Former INEC Chairman Iwu raises shareholding in drug-maker Neimeth International to 11%

Maurice Iwu, the chair of the Independent National Electoral Commission (INEC) from June 2005 to April 2010, increased his interest in drug-maker Neimeth International Pharmaceuticals by 20.1 million shares.

According to two recent regulatory filings at the Nigerian Exchange Limited (NGX), the former chief of the country’s electoral body purchased 10 million shares in 11 different transactions between 26 June and 26 August.

Altogether, the deals were worth over N19 million.

Mr Iwu also acquired 10.1 million shares in piecemeal across 13 transactions between 6 and 28 June. Those transactions summed up to N16.2 million.

Added to the 470.9 million shares he held prior to his recent acquisition, Mr Iwu’s interest in the pharmaceutical company now totals 491 million shares equivalent to an 11 per cent holding in the entity.

As of the end of the last financial year, he held 20.1 million shares directly in Neimeth and 450 million shares indirectly through Intercedd Health Products Limited, where he is chairman.

Neimeth reported a net loss of N2.9 billion last year, taking a blow from a foreign exchange loss of N1.5 billion and stretching its lossmaking into the second year in a trot.

Total assets stood at N9.6 billion at the end of June, compared to N8.9 billion six months prior, according to its half-year 2024 earnings report.

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ABC Orjiakor, the founding chairman of oil drilling giant Seplat and immediate past chairman of Neimeth directors’ board, holds 259.7 million shares indirectly in the company through Ordrec Investments Limited as well as 431.8 million through Helko Nigeria Limited.

Neimeth opened trade in Lagos on Friday at a market capitalisation of N8.2 billion.

The stock has yielded a negative 0.52 per cent since the start of the year.