International Energy Insurance Plc (IEI) has initiated a major step toward strengthening its capital position and stabilising its long-term financial outlook, announcing plans to convert a N2 billion deposit for shares—previously injected by Norrenberger Advisory Partners Limited (NAPL)—into equity. The proposal will be tabled before shareholders at an Extra-Ordinary General Meeting (EGM) scheduled for December 31, 2025, marking a pivotal moment in the insurer’s ongoing turnaround strategy.

The proposal, disclosed through a corporate notice filed with the Nigerian Exchange (NGX), seeks shareholder approval for a comprehensive recapitalisation framework designed to realign the company’s balance sheet, reset its capital structure, and meet rising regulatory capital requirements in the Nigerian insurance industry. The notice, signed by Ranti Fajana of Detail Nominees, underscores the company’s intention to issue 1.25 billion new ordinary shares of 50 kobo each, priced at N1.60 per share, to facilitate the equity conversion in favour of Norrenberger.

If approved, this transaction would formally confirm Norrenberger’s expanding role as a strategic stakeholder in IEI, deepening the investment firm’s involvement in the insurer’s stabilisation and recovery efforts. This comes after several years of operational restructuring, regulatory compliance issues, and legacy debt obligations that weakened IEI’s operational capacity.

Company Seeks Approval to Raise Up to N17.5 Billion in Fresh Capital

In addition to the equity conversion, IEI’s board is seeking authorisation to undertake a far-reaching capital raise of up to N17.5 billion. The capital injection may be executed through multiple channels—including a private placement, rights issue, public offering, strategic investor participation, or a blend of these options—depending on prevailing market conditions and regulatory considerations.

The board is also requesting shareholder approval to determine the structure, timing, pricing, and modalities of the capital raise, subject to approvals from key regulatory bodies such as the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and the NGX. IEI will also increase its authorised share capital to accommodate the additional shares expected to arise from the capital-raising programme.

This ambitious plan positions IEI among the insurers taking decisive steps to rebuild capital buffers in advance of the heightened solvency expectations and recapitalisation benchmarks anticipated in 2026. Strengthened capitalisation is seen as critical for insurers seeking to navigate rising claims obligations, regulatory reforms, and the need for digital transformation.

Governance Amendments and Implementation Powers

At the upcoming EGM, shareholders will also vote on amendments to IEI’s Memorandum and Articles of Association to reflect the expanded capital base. Additionally, the board is seeking sweeping implementation powers to execute all activities necessary to complete the recapitalisation plan—from securing regulatory clearances to engaging professional advisers and finalising documentation.

In line with NGX requirements on related-party transactions, interested or connected parties have been instructed to abstain from voting during the meeting, which will be held electronically in adherence to evolving corporate governance standards.

Background: Regulatory Compliance and Legacy Debt Resolution

IEI has undergone notable transitions in recent months. Trading in its shares resumed on October 2 after the NGX lifted a suspension imposed due to delays in concluding its 2024 audited financial statements. Prior to this, the company achieved a major milestone by clearing its long-outstanding Daewoo loan in August 2025.

The loan, originally issued as a JPY 1.85 billion zero-coupon bond with a 20-year maturity ending in 2028, had burdened the insurer for years. During the April 2025 Annual General Meeting, shareholders approved the transfer of the debt obligation to Norrenberger Advisory Partners Limited—tasking the firm with full settlement of the bond. Norrenberger, which first acquired a controlling 50.61% stake in IEI in 2021 following a mandatory takeover bid, completed the debt repayment by August 2025, significantly improving IEI’s financial standing.

The proposed equity conversion and capital raise represent the next phase in the long-term revitalisation of International Energy Insurance Plc, signalling a renewed commitment to financial stability, strengthened capitalisation, and strategic repositioning for sustainable growth in Nigeria’s insurance market.

Africa must significantly scale up its factoring volumes to at least €240 billion if it hopes to unlock the full potential of small and medium-sized enterprises (SMEs) and close the continent’s widening working-capital gap, according to the African Export-Import Bank (Afreximbank). The call was made by Mrs. Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank and member of the FCI Executive Committee, during the Bank’s annual Factoring Workshop held in Abidjan, Côte d’Ivoire.

Awani noted that factoring—an increasingly important form of short-term financing that allows businesses to convert unpaid invoices into cash—has become a critical tool for tackling the estimated US$300 billion SME financing shortfall across Africa. SMEs represent over 90% of African businesses and contribute more than 60% of the continent’s employment and GDP, yet many remain starved of the liquidity needed to scale operations, support supply chains, and compete in expanding regional markets.

While Africa’s factoring volumes have grown substantially—more than doubling from €21.6 billion in 2017 to €50 billion in 2024—the continent is still far from the threshold required to catalyse transformative SME-led growth. Awani explained that for factoring to truly support Africa’s industrialisation agenda and the objectives of the African Continental Free Trade Area (AfCFTA), volumes must rise to a level equivalent to 10% of Africa’s GDP, or roughly €240 billion.

Despite the presence of nearly 200 factoring institutions across the continent, the ecosystem remains underdeveloped. Awani emphasised that achieving the required scale will demand a combination of increased private and public-sector financing, harmonised regulatory reforms, industry-standard legal frameworks, and deeper capacity building for financial institutions and SMEs.

According to her, “SMEs form the backbone of Africa’s economy, yet they continue to face persistent barriers to accessing working capital from formal financial institutions. Scaling factoring to €240 billion will require coordinated industry partnerships, larger funding pools, and targeted support for countries seeking to strengthen legal and operational frameworks for receivables finance.”

Additional insights from the workshop highlighted the broader economic significance of factoring. Mr. Neal Harm, Secretary General of FCI, described factoring and supply chain finance as indispensable tools for unlocking SME competitiveness. Mr. Charlie Dingui, Special Advisor to the National Director of the BCEAO, also underscored the sector’s importance in strengthening socio-economic resilience in West Africa.

Côte d’Ivoire, which hosted the workshop, was spotlighted as one of the continent’s major opportunities, with a potential US$5 billion factoring market. The cocoa sector alone—supporting millions of smallholder farmers and processors—could benefit immensely from faster access to invoice-backed funding, particularly during peak supply cycles.

However, the sector faces persistent constraints. Only 12% of SMEs in Africa currently seek working-capital financing from formal institutions. Instead, many rely on informal lenders, driven away from banks by high borrowing costs, stringent collateral requirements, and slow approval processes. This reliance constrains growth, limits investment in production, and weakens value chains.

Afreximbank’s workshop in Abidjan forms part of a broader effort to build a stronger, more integrated factoring ecosystem across the continent. More than 5,000 participants have now taken part in the Bank’s capacity-building programmes, including the flagship Certificate of Trade Finance in Africa (COTFIA), Afreximbank Academy modules, and FCI’s mentoring and online training sessions. These initiatives are designed to equip regulators, bankers, and factoring professionals with the technical expertise needed to strengthen oversight and expand the industry’s reach.

The Bank also revealed ongoing plans—together with global partners—to provide technical assistance to regulatory bodies, deploy operational toolkits, and support the growth of factoring companies with financing and risk-mitigation solutions. These interventions aim to create a more enabling environment for receivables finance, improve SME access to structured funding, and accelerate Africa’s progress toward a more inclusive and export-oriented economy.

Ultimately, Afreximbank argues that scaling factoring volumes to €240 billion is not just a financial milestone—it is a strategic necessity for employment creation, industrialisation, and the successful implementation of AfCFTA. As millions of young Africans enter the labour market each year, expanding SME financing tools such as factoring will be essential to absorbing new entrants, strengthening value chains, and driving sustainable economic growth across the continent.

The Nigerian equities market closed slightly lower on Wednesday, December 10, 2025, as selling pressure in several key sectors outweighed gains from resilient mid-cap performers. The benchmark All-Share Index (ASI) slipped by 0.05%, shedding 78.3 points to finish at 146,862.0, down from the previous session’s close of 146,940.3.

The market’s subdued performance came amid a notable slowdown in trading activity. Total daily volume declined sharply to 747 million shares, a significant drop from 1.9 billion shares traded on the previous day, reflecting weakened investor appetite and a more cautious trading environment.

Market capitalization also mirrored the slight bearish swing, falling marginally from N93.65 trillion to N93.62 trillion, a decline consistent with the modest pullback in the ASI. Despite the dip, the market remains substantially above its early-year levels, with a robust year-to-date gain of 42.69%, underscoring lingering investor confidence in Nigeria’s equity space.

Mixed Sentiment Across Equities as JapaulGold Dominates Gainers’ Chart

Market breadth was slightly negative, although select mid-cap stocks bucked the overall trend. The day’s standout performer was Japaul Gold, which surged 10.00% to close at N2.53, benefiting from a wave of speculative interest and renewed activity in the mining and natural resources segment. Prestige Assurance followed with a 9.40% gain, rising to N1.63 and signaling renewed investor confidence in insurance stocks after recent weakness.

Other strong performers included Mecure with a 7.72% rise to N34.90, TIP which climbed 7.30% to N12.50, and Consolidated Hallmark Insurance (CONHALLPLC), up 6.97% at N4.30.

On the laggards’ side, Chams posted the steepest decline of the day, shedding 10.00% to settle at N3.06 following profit-taking and earlier volatility. Haldane McCall (HMCALL) dropped 8.88% to N4.00, while UACN fell 8.18% to N80.80 amid continued sell-offs in the consumer goods segment. Sunu Assurances declined 6.98%, and Linkage Assurance weakened 4.35%.

Trading Activity Driven by Cutix, FCMB, and Insurance Stocks

In terms of trade volume, Cutix led the activity chart with 122.9 million shares, reflecting strong retail investor participation. It was followed by FCMB, which posted 80.6 million shares in turnover. CONHALLPLC ranked third with 71.1 million shares, while Fidelity Bank and Tantalizers closed out the top five with 63.8 million and 57.8 million shares, respectively.

By trading value, GTCO dominated the session with transactions worth N2.7 billion, consolidating its status as one of the most actively traded banking stocks. Fidelity Bank recorded N1.21 billion in value traded, followed by AccessCorp at N905 million. FCMB accounted for N879.2 million, while Zenith Bank completed the top-value chart with N683.3 million.

SWOOT and FUGAZ Stocks Show Mixed Momentum

Stocks Worth Over One Trillion Naira (SWOOTs) showed bearish movement, with Nigerian Breweries falling 1.33% amid ongoing challenges in the consumer goods sector.

The FUGAZ banking group posted mixed results:

• AccessCorp dipped 2.87%

• Zenith Bank closed flat

• UBA gained 0.63%

• GTCO advanced 0.27%

• FirstHoldCo edged up 0.16%

The subdued performance among heavyweight stocks contributed significantly to the overall market pullback.

Market Outlook: Rebound Still in Sight

Despite the day’s decline, analysts note that the broader market continues to recover from the late-November slump that briefly pushed the ASI toward the 143,000 threshold. The index is now trending sturdily upward, although momentum remains fragile.

If renewed buying pressure emerges—especially in banking, industrials, and key mid-cap counters—the market could regain traction and attempt a climb toward the 150,000 level in the coming sessions. For now, investors remain watchful of liquidity conditions, external macro signals, and corporate disclosures that could shape sentiment in the near term.

The Corporate Affairs Commission’s (CAC) new directive mandating all Point of Sale (POS) operators to complete CAC registration before January 1, 2026 has sparked strong disagreements across Nigeria’s mobile money and agent-banking sector. The policy is already setting up a potential regulatory battle that could significantly reshape the industry.

Announcing the directive last week, the CAC warned that any POS terminal whose operator fails to register before the deadline will be confiscated, and the operator shut down. The Commission explained that the move aims to curb the rising population of unregistered POS agents—a situation it described as a threat to the financial system and a clear breach of the Companies and Allied Matters Act (CAMA) 2020 as well as the Central Bank of Nigeria’s (CBN) agent-banking rules.

According to the CAC, the proliferation of unregistered operators—allegedly encouraged by certain fintech firms—poses serious risks to citizens’ investments and national financial security. The Commission said security agencies have been instructed to enforce the directive nationwide, and fintech companies aiding non-compliant operators will be placed on a watchlist.

Industry Reacts: Split Opinions Among Stakeholders

The announcement has divided key stakeholders in the payment ecosystem. While the Association of Digital Payment and POS Operators of Nigeria (ADPPON) supports the move, though with conditions, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has vehemently opposed it, accusing the CAC of exceeding its legal mandate and undermining financial inclusion progress.

AMMBAN Rejects ‘Unnecessary, Multiple Registration’ Requirements

AMMBAN’s National President, Fasasi Sharafadeen, told Nairametrics that the directive is unnecessary, unconstitutional, and outside the CAC’s regulatory jurisdiction. He argued that POS agents already undergo the most robust onboarding procedures among informal-sector businesses.

“Every POS agent is registered with their financial institution, and the device is simultaneously profiled with the Nigerian Interbank Settlement System. No other business goes through this level of scrutiny,” he said.

Sharafadeen also dismissed CAC’s claim that mandatory registration would curb fraud, noting that many CAC-registered companies have still been implicated in fraudulent activities.

He added that existing security challenges in the POS ecosystem are already being addressed through established structures involving the CBN, DSS, Police, EFCC, and industry groups.

“There is a joint task force sanctioned by the Inspector General of Police that is currently sharing intelligence on fraudulent practices, and I lead that effort,” he said.

According to him, the CAC should focus on improving its registration platform and tackling Nigeria’s high rate of business closures rather than introducing what he calls duplicative requirements.

Sharafadeen further argued that the directive contradicts CBN agent-banking regulations. He emphasized that under CAMA 2020 and CBN guidelines, only non-individual agents—such as business names and corporate entities—are required to register with the CAC, while individuals trading under their personal names are exempt.

He warned that unless the CAC reverses its directive, AMMBAN may return to court to protect what it considers the fundamental rights of individual operators.

ADPPON Supports Policy but Calls for Coordinated Implementation

In contrast, ADPPON endorsed the federal government’s intention to sanitize the POS sector. In a statement, its National President, Paul Okafor, said the spike in fraud, kidnapping-related cash-outs, and illicit financial flows justifies stricter oversight.

He cited industry data presented to the National Assembly showing that financial-sector fraud surged from ₦17.67 billion in 2023 to ₦52.26 billion in 2024, with POS agents increasingly targeted.

However, Okafor maintained that the CAC cannot achieve meaningful results through unilateral directives. Past failures, he said, occurred because enforcement lacked coordination among key bodies such as the CBN, the Police, fintech companies, and operators.

He urged the government to set up a multi-agency task force to design a unified compliance timeline, establish a national POS operator verification framework, conduct sensitization programs, and create an implementation roadmap that guarantees security without jeopardizing livelihoods.

“Millions of Nigerians rely on POS services every day. Cleaning up the ecosystem must go hand-in-hand with safeguarding the small businesses that drive financial inclusion,” ADPPON said.

Background: Previous Deadlines Missed

In May last year, the CAC had given POS agents under major Fintechs—including OPAY, PALMPAY, and MONIEPOINT—a July 7, 2024 deadline to register their businesses. Registrar-General Hussaini Magaji said the decision aligned with legal requirements and directives from the CBN.

Following complaints from operators about difficulties using the CAC registration portal, the deadline was extended to September 5, 2024. The Commission warned that non-compliant operators would face prosecution and risk losing their businesses.

The new 2026 deadline, coming more than a year later, highlights the fact that a large number of POS operators across the country still remain unregistered.