Neimeth Pharmaceuticals announces change of its Managing Director (Nigeria)

By Onome Ohwovoriole | Nairametrics September 28, 2017

The management of Neimeth International Pharmaceuticals has informed the Nigerian Stock Exchange of a change in its management. The company’s Managing Director Mrs Ebere Igboko Ekpunobi has resigned from the company due to ill health. She joined the company as Acting Managing Director in November 2015 and was confirmed to the position of Managing Director in March 2016

The board has also appointed Chris U Mmeje as acting Managing Director with immediate effect. Mr Mmeje has been the Finance Director since 2008. Prior to that, he had a distinguished career in the banking sector that spanned 25 years.

He will oversee the affairs of the company until the appointment of a substantive Managing Director.

Neimeth shares closed at 68 kobo in yesterday’s trading session on the NSE, down 12.82% year to date. Results for the 9 months ended June 2017 show the company’s turnover fell from N1.2 billion in 2016 to N912 million in 2017. The company also moved from a Profit before tax of N116 million in 2016 to a loss before tax of N259 million in 2017.

The company started operations in Nigeria in 1957 as Pfizer products Plc, before a Management Buy Out of the 60% stake held by Pfizer Inc, New York. Thereafter, the company was renamed as Neimeth Plc.

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