IEI in rush to meet SEC deadline, as NAICOM approves 2013 account

The interim management of International Energy Insurance (IEI) said it has stepped processes to address all issues bordering on late submission of Annual Financial Statements.

The Board stressed that it has maintained a level of competence and that it has submitted and received approval for its 2013 Financial Statement by the National Insurance Commission (NAICOM) while 2014, has also been submitted and awaiting approval.

The company further said that its External Auditors are currently working on the 2015 Financial Statement with the aim of meeting the March 31st deadline set by the Security and Exchange Commission (SEC) for quoted companies.

In the past nine months, there has been a huge rebound of the IEI brand as a result of the next-level measures of success and stability employed by the Interim Board appointed by NAICOM.

The major task within the period, was to quickly ascertain the vital areas of operations of the organisation that required immediate intervention and review to reposition the organisation.

Such critical areas were; corporate governance issues, investment policies, prompt payment of claims, products, human resources, cost management, sales growth among others.

As part of its corporate restructuring exercise undertaken to improve organisational efficiency, productivity and competitiveness, sound policies have been put in place, including a revamping of human resources which has necessitated a right-sizing of the work force.

In a recent briefing by the Interim Managing Director, Mr Peter Irene, said, ‘fifty (50) staff and thirty-four (34) drivers affected by the exercise are to be given a special exit package’.

Continuing, he remarked, ‘The brand pulse at the moment portends very positive signs of growth, now and in the future.

Commenting on the turn-around measures and repositioning of IEI, the Head of Corporate Communications, Mr. Tamuno Kiri, disclosed that, “This is no small feat by the Interim Board and Management who have succeeded in boosting the brand equity in terms of meeting requirements for the submission of bids and improved turn-around time’.

“The staff and Management wholly embrace the structural templates and policies introduced by the Interim Board as a panacea for the overall growth and stability of IEI Plc brand in line with its core values of Integrity, Friendliness, Dependability, Innovation, Proficiency and her aspirations to be the leading Underwriter in Energy and other General Insurance Businesses.

“The Organisation is driven by her mission and commitment to be a dependable Partner while delivering superior value to all her Stakeholders”.

“We have worked hard to retain existing businesses and break into new market frontiers.”