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Mecure Industries has delivered one of the Nigerian Exchange’s sharpest recent rallies, jumping about 239% in less than three months and sharply lifting the paper value of its two biggest shareholders, Samir Udani and Arjun Udani.
The stock traded at 30.70 naira on Nov. 3, 2025. It now trades at 104 naira, a gain of 238.76% over the period. The move has pushed the value of the Udanis’ combined stake to about 266.68 billion naira, or roughly $186.49 million at an exchange rate of 1,430 naira to the dollar.
Samir Udani, the chairman and founder, holds 1,291,779,280 shares worth about 134.35 billion naira, or about $93.95 million. Arjun Udani, a co chief executive officer with responsibility for finance and supply chain functions, holds 1,272,459,257 shares valued at about 132.34 billion naira, or about $92.54 million.
Mecure’s surge has also revived a familiar debate in Lagos dealing rooms: how much of a run like this is fundamentals, and how much is structure. The company is widely viewed as tightly held, a setup that can magnify price moves when the number of shares readily available for trading is limited.
Mecure is a Nigerian pharmaceutical manufacturer established in 2005 that produces medicines and consumer health products, including nutraceuticals. The 416 billion naira ($290 million) market cap company sells across common dosage formats such as tablets, capsules and syrups and relies on a distribution network that supplies pharmacies and other retail channels. Local manufacturing has become more important as currency weakness and higher import costs make foreign sourced medicines more expensive and harder to manage.
The company joined the Nigerian Exchange in November 2023 through a listing by introduction, meaning it listed existing shares without raising new capital at the point of admission. The entry price was 2.96 naira a share, which means the stock has risen more than thirty four times from its initial listing level to today’s 104 naira, turning a small name into a market standout.
The Udanis are a father and son duo. Samir is the founder who built the business and remains chairman, while his Arjun, his son, is part of the leadership team overseeing finance, procurement and logistics.
