IMG Nigeria to raise N6.5bn through rights issue, declares dividend

Industrial & Medical Gases Nigeria Plc (IMG) has secured shareholder approval to raise N6.5 billion via a rights issue, aimed at strengthening its capital base and expanding its operations.

The endorsement came during the company’s Annual General Meeting (AGM) held in Lagos, where other key resolutions were also passed.

As part of its reward to long-term investors, IMG shareholders approved a dividend payout of 80 kobo per share and a bonus issue of one ordinary share of 50 kobo for every 10 shares held.

Chairman of the board, Aminu Ado, reaffirmed the company’s long-term strategic vision. “The IMG Board is committed to capital investment, expanding production, enhancing cost efficiency, diversifying the market, and prioritising customer-led innovation,” he said.

Managing Director and Chief Executive Officer, Ayodeji Oseni, echoed the board’s direction and pointed to the company’s resilience despite economic pressures.

“Revenue climbed by 38 per cent, from N6.06 billion in 2023 to N8.3 billion in 2024. Profit after tax also nearly doubled, rising from N852 million to N1.62 billion,” he stated, attributing the performance to strong operational discipline and focused strategy.

Boniface Okezie, National Chairman of the Progressive Shareholders Association (PSA), encouraged shareholders to take full advantage of the upcoming rights issue, describing it as a valuable opportunity for future returns.

Also during the meeting, shareholders re-elected Non-Executive Directors Olawale Oyedele and Adebayo Adeleke, who had retired by rotation, in accordance with the company’s governance provisions.