Neimeth to implement two expansion plans
Neimeth International Pharmaceuticals
Plc says it has put together a two-pronged expansion plan to boost its
performance and increase value for investors.
It said this on Monday in a statement titled ‘Neimeth Plans two-pronged expansion’.
The firm said the plan involved an
upgrade of the current plant at Oregun, Lagos to take up new products
while increasing manufacturing capacity for existing products; and the
construction of a new multi-product facility that would be tailored to
comply with the World Health Organization’s current standards of Good
Manufacturing Practice at Amawbia in Anambra State.
The statement said the plans were
disclosed during the 62nd annual general meeting of the company in Lagos
by the Chairman, Dr. Ambrosie Orjiako.
He said the plans would help the company achieve a quantum leap to become a leading healthcare conglomerate in Africa.
Speaking to shareholders at the AGM,
Orjiako said the current plant at Oregun was built 44 years ago, in
1976; which though had since undergone several upgrades, still had room
for technological improvement.
“Our plan is to significantly
upgrade the Oregun factory and enhance its output and ensure continued
compliance with current standards of Good Manufacturing Practice,” he
He said the plant upgrade would be funded with a loan from the Bank of Industry.
The new facility in Anambra State, he
added, would be funded with loan from the Central Bank of Nigeria and
proceeds of a planned N5bn recapitalisation.
The recapitalisation of N5bn was approved by the shareholders at the annual general meeting, it stated.
The Managing Director/ Chief
Executive Officer, Neimeth, Matthew Azoji, said the plan was to make the
company become a manufacturing hub for medicines and centre of
excellence for pharmaceutical development in Africa.
He said the Amawbia plant would be a
multi-products plant and would be presented to the World Health
Organisation for certification under the current standards of Good
When this was done, he said, the plant
would offer foreign and local contract manufacturing services for drug
production, research and development, formulation and validation
services among others.
Azoji said local and international
brand owners would be encouraged to use the facility for manufacturing
of their products at the same standards obtainable anywhere in the
Source: ThePunch, March 23, 2021