International Energy Insurance Plc (IEI), has held a virtual Extraordinary General Meeting (EGM) in which Shareholders approved all proposed resolutions, marking a significant milestone in the Company's recapitalisation and growth strategy.

The key outcomes of the EGM include equity Conversion in which shareholders approved and ratified the conversion of the N2 billion deposit by Norrenberger Advisory Partners Limited into equity through the issuance of 1.25 billion new ordinary shares at N1.60 per share.

The Chairman of the Board, Alhaji Bukar Goni Aji, said this strengthens IEI's capital base and reinforces investor confidence.

He said the management of the company was authorised to raise capital up to N17.5 billion through various instruments, including Private Placement, Rights Issue, Public Offer, or Strategic Investor participation, subject to regulatory approvals.

Also, the company effected amendment of the Memorandum and Articles of Association to updated and to reflect the enlarged share capital, ensuring compliance with the Companies and Allied Matters Act, 2020.

Shareholders also granted the board and management authority to execute all necessary steps for the approved actions and ratified prior to related activities.

Goni said the success of the EGM marked a turning point in the Company as it accelerated its recapitalisation program in line with regulatory requirements and industry reforms.