By Peter Egwuatu
Shareholders of Neimeth International Pharmaceuticals Plc have approved plans by the company’s Board of Directors to raise additional capital to accelerate its expansion programme and complete its ongoing world-class pharmaceutical manufacturing facility in Amawbia, Anambra State.
At the company’s 67th Annual General Meeting (AGM), held virtually, shareholders unanimously approved all the board’s resolutions and called for appropriate timing of the capital raising to ensure full subscription.
Shareholders’ group leaders, including Boniface Okezie, Moses Igbrude, Mrs Bisi Bakare, Alex Adio and Adebayo Adeleke, urged the Board and Management to ensure that the new plant, upon completion, serves as a hub for manufacturing local drugs in the country.
Chairman of the company, Christopher Oshiafi, commended shareholders for their loyalty and support, noting that they had earlier approved a N20 billion capital raise programme, under which the company recently concluded a successful N2.4 billion Rights Issue.
He explained that part of the proceeds had been earmarked for completing the Amawbia manufacturing project, while additional funding would be required to fully execute the project.
According to Oshiafi, the facility will meet World Health Organisation (WHO) standards and position the company to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).
Managing Director/Chief Executive Officer, Valentine Okelu, described the project as a strategic priority, saying management remained committed to securing the funding needed to accelerate its completion.
The capital raising plan follows a strong financial turnaround in 2025, with revenue rising 64 per cent to N7.37 billion from N4.49 billion in 2024. Profit after tax stood at N976.4 million, compared with a loss of N885.3 million in the previous year.
Okelu attributed the improved performance to stronger market penetration, enhanced operational efficiency and the successful restructuring of the company’s foreign currency obligations. Oshiafi added that Neimeth’s share price rose from N2.29 to N6.15, pushing market capitalisation to N26.3 billion. He said the company’s priorities remain sustaining profitability, reducing debt, strengthening working capital, improving production efficiency and introducing
