International Energy Insurance Plc has announced the resumption of trading of its shares on the Nigerian Exchange Limited (NGX) following the resolution of regulatory compliance issues.
The company disclosed this in a statement sent to the NGX on Tuesday.
The insurance company’s shares had been suspended from trading due to matters related to the completion of its 2024 audited accounts. With those accounts now finalised and made public, the exchange has approved normal trading activities to resume.
In a significant development, IEI also disclosed that it has successfully cleared its outstanding Daewoo loan obligation, marking what the company describes as a turning point in its recovery efforts.
“The suspension arose in connection with regulatory compliance relating to the finalisation of the 2024 audited accounts, which has now been concluded and released to the public,” the company stated. “We are also pleased to announce that the company has successfully exited the legacy Daewoo loan and is now firmly repositioned for growth.”
The company emphasised that the lifting of the suspension demonstrates its dedication to maintaining high standards of corporate governance. “This development signifies the restoration of normal trading activities for IEI shares and reaffirms our commitment to transparency, compliance, and corporate governance,” IEI said.
Looking ahead, the insurance firm outlined ambitious plans for its next phase of operations. “The lifting of the suspension marks a new chapter in our journey of recovery and growth,” the company noted. “The road ahead includes our strategic recapitalisation plans, aimed at strengthening our financial base and enhancing our capacity to serve customers effectively.”
IEI expressed determination to rebuild its market position and restore stakeholder confidence. “We remain fully committed to repositioning IEI as a strong, responsible, and customer-focused insurance company,” the statement read. “With this step, we are focused on rebuilding investor confidence and delivering long-term value for all stakeholders.”
The company concluded by acknowledging the support it has received throughout this period. “We appreciate the support of our regulators, shareholders, customers, and partners as we continue to strengthen our operations and drive sustainable growth.”
