My people, wetin dey happen for IEI matter no be small! Dem don gather for extraordinary general meeting wey dem do online, and dem don approve some big moves wey go change plenty things for dem.

First matter wey carry dem come together na how dem go turn N2 billion wey Norrenberger Advisory Partners Limited don drop as deposit into equity. Dem go create 1.25 billion ordinary shares wey each go cost N1.60. Na big movement this o, as di new shares go join di existing ones as if dem be twins!

Dem don also give green light to di board to raise another N17.5 billion, and dis one fit come from anywhere: private placements, public offers, or even rights issues. E show say IEI dey ready to flex muscle for di Naija insurance market!

Di shareholders no just stop there. Dem agree make dem increase di company share capital to fit accommodate all dis new shares wey dem wan issue. Dis one go help dem meet di regulatory capital wey dem need to continue dey operate as insurance company wey sabi do am well.

And no forget say, when dem don issue di new shares, dem go do am properly; dem go register am with di Securities and Exchange Commission (SEC), di Corporate Affairs Commission (CAC), and Nigerian Exchange Limited (NGX). Dem dey follow di law no be small!

As dem dey run di approval matter, dem also don agree say make dem change di company’s Memorandum and Articles of Association to fit di new capital structure. Abeg, make dem no forget to include all di necessary steps wey go ensure say dem dey compliant with di Companies and Allied Matters Act (CAMA) 2020.

Market analysts wey dey watch di development don talk say dis move no be just for fun. E dey show say IEI wan strengthen dem capital base, make dem fit stand strong for dis competitive insurance market, especially now wey regulatory oversight don tight and e dey hot for di industry.

So my people, as di gist dey unfold, we go dey watch and see wetin go be di next step for IEI. Make we keep our ears down, because dis na only di beginning for dem!