiti, President, Nigerian Council of Registered Insurance Brokers, Mr Tunde Oguntade, Former President, CIIN and Dr Funmi Babington-Ashaye.
IEI is Nigeria’s first energy-focused insurer established in 1969 as a Nigeria Exchange Insurance Company Ltd(NGX) and has been evolving over the years with focus to energy insurance in 2003 following its recapitalisation.
Secured by a consortium led by African Reinsurance Corporation, Norrenberger Advisory Partners Ltd took over the underwriting firm in July 2022, marking a new era in IEI’s history.
