Overview

CardinalStone Partners Limited is pleased to inform you of International Energy Insurance PLC’s Public Offer for Subscription of 5,468,750,000 Ordinary Shares of ₦0.50 Kobo each at ₦3.20 per share (the “Offer”).

The Offer is scheduled to close on Thursday, 11 June 2026.

International Energy Insurance is undertaking the Offer to increase its capital base in line with the new regulatory minimum capital requirements and to support the pursuit of its strategic objectives, including financing business development initiatives and expansion into other geographic markets to offer high quality insurance services.

Minimum Subscription:
Application must be for a minimum of 1,000 Ordinary Shares and multiples of 500 Ordinary Shares thereafter
 
Status:
The Ordinary Shares being offered for subscription will rank pari-passu in all respects with the existing issued Ordinary Shares of the Company
 
Gross Proceeds:
₦17,500,000,000
The net Offer proceeds, estimated at ₦17,019,201,562.50 will be utilized as detailed below:
 

Use of Proceeds

Amount (₦’mn)

% of Net Proceeds

Completion Period

Branch distribution (inclusive of HQ renovation)

1,750.0

10.3%

24 months

IT infrastructure upgrade/digitalization

1,500.0

8.8%

24 months

Rebranding

500.0

2.9%

9 months

Increase in underwriting capacity (improved retention)

13,269.2

77.9%

4 months

Total

17,500.0

100.00%