International Energy Insurance Plc has confirmed the exit of its Managing Director and Chief Executive Officer, Mr. Olasupo Sogelola, as the company enters a new phase of financial restructuring.

The resignation, which took effect on November 12, 2025, was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited and signed by the firm’s secretary, Detail Nominees Company.

Following his departure, the Executive Director in charge of Technical Operations, Dr. Joyce Odiachi, has been appointed Acting MD/CEO while the board begins the process of selecting a substantive replacement.

IEI, founded in 1969 as Nigeria’s first specialist underwriter for onshore and offshore energy risks, has been undergoing extensive reforms in recent years. The company received a major boost in 2022 when Norrenberger Advisory Partners Limited acquired a controlling stake.

The insurer is now moving ahead with plans to raise approximately N22.5bn to strengthen its capital base and improve its financial resilience. This comes shortly after the successful clearance of a longstanding N14bn Daewoo loan that had hindered the company’s growth and regulatory compliance for several years.

In October, IEI shares were restored to active trading on the Nigerian Exchange following its relisting, ending a suspension tied to issues with its 2024 audited accounts.

The company says the debt repayment, resumed trading, and upcoming recapitalisation collectively signal a critical rebuilding phase. Management added that these steps are aimed at restoring investor trust, improving governance standards, and positioning IEI for long-term stability.

IEI maintains that it remains committed to strengthening operations and delivering better value to customers across the energy insurance sector.