International Energy Insurance strives for greater stability, value creation

Chuks Udo Okonta

International Energy Insurance (IEI) plc has said it is poised for repositioning to enable it play leading role in the insurance industry, as it has all the potentials to do so.

The firm said it has some of the most competent hands in energy and general business underwriting, and an innovative business drive, which it believes are core competences it requires to deliver value to policy holders and other stakeholders.

The interim Managing Director of the firm, Peter Irene, disclosed this in a statement, stressing that the intervention of the National Insurance Commission (NAICOM) to dissolve former board of the Company is not to take over the company but an intervention to create neutrality towards ensuring peace and order.

“The mandate of the interim board is to guide the company through this transition period, to greater stability for the next six months. The aim is to ensure that the company is professionally and ethically anchored on the tenets of international best practice in alignment with the code of good corporate governance," it said.

IEI remains a going concern with the capacity to continue to fulfil every business obligations and still remains one of the best underwriting firms in Nigeria, Irene noted.

The National Insurance Commission (NAICOM), had on May 18, 2015 inaugurated a new Interim Board to direct the affairs of International Energy Insurance plc, after the dissolution of the former board. 

The new board comprises Malam Muhammad Kabir Ahmad, former Director-General of the National Pension Commission, as the Chairman; others are Ms. Daisy Ekineh, former Commissioner of the Securities and Exchange Commission (SEC), and Mrs. Bridget Ibiyemi, former acting Managing Director of Societe Bancaire  Nigeria Limited (now Unity Bank Plc) and Peter Irene, interim managing director.

The former Board, the Company noted was dissolved because of persistent unresolved differences which led to the removal of two former Directors from the Board, and the Directors are challenging the propriety of their removal in court. This unfortunate development polarized the Board and all efforts by NAICOM to amicably resolve the matter failed. This led to the consequent intervention of NAICOM to protect the company and the interest of policy holders and all stakeholders, the company stated.          

In the first quarter ended March 31, 2015, IEI generated a premium income of N1, 421,323,367.41 and paid out N474, 399,034.30, as claims.

The Interim Management Board is optimistic that the short term stewardship in creating the needed stability will boost greater confidence of the insuring public, to continue to enjoy the unique service offerings of IEI.