By Favour Nnabugwu

 International Energy Insurance Plc (IEI) has been taken over by Norrenberger Advisory Partners Limited (NAPL) after it acquired 100 percent stake in IEI following the approval of the National Insurance Commission (NAICOM) .

The acquisition will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.

The Commissioner for Insurance, Mr Sunday Thomas welcomed the new owners and expressed his satisfaction with their interest in the Nigeria insurance industry despite the challenges faced by practitioners in the industry.

The CFI advised the incoming board of the company on the need for training of staff and directors. He also emphasized that the director should be patient to understand the culture, nature as well as principles and practice of insurance because of the peculiarity of the insurance business. He assured the board of the commission’s unparalleled support and cooperation.

The outgoing chairman of the interim board, Ahmed, OON, while handing over to the provisional board of directors emphasized the need for transparency and encouraged the spirit of oneness amongst all stakeholders of the company including its management and staff. He also emphasized the importance of culturalization for the sensitivity of the insurance business.

The chairman of the provisional board, Buka Goni Aji, OON, CFR stated the board’s mission to significantly contribute to the transformation and growth of the insurance industry by leveraging technology and top-notch human capital. He further reassure the regulator of Norrenberger’s cooperation and commitment to strict compliance with laid down regulations while focusing on the growth of the company.

The provisional Board Chairman expressed his gratitude to the outgoing interim board for laying a solid foundation to enable the provisional board to thrive and make its contributions to the development of the insurance industry in Nigeria