IEI did not give a reason for Sogelola's exit.

International Energy Insurance Plc (IEI) said its managing director and chief executive, Olasupo Sogelola, resigned from the company with effect from 12 November, marking another management change at the insurer as it continues efforts to stabilise operations and strengthen governance.

In a statement to the Nigerian Exchange on Friday, the company said Joyce Odiachi, its executive director for technical operations, had been appointed acting managing director and chief executive pending the selection of a substantive head.

IEI did not give a reason for Sogelola's exit.

The insurer has been undergoing a gradual restructuring under its majority shareholder, Norrenberger Advisory Partners, which took a controlling stake last year.

The company provides non-life insurance products across energy, engineering, marine, aviation and general business lines.

The company is expected to notify the market once a substantive CEO is appointed.