Shareholders of Neimeth International Pharmaceuticals Plc have approved an additional N30 billion capital raise at the company’s 67th Annual General Meeting (AGM), increasing its total fundraising mandate to N50 billion.
The approval, granted during the virtual AGM held on Thursday, builds on an earlier N20 billion capital raising mandate approved in June 2025. Of that amount, the company has raised about N2.44 billion through a rights issue, leaving an unused balance of approximately N17.56 billion.
ALSO READ: NEMA confirms 17 rescued in Alakija building collapse
With the newly approved N30 billion added, Neimeth now has about N47.56 billion available for future fundraising.
Shareholders authorised the board to raise the funds through various financing options, including public offers, rights issues, private placements, commercial papers, bonds, convertible and non-convertible securities, medium-term notes, or a combination of these instruments, subject to regulatory approvals.
📢 Stay Updated — Join Our WhatsApp Channel
💬 Be Part of Our WhatsApp Community
Join our WhatsApp Channel for curated updates, breaking stories, and exclusive insights from our newsroom.
📲 Join 👉 NRTC WhatsApp Channel
They also approved that any future public offering or rights issue under the new mandate should be underwritten on a standby basis to ensure full subscription.
The AGM also approved the company’s audited 2025 financial statements, which showed a return to profitability. Neimeth posted a profit before tax of N1.34 billion for the year ended December 31, 2025, compared with a loss of N854.43 million in 2024. Profit after tax also improved to N976.42 million from a loss of N885.33 million recorded a year earlier.
Shareholders granted the board authority to appoint advisers, execute all necessary agreements and amend the company’s Memorandum of Association where required to complete future capital raising exercises.
ALSO READ: Ekiti court sentences two men to death for kidnapping NYSC staff
The expanded fundraising mandate aligns with Neimeth’s ongoing expansion plans, including the construction of a new manufacturing facility in Nigeria’s South-East. During the meeting, shareholders also encouraged the company to diversify into herbal medicine production.
On corporate governance, shareholders ratified the appointment of Pharm. Obinna S. Emeribe as Executive Director for Sales and Marketing. Three directors — Christopher Oshiafi, Henrietta Orjiako, and Eric Okoruwa — were also re-elected, while members of the Audit Committee were elected in line with the Companies and Allied Matters Act (CAMA) 2020.
Neimeth shares closed at N8.30 on Thursday, June 25, representing a 7.1% increase from the previous trading session. The stock has gained 43.1% since the start of 2026.
