International Energy Insurance MD, Olasupo Sogelola resigns

The Managing Director and Chief Executive Officer of International Energy Insurance Plc, Mr Olasupo Sogelola, has stepped down from his position.

His resignation was announced in a corporate filing submitted to the Nigerian Exchange Limited and signed by the Company Secretary, Detail Nominees Company, on Monday.

International Energy Insurance, established in 1969 as Nigeria’s pioneer energy-focused insurer, provides specialised coverage for both offshore and onshore risks.

The firm came under new ownership in 2022 after Norrenberger Advisory Partners Limited acquired a majority stake.

According to the disclosure, Sogelola’s resignation took effect on November 12, 2025.

The company added, “Following the resignation of the MD/CEO, the Executive Director, Technical, Dr. Joyce Odiachi, will assume the role of Acting Managing Director/CEO until a substantive appointment is made.”

The development comes as IEI moves forward with plans to raise approximately N22.5bn to reinforce its capital base.

In October, the insurer also announced its successful relisting on the Nigerian Exchange and the complete repayment of a longstanding N14bn Daewoo loan, a financial burden that had constrained the company’s operations and growth prospects for years.

Trading in the firm’s shares had earlier been suspended due to regulatory compliance issues tied to its 2024 audited financial statements.

Commenting on the loan repayment and market relisting, the company stated, “This milestone marks the restoration of normal trading in IEI shares and underscores our renewed commitment to transparency, regulatory compliance, and sound corporate governance. The lifting of the suspension opens a fresh chapter in our recovery and growth journey.

“Our strategic recapitalisation efforts are designed to strengthen our financial standing and improve our ability to deliver effective services to our customers. We remain committed to rebuilding investor confidence and ensuring sustainable long-term value for all stakeholders.”