The Managing Director of International Energy Insurance (IEI), Mr. Olasupo Sogelola, announced that the company will expand both its retail and corporate businesses while rebuilding its capacity in the oil and gas sector. Speaking at a press briefing in Lagos about IEI’s five‑year growth plans, Sogelola highlighted that the firm is poised for expansion following its acquisition by Norrenberger, an integrated financial services group.
Recalling IEI’s former status as a major player in the oil and gas industry, Sogelola said the company intends to re‑engage all energy‑sector stakeholders, stating, “We served them well and we will claim them back.” He added that IEI will broaden its alternative channels to attract the retail market, targeting small and medium enterprises, educational institutions, religious societies, market‑women associations, and others. New products will be developed to meet these customers’ needs and increase market penetration.
The corporate segment, which has been a significant contributor to the company’s premium income, will continue to receive focus. “We are not leaving our corporate services. In the past years, the corporate sector has been expanding our operations, and we will be expanding it further,” Sogelola affirmed. He noted that IEI’s retail sales offices will be better equipped to serve customers and that a robust system will be put in place to ensure efficient delivery of services.
Regarding claims, Sogelola confirmed that all outstanding broker claims have been paid, except for foreign‑denominated claims, which are being settled pending currency fluctuations. He assured that these will be fully paid by June. Finally, he disclosed that new investors have deposited N5 billion in cash into the company, pending approval from the National Insurance Commission, a move that will strengthen IEI’s capital base.
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