Ebere Nwoji International Energy Insurance (IEI), at its 44th Annual General Meeting held recently in Jigawa State, said it has taken decisive step to exit the Daewoo Loan to strengthen its financial foundation and optimise its capital structure. At the AGM where shareholders adopted financial statements (2021-2023) and engaged in key governance actions, they also re-elected directors, appointed auditors, and established committee roles to ensure accountability. The company however recorded a growth in gross premium at an average rate of 40.9 per cent with yearly growth rate of 17.8 per cent in 2021, 22.1 per cent in 2022 and 82.8 per cent in 2023, translating to N687 million, N881.5 million and N5.1billion respectively. Speaking with journalists after the meeting, IEI’s Independent Non-Executive Director and Chairman of the AGM, Dr. Chamberlain Peterside said the strategic manoeuvre represented a significant victory for the company, demonstrating its proactive approach to strengthening its financial foundation and optimising its capital structure. Peterside who represented the Chairman of the Company, Mr. Bukar Goni Aji stated that the successful exit from this legacy loan was projected to unlock substantial growth opportunities and accelerate IEI’s ongoing recapitalisation initiatives, with a clear focus on meeting the regulatory minimum capital requirement of N15 billion. The Managing Director, IEI, Mr. Supo Sogelola added that the AGM also upheld best practices as the company also authorised auditor remuneration and disclosed management compensation, demonstrating a commitment to transparency in its operational framework. Sogelola stressed that significant steps have also been taken to restructure the company’s financial standing and modernise its governance.