Neimeth International Pharmaceuticals Plc will hold a virtual shareholders’ meeting on March 31, 2026.
This follows a Federal High Court order dated February 5, 2026 in Lagos, which directs the company to act.
Court-Ordered Shareholders’ Meeting
At the meeting, shareholders will approve reducing the Share Premium Account by ₦1.9 billion.
Consequently, the account will drop from ₦2.37 billion to ₦390.01 million.
The company will transfer the ₦1.9 billion to the Revenue Reserve Account to fund dividends or operations.
In addition, the scheme aims to strengthen financial flexibility and support future investments.
The chairman endorsed the plan in documents dated February 25, 2026, which the company submitted to the court.
Furthermore, the board can adjust the scheme to meet SEC or court requirements.
Also, Neimeth’s solicitors will obtain all approvals necessary for full implementation.
Neimeth Capital Raise And Expansion
This financial restructuring aligns with the company’s plan to raise ₦20 billion in capital.
The company will use the funds to enhance operations, repay debts, and expand across African markets.
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According to Managing Director Pharm, Valentine Okelu, the capital raise strengthens the company’s balance sheet.
Moreover, it will improve working capital, reduce financing costs, and increase production capacity.
Strong Financial Turnaround
Neimeth posted an unaudited pre-tax profit of ₦1.48 billion in 2025.
This marks a turnaround from a pre-tax loss of ₦854.43 million in 2024.
Revenue rose 64%, driven mainly by the pharmaceutical segment contributing ₦7.18 billion.
Total assets increased 25% to ₦14.93 billion, supported by higher investments and inventory.
Additionally, the company raised ₦6.7 billion in new loans while repaying ₦2.2 billion.
This stronger financing structure improved operational liquidity and reduced financing costs.
Meanwhile, Neimeth’s stock surged 116% year-to-date, trading at ₦11.55 on February 27.
Finally, shareholders’ approval will enable the company to implement the plan and continue its growth trajectory.
