₦airaland Forum

presiade:
Zichis is now available. Buy your own and get 1 for free. 😅

mikeapollo:
The bolded is inaccurate and misleading. A CBN governor cannot just liquidate a whole bank just because of vindictiveness or because he/she did not like the CEO. There are rules and laws that guide the operations of banks.
Let's stop this tendency of bringing up wild, unfounded conspiracy theories to support or defend big men who might have committed crimes or looted and destroyed our institutions., thereby jeopardizing the economy and millions of jobs.
Has Akingbola, Ibru or any other former CEOS been able to challenge the CBN in court and won? I think Bank PHB went to court and they lost!
For instance in the case of Ibru, one of her atrocities was that she approved huge personal loans (unapproved by the Board of Oceanic Bank), collected the money, and then used it to build hundreds of branches which she then rented out to the bank at huge annual sums. What do you call that? Depositors funds were being endangered in all these. There were several other issues as well.
The truth is, we needed a no-nonsense person like Sanusi, who was bold enough to stand up against the crimes going on in the banking sector, the oil sector with NNPC, and even the legislators who were consuming 25% of national overheads and nobody could talk.
We Nigerians always complain that many things are wrong in the country but when we see someone who is bold enough to address these things, we turn around to cook some funny excuses, rumours and stories to muddle the issues

nosa2:
Leave Nigerians and their poverty driven pull him down syndrome

jonnysessy:
From my own analysis this day trader failed woefully. He had completely lost out in the compounding. But, i guess he is satisfied for the little gains.

SohSoh:
DATE : 22 MARCH 2026

BUY RECOMMENDATION : INDUSTRIAL & MEDICAL GASES NIGERIA PLC.

Ticker: IMG  |  NGX Listed  |  Sector: Industrials / Healthcare.
CURRENT PRICE : ₦36.00 | Hold Period : LONG TERM.

Industrial & Medical Gases Nigeria Plc (IMG) is Nigeria's dominant industrial gas company and the only quoted industrial gas player on the NGX.

BUY RECOMMENDATION and a long-term hold from the current price of ₦36.00.




Business Model — B2B (Business To Business)

IMG operates exclusively as a Business-to-Business (B2B) entity — zero retail or consumer exposure. Every naira earned comes from institutional, commercial, or industrial clients, creating a revenue profile that is structurally predictable, and recurring.


Why the B2B Model Creates Durable Competitive Advantage

1: Long-term supply contracts: Hospitals, refineries, and breweries sign multi-year agreements — revenue is locked in.
2: Infrastructure dependency: When IMG installs a Medical Gas Pipeline System (MGPS) or bulk cryogenic tank, the customer is captive for the life of that infrastructure.
3: Switching costs: Replacing IMG requires physical infrastructure change, equipment revalidation, and regulatory re-approval.
4: Regulatory moat: ISO 9001:2015 and FSSC22000v.5.1 certifications create barriers that new entrants need years to obtain.

CUSTOMER BASE & SECTOR ANALYSIS : SEE IMAGE BELOW

IMG's customer base spans Nigeria's most critical industrial and institutional sectors. The diversity of its clientele, from multinational oil majors to federal teaching hospitals to multinational beverage companies, provides exceptional revenue stability and cross-cycle resilience.


SECTOR:

1 : Oil & Gas : N₂ inerting, welding gases, specialty gases
2 : Food & Beverage (FMCG) : CO₂ carbonation, N₂ packaging
3 : Healthcare : Medical O₂, MGPS installation
4 : Manufacturing & Cement : Welding gases, O₂ for kilns
5 : Power & Energy : H₂, N₂ for turbine cooling/insulation
6 : Engineering Services : MGPS, customer engineering


COMPETITIVE LANDSCAPE

NGX-Listed Peers : IMG occupies a singular competitive position on the NGX. There are no directly comparable listed industrial gas companies in Nigeria.


PRODUCTS & SERVICES :

PRODUCTS : SEE IMAGE TABLE BELOW



Services : Engineering & Value-Added Services

• Medical Gas Pipeline Systems (MGPS): Design, installation, and commissioning of piped medical gas infrastructure — high-margin, sticky service with enormous growth potential given Nigeria's PHC upgrade mandate.

• Customer Engineering Services: Bespoke gas application optimisation — cited by Dangote Group's Director of Manufacturing as delivering significant production efficiency gains.

• Safety & Risk Management (SHEQ): Gas hazard assessments and risk frameworks — confirmed by Nigerian Breweries' Head of Safety as mission-critical.

• After-Sales Support & Installation: Ongoing maintenance of cylinders, cryogenic vessels, pipeline systems, and bulk tank installations.

Government Catalyst — February 2026

₦98bn Disbursed to Nigeria's PHCs :: President Tinubu confirmed over ₦98 billion disbursed to support operational expenses for over 8,300 Primary Healthcare Centres in 2025, with plans to expand to 13,500 PHCs nationwide. A further 2,565 centres have already been upgraded, with 1,456 currently undergoing renovation.

Why This Directly Benefits IMG

1 : Every upgraded or new PHC requires medical oxygen cylinders and ongoing supply.
2 : Fully equipped PHCs need Medical Gas Pipeline Systems (MGPS) — IMG's highest-margin service.
3 : 13,500 PHC target = thousands of new long-term institutional customers.
4 : ₦2.56 trillion healthcare budget allocation in 2025 signals a decade-long demand pipeline.
5 : IMG holds dominant market share in MGPS installation — no credible domestic competitor

Financial Performance & Analysis : (SEE IMAGE BELOW)

IMG's FY2025 financials tell a story of structural improvement at the operating level. Revenue was ₦8.38 billion while gross profit grew to ₦4.08 billion, a gross margin of 48.7%, up 220 basis points from 46.5% in FY2024.

• Cost of sales was reduced by 4.1% and selling and distribution expenses were cut by 19.6%, reflecting meaningful operational discipline.

These improvements demonstrate that the core business is becoming more efficient and more profitable on a per-naira basis with every passing year.

On the balance sheet, the transformation has been nothing short of extraordinary. Total equity has more than doubled to ₦11.78 billion, the company has moved from a net debt position to holding ₦2.16 billion in net cash, and book value per share has grown to ₦16.12. The ₦3.2 billion invested in property, plant and equipment in FY2025 — with a further ₦7.57 billion in the capital investment pipeline — positions the company for meaningful revenue growth as new capacity is commissioned through FY2026 and beyond.

Corporate Actions & Governance

Rights Issue (2025) — The Defining Transaction
In 2025, IMG executed a rights issue of 199,797,458 new shares at ₦32 per share .
The issue was 90.9% subscribed, raising approximately ₦5.8 billion net after expenses.
• Increased total equity by 99.2% from ₦5.91bn to ₦11.78bn
• Reduced borrowings by 97.5% from ₦5.33bn to ₦135.7m
• Eliminated annual finance costs of ~₦700m+
• Increased shares outstanding by 46.4%
• Positioned the company for debt-free growth financing.



Bonus Issue & Dividend History : SEE TABLE BELOW


INVESTMENT RECOMMENDATION — BUY
CURRENT MARKET PRICE: ₦36.00 (LONG TERM)

IMG is not merely an industrial company — it is a critical national infrastructure asset wearing the clothes of a mid-cap stock.

1: It provides the oxygen that keeps Nigerian patients alive.

2: the CO₂ that carbonates the drinks Nigerians consume daily.

3: the nitrogen that protects oil pipelines from combustion.

4: the argon that welds the steel structures of Nigeria's industrial economy.

This essential utility company, combined with a 65-year operational moat, zero debt, ₦7.6 billion in committed capital investment, and powerful government-driven healthcare tailwinds, makes IMG one of the most compelling risk-adjusted opportunities on the NGX today.


The (4) Four Pillars of Our BUY RECOMMENDATION

• PILLAR 1 — DEBT ELIMINATION: Finance costs that consumed ~₦700m annually have been permanently removed. FY2026 earnings will benefit directly.

• PILLAR 2 — CAPEX PAYOFF: ₦3.2bn invested in FY2025, with ₦7.57bn in WIP assets. As this capacity is commissioned in FY2026, it will drive revenue growth on a near-zero marginal cost basis.

• PILLAR 3 — HEALTHCARE MEGATREND: 13,500+ PHC upgrades mandated by the Tinubu administration create a decade-long demand pipeline for medical oxygen, MGPS installation, and gas supply that IMG is uniquely equipped to serve.


• PILLAR 4 — MONOPOLY MOAT: As the only NGX-listed industrial gas company with national production infrastructure, IMG has no domestic listed competitor.  — built over 65 years.

emmasoft:
Understanding Investment Windows and Their Alternatives

Several investment alternatives can help you start building wealth from scratch, especially if you have limited capital, little experience, or you’re simply looking to build confidence gradually.

Here are some common investment windows and their suitable alternatives:

Treasury Bills (T-Bills) and Commercial Papers
Alternative: Money Market Funds (MMFs)
These provide liquidity, diversification, and professional management, making them ideal for beginners.

Bonds
Alternative: Fixed Income/Bond Funds
These allow you to invest in a diversified portfolio of bonds without needing large capital and you don't need to hold for a long time, as in the case of direct investment in bonds

Equities (Shares/Stocks)
Alternative: Equity Funds, Balanced Funds, or ETFs
These options reduce the risk of picking individual stocks while still giving exposure to market growth.

Real Estate (Direct Property Ownership)
Alternative: Real Estate Investment Trusts (REITs)
These enable you to invest in real estate without the high cost and stress of property management. REIT allows you indirect ownership of property with a small capital as low as N5,000

It’s important to note that as an investor, you can own both the primary investment and its alternatives at the same time if your resources allow. For example, there’s absolutely nothing wrong with holding both Money Market Funds and T-Bills, or combining stocks with equity funds.

At its core, investing is about taking calculated risks to maximize returns over time.

Whichever path you choose, ensure you are investing intelligently and consistently, keeping your money actively working for you.

If you need to know more or want to be involved in any/all of the investment windows, click the links in my signature or call/chat with me via the contact on my signature.

By the way, this is salary week for most people. Remember to pay yourself first, and don't let the price of petrol discourage you at this time.

Happy investing and great week ahead.

chimex38:
Yes.. Booked ahead if time and isn't easy to adjust.

But theres sth called forced majeure on contracts.
You can read it up.

Saudi, Kuwait and Bahrain all Arab oil producing nations with obligations to deliver to clients but unfortunately can't due to circumstances beyond their control(War) activates forced majure..
As a client, you cant sue them for default.
The oil cooperation in those countries are absorbed of any indemnity or liability in the contract should they fail to deliver.

mikeapollo:
For countries or companies that import raw crude oil and refine locally, the crisis would increase the average production cost per barrel.
For upstream companies that produce and export crude e.g. Seplat, Oando, the average production cost might not be affected much. But how much they would gain from the price rally might depend on how much forward sales they still have to deliver and the price in the forward contract.

chimex38:
those who have crude but lack refining capacity can have a bilateral MOU with those with refining capacity but lack crude.
Buh if you lack both?
O pari
Kuku embrace Green energy with all your strength, might and will power

chimex38:
Maybe you do not know the supply to dangote isnt enough. Dangote was patriotic enough to accept Naira for crude deal despite location in a free trade zone. The question is why isn't supply from NNPCL enough for the DR capacity?

And yes, he's also a businessman with investors and creditors on his neck.
So he also needs to export.
Should he loose all the benefit of the free trade zone after all the dredging, sand filling and strategic positioning?
He's been magnanimous enough but also he's a businessman. Nothing wrong balancing both worlds the best he could..

Maybe you dont know we're still paying off dollar loans from afre Exim Bank via NNPCL crude and other trade by barter deals since 2021 and 2023.
(Forward contracts).


If there's a Reserve, that's on GOVT to flood the country with it and not Dangote. Why blame him is the nations reserve in DR custody?


strait of Hormuz?
Didn't you read previous when Dangote complained of IOCs in Nigeria (Shell, Chevron, mobil, etc) not selling crude directly to him from Nigeria?
They prepare to warehouse the crude in their depot overseas and force DR to buy at selling price and also incure shipping cost through strait of Hormuz or other paths to his refinery. Exposing DR to the international chaos.
What should DR do, since NNPCL quota from JV isn't enough?
Shouldn't FG intervain?

The IOCs are also in their right cuz they are here for business also NOT charity.
So therefore, i think the bulk of solution lies on FG's table to meditate on behalf of the masses NOT Dangote and DR.


You can also enlighten us by answering his questions as well since you probably know sth we don't.

GeeKudi:
This current energy crisis is a reality check on the global economy and the 'futile' drive to move away from fossil fuel. We are still largely dependent and will continue to depend on petrol for an indeterminable future.

jckgroup1:
Monopoly.
Dangote no more a saviour of Nigerians and the best thing to happen to our economy. Dangote now a business man

DeEconomist1:
When merit is traded on the alter of mediocrity and nepotism. The Nigerian Police has lost a brilliant gentleman to nepotism.

mikeapollo:
After giving Egbetokun, a Yoruba man, an extended term as IGP contrary to the rules and law, it does not make any sense to give it to Tunde Disu, another Yoruba man, when there is someone like Frank Mba, who is very competent, articulate, credible, commands respect and confidence of the public and is not junior to the new IGP.

Irony1:
Why do you love to deceive yourself? It is his interest that was served by resolving the deal. How convenient was it that Oando was the preferred buyer of all Eni's onshore assets in Nigeria?

awesomeJ:
you're still refusing to see the obvious point:
the stock has traded 8 units today at 2497 (the maximum possible price), but the reference price is stuck on 2270 cos of the 100k. without that requirement, the refernce price would have gone higher and the gap would have closed.

why you refuse to understand this is best known to you.

when this problem startedthe disparity was much smaller (like 2400 vs 3600) the gap would have taken less time to close.

to be clear, I'm not saying the 100k volume should be suspended altogether, it should only be temporarily suspended if a stoc hasn't had a movement n 3 months.

without such adjustment to the rule, airtel might as well just delist from ngx, cos they'll never ever trade volume again

wink2015:
WHY ONLY YORUBA PEOPLE ARE GIVING FEDERAL APPOINTMENTS?

WHAT HAPPEN TO SOUTH SOUTH PEOPLE?

THE BINIS, URHOBO, ISOKOS, IJAW ETC

ositadima1:
I’ve already shared my take on CGT, but you guys didn’t like it, so why bring it up again? I clearly showed that selling now isn’t necessary, and I even gave you a simple way to reduce the tax by rotating into another stock, even the same one would work.

How sure are you that what’s happening is actually CGT-related? We’ve had similar red periods earlier this year, long before the CGT issue came up, so how can you be so certain? I come in peace ooo.

jonnysessy:
I thought that NIDF will pay a quarter dividend today. But, i am yet to get any alert. Please has anybody been credited,

mikeapollo:
According to what the tax man (Taiwo Oyedele) said, they would use the price at which you bought the shares in the past as the ''cost price''.
So even if you bought Oando in year 2000 at N1, they will deduct the N1 from the selling price (e.g. N50 in 2026)and then calculate 30% on the gain of N49. Hence, they have ignored inflation, currency purchasing parity. devaluation etc
He said even though it sounds punitive and unfair, that is what the law says, and if the law is to be implemented, that is how it would be done.

ogawisdom:
Dangote is about to get richer, dude is a typical AGIP. The good thing is that it will appreciate naira and reduce FX pressure.

We as investors will still benefit by buying into Dan petroleum refinery shares too

abuhusna1:
Why are we worrying over cgt. It will start January 2026 but the first payment wont be due till jan 2027. That is enough time to figure out how you want to play the game on ngx with the introduction of taxes

adamkkk:
it not apc achievement oga

that's a private refinery

yMcy56:
OANDO
Tranche 1 bonus added to individual's CSCS account.....
Where are the naysayers that called this bonus AUDIO?
What have you got to say abi you don silent?

Streetinvestor2:
Walahi I thought APC sabi propaganda till I listened to the balablue of Ellahkpakus egm

Ogas bought at 2.8 and pumped to dump above #10.They could not tell shareholders how much was the specific loan they provided

The said they want to raise 250 billion but refused to specify what they are buying. All they came for was just to pass resolution by yeye shareholders and proxy. They didn't even specify if thr will be RI for existing shareholders.

You want to answer questions and give clarification after you have passed resolutions.So what use is the questions coming later and written on paper. They will only be good for dustbin.

The management did not say the present position of mill they promised to commission last month.

You talked about 500k hectares of farm and didn't bring video evidence. You claimed you have spent few billions on it

You gave shareholders 3 page of document with nothing really inside as stated by someone in the meeting.


One member here claimed the have already raised the money. I didn't hear such pronouncement in the meeting. Next month I go drag that member and kpakus like tiger generator.


The insiders and thr gang here don cash out on some innocent investors...na me talk the unspeakable

Streetinvestor2:
We will not allow ellahlakes kpakus cause any burst on ngx.
We talk with facts.
They are part of the fraud. No be only picture of the farm.The farm they have been lying about even when they live in benin. They made the address secret like coca cola recipe.
Share appreciation is not the yeild stick to measure if a company is a fraud or not.
Did people make money in MBA forex and cbex.Yes they did.Then it bursted. The lies is very glaring everyday. This is why all the interview and paparazzi with stock brokers all this time.
They denied picture of present head office building. Is it that of the farm they would approve. The mill is not being constructed in Jupiter. Let them share a video of the present work in progress of the mill.
You will be hearing everyday from me even if the stock like Let it be manipulated to 100 naira.
The result will come to defend it by next month

fergie001:
If there is one thing I was sure President Tinubu will get right is to have a competent team. His cabinet is a joke, the largest in Nigeria's history. Maybe there are only 5 Ministers that can be called Ministers in my time, 20 years prior. Who is the Ngozi Okonjo-Iweala in this cabinet. Who is the Oby Ezekwesili?

Asked if his anger was his been dropped as a Monster

El-Rufai: Anytime I wake up and see President Tinubu and his team inflicting pains on Nigerians and bungle the simplest things in Governance, things I knew even as DG of BPE,, these guys can't just get it right, I thank God, I am a lucky person. I thank God for saving me from the embarrassment of explaining to be part of this disaster.

crossfm:
Hehehe.

We keep on hearing this for years now.

My annoyance is that both what states generate and what the federal government gives to them have not been able to improve the lives of people in Nigeria.

Our politicians will end up looting the money. In my opinion, corruption should be the first thing any government should tackle first if we need Nigeria to work.

Raider76:
Doesn't the PIA mandate the IOCs to sell first to local refiners? When will that come into effect?