PENCOM approves Norrenberger’s acquisition of IEI-Anchor Pension

The National Pension Commission (PENCOM) on Tuesday, 19th April 2022 approved Norrenberger’s acquisition of IEI-Anchor Pension. By this move, Norrenberger through its acquisition of IEI Insurance becomes the largest shareholder of the Pension Fund Administrator.

Norrenberger has obtained all necessary approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC), and the National Insurance Commission (NAICOM) for the acquisition. The acquisition is driven by efforts to meet IEI’s capitalization requirement as required by NAICOM and signifies Norrenberger’s entry into the pension and insurance sectors of the financial services industry.

With the acquisition, Norrenberger will expand and further strengthen its business model to improve its product and service distribution to clients across Nigeria, aggressively create and develop new opportunities for its stakeholders by utilizing technology and other digital assets to revolutionize the pension and insurance markets.

IEI- International Energy Insurance; started operations in Nigeria over half a century ago, in 1969, as the country’s first energy-focused insurer focusing on offshore and onshore risks alongside general insurance services.

Commenting on the acquisition, Tony Edeh, Group Managing Director/CEO of Norrenberger, said, “Norrenberger has a proven track record of acquisition and integration with a clear growth strategy for the organization, which supports our acquisition of IEI. Thus, the acquisition of IEI, a company with a rich heritage and experience in pensions and insurance, will further strengthen our Group’s mission to unlock investment opportunities in our society for our clients. Norrenberger has a robust financial profile with a solid risk assessment framework, and we believe this acquisition will provide a wide range of benefits and opportunities to both companies’ staff, clients, and stakeholders.”

Mr Ebun Ayeni, the CEO of IEI Insurance, said: “The board of International Energy Insurance is in solid support of the acquisition by Norrenberger, which will provide a strategic opportunity for all stakeholders in both businesses and change the perception of the Insurance group. We are looking forward to the exciting opportunities which this acquisition would provide.”