Industrial & Medical Gases Nigeria Plc has secured shareholders’ approval to raise N6.5bn through a rights issue as part of its plan to strengthen capital, expand operations, and deepen market reach.
The approval was granted over the weekend at an extraordinary general meeting held immediately after the company’s 65th annual general meeting in Lagos, where shareholders also endorsed a dividend payout of N400m, translating to 80 kobo per share. In addition, a bonus issue of one new ordinary share of 50 kobo for every 10 ordinary shares held was approved.
Chairman of the board, Aminu Ado, told shareholders that the planned rights issue was a deliberate move to support the company’s transformation agenda.
“The IMG board is poised to prioritise capital investments, diversification of market and production expansion, cost efficiency and customer-centric innovation,” he said.
Speaking at the meeting, the Managing Director and Chief Executive Officer, Ayodeji Oseni, highlighted the company’s strong financial performance despite prevailing economic headwinds.
“Our revenue grew by 38 per cent, from N6.064bn in 2023 to N8.376bn in 2024, and profit after tax increased from N850m to N1.62bn. Our performance reflects the strength of our strategy, financial discipline, and organisational resilience in a demanding environment,” he said.
Shareholders expressed confidence in the board’s direction and pledged support for the rights issue. A shareholder, Oladiji Mustapha, said, “I commend the board and management for a good result. We should show our appreciation for General Theophilus Danjuma’s bail-out by taking our rights issue and asking for more.”
National Chairman of the Progressive Shareholders Association, Boniface Okezie, added, “Rather than work for banks through borrowing, the IMG’s proposed rights issue is more beneficial to the company and shareholders. I urge all shareholders to participate fully when the offer is floated.”
Okezie also commended IMG’s relocation plans to Sagamu, noting that the move would enhance production efficiency and drive long-term growth.
During the meeting, shareholders re-elected two non-executive directors, Olawale Oyedele and Adebayo Adeleke, who retired by rotation, affirming their confidence in the board’s stability and direction.
