Non-Compliance:  NGX Lifts Suspension on International Energy Insurance shares

Kayode Tokede

International Energy Insurance Plc (IEI), yesterday announced that the Nigerian Exchange Limited (NGX) has officially lifted the suspension on the trading of its shares following its compliance with post listing requirement of timely filing of results to the bourse. 

The company disclosed this in a notice filed with the Exchange and addressed to investors and the public.

According to IEI, the suspension was related to regulatory compliance concerning the finalization of its 2024 audited accounts, which have now been released.

Speaking on the development, the company described the move as a turning point, stressing that, “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.”

IEI’s shares, trading under the ticker INTENEGINS, had been suspended since September 1, 2025, during which there was no price movement or trading activity.

Following the resumption of trading on October 2, the stock has slipped over 10per cent month-to-date but has seen renewed activity, with over seven million shares changing hands.

Adding to this positive event, the company also announced that it has fully exited its long-standing Daewoo loan.

In late August 2025, IEI announced the full settlement of its outstanding loan to Daewoo Securities, now known as Mirae Asset Securities (UK) Limited.

In a filing with the Exchange, the company explained that the loan was a JPY 1.85 billion zero-coupon bond originally due for repayment in 2028.

During its recent  Annual General Meeting (AGM), the shareholders approved the transfer of the outstanding debt to Norrenberger Advisory Partners Limited (NAPL), which was tasked with settling the bond on the company’s behalf.

IEI had originally issued the zero-coupon bond to Daewoo Securities (Europe) Limited on January 24, 2008. The bond carried a 20-year maturity, with repayment of the principal scheduled for January 23, 2028. However, IEI faced financial challenges years after.

To strengthen its finances, IEI accepted a mandatory takeover bid from Norrenberger Advisory Partners Limited (NAPL), a process that began in 2021.

According to an NGX filing, NAPL acquired 649.8 million shares, giving it a 50.61% controlling stake in the company, a move expected to stabilize operations and improve its financial health.

By August 2025, NAPL successfully settled the outstanding zero-coupon bond due in 2028, a milestone that reflects the benefits of the acquisition.

With its audited accounts released and trading suspension lifted, IEI could regain investor confidence, depending on its financial performance and upcoming corporate actions. 

The company reported a pre-tax profit of N679.1 million for the period ended June 30, 2025, compared to N1.04 billion in the same period of 2024. Insurance revenue declined to N2.3 billion from N3 billion a year earlier.

Although insurance service expenses dropped to N866 million from N1.2 billion, the insurance service result also fell to N1.2 billion, down from N1.6 billion in 2024..

The company’s stock price closed October 07, 2025 at N2.96 per share on NGX.