Former Chairman of the Independent National Electoral Commission (INEC), Maurice Iwu, has expanded his stake in Neimeth International Pharmaceuticals, acquiring 20.1 million shares in recent months.
According to regulatory filings at the Nigerian Exchange Limited (NGX), Iwu purchased 10 million shares between June 26 and August 26 in 11 separate transactions, totalling over N19 million.
Additionally, Iwu acquired another 10.1 million shares in June through 13 transactions worth N16.2 million. His cumulative holdings now stand at 491 million shares, representing an 11% stake in the company.
Before this acquisition, Iwu held 470.9 million shares in Neimeth, including 450 million shares indirectly through Intercedd Health Products Limited, where he serves as chairman.
Despite Neimeth reporting a net loss of N2.9 billion last year due to foreign exchange losses, Iwu continues to deepen his investment in the company, which is valued at N8.2 billion on the Nigerian Exchange.
ABC Orjiakor, former chairman of Neimeth’s board, also holds significant shares through various investment firms.
