Norrenberger Group

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Norrenberger Group
IndustryFinance
Founded2017
HeadquartersAbuja, Nigeria
Area served
Nigeria
Key people
Ibrahim Aliyu (Chairman)

Tony Edeh (Group Managing Director/CEO)

(Board Members)

Ngozi Ifeoma Malo

Andrew Nweke

Eniola Adedayo

Nduka Ikeyi
ServicesFinancing

Insurance

Asset management
Number of employees
500
SubsidiariesIEI Insurance Limited

Norrenberger Pensions Limited Norrenberger Advisory Partners Limited Norrenberger Investment and Capital Management Limited

Norrenberger Securities Limited
RatingBBB+ rating by Agusto & Co
Websitehttps://norrenberger.com

Norrenberger Group is a financial services group based in Abuja, Nigeria. It was established in 2017 and offers financial advisory services to individual and corporate clients.[1][2] According to its website, Norrenberger Group has four subsidiaries: International Energy Insurance Company, Norrenberger Pensions Limited, Norrenberger Advisory Partners Limited,[3] and Norrenberger Asset Management Limited.[4][5] The group has also received several awards from various organizations in the past three years[6]

Subsidiaries[edit]

International Energy Insurance Company

International Energy Insurance Company (IEI) is an insurance company that was acquired by Norrenberger Group in December 2021.[7] The acquisition was approved by the National Insurance Commission (NAICOM), the regulatory body for insurance in Nigeria. Prior to the acquisition, IEI had been facing financial difficulties and regulatory pressure for years. According to BusinessDay, IEI's stock had traded only seven times in four years (2018-2021), it had failed to pay dividends to shareholders, and it had been unable to meet the recapitalization requirements set by NAICOM.[8][9][10]

Norrenberger Pensions Limited

Norrenberger Pensions Limited is a Pension Fund Administrator (PFA)[11] that was formerly known as IEI Anchor Pensions. As part of the acquisition deal, Norrenberger Group took over 80 percent of the shares held by IEI in its PFA subsidiary. The name change from IEI Anchor Pensions to Norrenberger Pensions Limited was approved by the National Pension Commission (PENCOM), the regulatory body for pensions in Nigeria, in 2022.[12][13]

Awards[edit]

Norrenberger Group have received the following awards from different organizations:

  • Most Trusted Finance and Investment Brand Award (2020) by Africa Finance Awards[14]
  • The Wealth Product of the Year (2020) by BusinessDay BAFI Awards[15]
  • Best Customer Care Award (2021) by West Africa Innovation Awards[4]
  • Africa's Most Outstanding Financial Solutions Group (2021) by African Business Excellence & Leadership Awards[15]
  • BBB+ rating (2022) by Agusto & Co[16]

References[edit]

  1. ^ Adamolekun, Ronald (2021-12-30). "International Energy Insurance to be acquired by Norrenberger after nine years of loss-making". Premium Times Nigeria. Retrieved 2022-10-08.
  2. ^ Nwanma, Vincent (2021-12-31). "Norrenberger enters Pension and Insurance markets with acquisition of 100% stake in IEI". Daily Trust. Retrieved 2022-10-08.
  3. ^ Iwayemi, Zainab (2022-08-04). "Norrenberger Advisory takes over International Energy Insurance after acquiring 100% stake". Nairametrics. Retrieved 2022-10-08.
  4. ^ a b "Norrenberger Optimistic in 2021 Economic Outlook – THISDAYLIVE". www.thisdaylive.com. Retrieved 2022-10-08.
  5. ^ Ekeke, Ifeoma (2021-07-29). "Norrenberger reiterates commitment to simplifying wealth creation, launches Money Market Fund -". The Eagle Online. Retrieved 2022-10-08.
  6. ^ "PenCom okays acquisition of firm The Nation Newspaper". 2022-04-27. Retrieved 2022-10-08.
  7. ^ Anaesoronye, Modestus (2022-09-22). "Norrenberger makes inroad into Nigeria's insurance, pension sectors". Businessday NG. Retrieved 2022-12-02.
  8. ^ Adamolekun, Ronald (2022-01-02). "How 2021 lit Nigeria's mergers & acquisitions scene with record-breaking deals". Premium Times Nigeria. Retrieved 2022-12-02.
  9. ^ Nwachukwu, Iheanyi (2022-06-10). "Norrenberger gets NGX nod to acquire 649.8m shares of IEI". Businessday NG. Retrieved 2023-08-11.
  10. ^ Iwayemi, Zainab (2022-08-04). "Norrenberger Advisory takes over International Energy Insurance after acquiring 100% stake". Nairametrics. Retrieved 2023-08-11.
  11. ^ Rapheal (2022-05-04). "PENCOM okays Norrenberger's acquisition of IEI-Anchor Pension". The Sun Nigeria. Retrieved 2023-08-11.
  12. ^ Nigeria, Guardian (2022-07-18). "IEI Anchor Pension Managers Limited is now Norrenberger Pensions Limited". The Guardian Nigeria News - Nigeria and World News. Retrieved 2023-08-11.
  13. ^ Nda-Isaiah, Jonathan (2022-11-11). "Norrenberger Pensions Pays N6.40bn To 7,248 Contributors In 16 Years". Retrieved 2023-08-11.
  14. ^ "Norrenberger Wins Award – THISDAYLIVE". www.thisdaylive.com. Retrieved 2022-12-02.
  15. ^ a b BusinessDay (2020-12-02). "Norrenberger wins Wealth Product of the Year Award". Businessday NG. Retrieved 2022-12-02. {{cite web}}: |last= has generic name (help)
  16. ^ Onyekwelu, Stephen (2021-09-10). "Norrenberger receives 'BBB+' rating, stable outlook from DataPro". Businessday NG. Retrieved 2022-12-02.
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