Investors in Neimeth International Pharmaceuticals Plc have given the green light for the company to secure additional funds. This capital will support the firm’s growth initiatives and help finish its state-of-the-art production plant located in Amawbia, Anambra State.
During the 67th Annual General Meeting, conducted online, attendees backed the board’s proposals. Stakeholder representatives, such as Boniface Okezie and Bisi Bakare, requested that the facility function as a primary center for domestic drug production once finished.
Christopher Oshiafi, the Board Chairman, thanked stakeholders for their continued commitment. He noted that the company had previously authorized a N20 billion fund-raising scheme, which included a recently finalized N2.4 billion Rights Issue. Additional capital is now needed to finalize the Amawbia project, which is designed to adhere to World Health Organisation guidelines. This facility is expected to help the company leverage trade prospects within the African Continental Free Trade Area.
CEO Valentine Okelu emphasized that finishing this plant is a primary business objective. The move to raise more funds comes after a significant financial recovery in 2025, where the firm reported a revenue jump of 64 percent to N7.37 billion, resulting in a profit after tax of N976.4 million. This success was driven by better operational efficiency, improved market reach, and debt restructuring. The company’s market value has also surged, with the share price climbing to N6.15.
