Former Seplat Energy Plc boss, A.B.C. Orjiako, has retired from his role as the Chairman of Neimeth International Pharmaceuticals Plc board after 20 years on the company’s board.
Orjiako retired alongside Mr. Thomas T. Osobu who joined the board as a Non-Executive Director in December 2011.
The company disclosed in a regulatory filing on Monday that Mr. Christopher Oshiafi has been appointed as the new board chairman.
The company further unveiled two new directors appointed to the board- Mr. Eric Okoruwa and Mrs. Henrietta Orjiako who is ABC Orjiako’s wife.
Neimeth said, “The Board also announces the appointment of Mrs. Henrietta Orjiako and Mr. Eric Okoruwa as Non-Executive Directors of the Company. Both directors were appointed at the Board meeting held on 20th June 2024.
“Mrs. Henrietta Orjiako is an experienced administrative expert and Executive Director with 19 years of experience, managing various businesses ranging from private real estate, oil and gas trade and construction.”
Checks by NewsNGR showed that as of December 2023, Ojiako increased his indirect shares in Neimeth through Helko Nig. Ltd to 431,805,222.
He also increased his shares held through Ordrec Investments Limited to 259,705,920 from 217,701,820 in 2022.
The majority shareholders are Clinoscope Services Limited with 1,068,276,375 or 25 per cent shareholding and Damitop Consulting Limited which holds 820,040,820 or 19.19 per cent of the company’s shares.
Neimeth declared a N2.8bn loss after tax in the full year of 2023, according to the company’s financial statement seen by NewsNGR.
In the first quarter of 2024, the company saw improvement in profitability as it posted a profit before tax of N77.6m up from the N189.5m loss incurred in the first quarter of 2023.
As of March 2023, the company’s books reveal that Orjiako was indebted to Neimeth to the tune of N1.4m.