₦airaland Forum

Tinubu is destined to rule for 4+4 =8 yrs and complete the fiscal reforms of Nigeria
Gbajue is destined to watcg in deep pain.
No to Mr Gbajue.

If GTCO jumped from ₦8.03 to ₦11.00 (a jump of roughly ₦3), Zenith might match the nominal increase or aim for a clean milestone.
​Adding ₦2 or ₦3 to Zenith's previous ₦5.00 yields ₦7.00 or ₦8.00.

Using the logic of competitive correlation, Zenith Bank is highly likely to increase its dividend for FYE 2025 to keep pace with GTCO's performance. Based on the principle of inductive logica, the most logical estimates fall between ₦6.85 and ₦7.00 per share.

Oyedele the tax master who falsified the Nigeria Tax Act.

Newgold is being pumped on NGX and rapidly falling on JSE.

yMcy56:
NEWGOLD @196k....
No be small thing....

*BERGER
https://doclib.ngxgroup.com/Financial_NewsDocs/46449_BERGER_PAINTS_NIGERIA_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_MARCH_2026.pdf

* INFINITY
https://doclib.ngxgroup.com/Financial_NewsDocs/46448_INFINITY_TRUST_MORTGAGE_BANK_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_MARCH_2026.pdf

Newgold ETF Enters Arbitrage Territory Between Nigeria and South Africa.
Newgold, an exchange-traded fund (ETF), issued by ABSA is now the focus of a notable cross-border arbitrage opportunity.
It is primarily listed on the Johannesburg Stock Exchange (JSE) in South Africa and secondarily listed on the Nigerian Exchange (NGX) in Nigeria.
I have been closely monitoring this low-volume ETF on the NGX since January 2026. The price action reveals a striking divergence: on the NGX, Newgold appears to be artificially pumped, with its market price rising sharply and seemingly defying normal downward pressure. In contrast, the identical ETF is in free fall on the JSE, where the price has dropped significantly.
Credit to South African traders (including those using ABSA platforms). By exploiting this price gap, they are legally converting Nigerian naira into South African rand — effectively absorbing scarce foreign exchange from Nigeria’s already limited reserves.
I believe the NGX should take urgent regulatory or operational steps to address this imbalance.
Current prices (as observed):
On the NGX: ₦186,000 – ₦196,000 per unit
On the JSE: R700 – R740 per unit
Fair-value comparison (using Oanda exchange rates):
₦180,000 ≈ R2,229
R700 ≈ ₦56,384
In other words, based on the JSE price and current exchange rates, the true fair value of Newgold on the NGX should be no higher than ₦56,000 – ₦58,000. The ETF is currently trading at more than three times that level on the Nigerian exchange.
This significant premium creates a clear arbitrage window for traders who can navigate the currency and settlement differences between the two markets. Investors should monitor the situation closely, as any corrective action by the NGX or a convergence in prices could rapidly close the gap.

@op must have suffered from a terrible nightmare and sleep paralysis.
You didn't see Tinubu on the ballot?
You should rather pray that Gbajue should be on the ballot.
Your hatred for Tinubu would never allowed you to have a pleasant dream.
Go back to sleep, u would dream that Mr Gbajue is going back to LP where the new electoral act would render him handicap 2.

Customer dada ni. Known time waster.
Aburo gbajue omo una. Valueless politician.
Una would always be una. They do what they know how to do best, want to show ingratitudes ,dominate and destroy their hosts.
Next Anambra governor ??2045
Rejected by Enugu
Adopted by Abia.
Kinsman of Yoruba and Una
No way for you in Yoruba land.
Go to Anambra straight.

Logic is a criterion for evaluating arguments.
In this context:
Skye Bank acquired Afribank and subsequently collapsed ("KPAI". (T)
It was later taken over by the Central Bank of Nigeria (CBN) and rebranded as Polaris Bank.(T)
Access Bank has acquired both Intercontinental Bank and Diamond Bank.(T)
Question: What is the logical fate of Access Bank?
Conclusion:
Therefore, Access Bank is on its way to suffering the same fate that befell Skye Bank. This statement is true. There is no negation to warrant further argument.

This is an example of logical analysis, similar to the following inference:
EDUECO is a forum member of NSEMPA.(T)
99% of NSEMPA members are investors or traders in the NGX.(T)
Therefore, EDUECO is most likely an investor or trader.(T)

EDUECO:
Skype Bank acquired Afribank Bank and died. Skye Bank was later taken over by CBN it is now called Polaris Bank.

Access Bank acquired Intercontinental and Diamond Banks.

I am very sure Access Bank will acqure First Bank one day!

Bolaji is paranoid.
The sponsors of terrorists know themselves.
The Atikus,
the Caliphates,
the hell-raising Rufais,
and the Tambuwas.

E LO FI OKAN BALE, CARDOSO N SE ETO LOWOLOWO.

presiade:
Why is Cardoso holding the banks by the jugular? He should allow them to release their audited financial reports.

This represents the symbolism of a company poised for listing on the NGX.

In the veiled chronicles of the Veiled Exhalers, where the Pale Monarch once reigned over the ethereal currents drawn from the northern veiled spires, a subtle eclipse unfolded beneath the crimson veil of the southern hearth.
The Pale Monarch discarded its frost-kissed shroud of azure frost and emerged as the Echo-Weave Sovereign, murmured in shadowed tongues as Aetherweft. Its primal crucibles of vital mist and sharpened flame endured unaltered, now thrumming in deeper harmony with the pulse of the ochre loam.
Among the rune-wardens of the Lion’s Eternal Scroll, faint echoes hinted that this reborn weaver might soon etch its sigil upon the exalted tablets of the Great Exchange, granting the uninitiated seekers a sliver of its veiled dominion through the sacred bonds of claim.
Thus, the wisdom of the distant veiled ones fused with the unyielding ember of the native soil, reshaping the vessel in silence so its inner radiance might blaze undimmed amid the southern haze—a quiet metamorphosis where foreign breath becomes indigenous fire, and the unseen currents flow ever freer.
Only those who truly pierce the layered veils shall discern the core transmutation concealed herein.
What say you, seeker—does the riddle yield, or does it deepen?

Yes
Gold is up 1.8%
Market is highly volatile.
S&P is down again on live view.

EquityM:
S&P is up at the moment.

We're on completely opposite ends of the spectrum. Trading isn't in my circle of competence at all.
I will humbly refer you to my good NSEMPA friend, Mr Locodemy, aka Loco index, aka STOCKPROMOTER.
I'm quietly praying the war continues long enough for Zenith Bank and GTCO to drop my significant dividends, so I that I can use the proceeds to top up my S&P 500 and BRK.B positions.

EquityM:
I'm currently trading ETFs alongside equity funds in Nigeria. I hope the ongoing war comes to an end.

What the Equity Markets Have Taught Me in March 2026
I have long dreamed of building a billion-Naira portfolio — roughly equivalent to several hundred thousand US dollars at current exchange rates. I never imagined it would happen sooner than expected.
In the past, I had opportunities but often sabotaged myself through fear and impatience. At the peak of the COVID-19 pandemic in 2020, I confidently did exactly that with my foreign portfolio. Before the pandemic, I had built a US portfolio worth about $15,000. When it dropped by $3,000 in a single week, I panicked, hit the sell button, and vowed never to invest in US equities again.
That painful experience pushed me to focus on the Nigerian Exchange (NGX). My local investments paid off handsomely by late 2024.
As the saying goes, the day you stop learning is the day you start dying. By early 2023, I began reading widely about global markets and gained a much deeper understanding of the US market. I soon realized my mistake: if I had simply held onto my positions in Berkshire Hathaway (BRK.B), Tesla (TSLA), and S&P 500 index funds, that $15,000 portfolio I sold would have grown to more than $80,000 by mid-2023.
I decided to study the US market seriously and discovered its core secret is surprisingly simple: stay the course, even when you have no new money to add. Markets always recover — often aggressively.
The volatility I faced in 2020 nearly repeated itself in early 2026. Experience is said to be the best teacher, but in our generation, the experiences of others can teach us even faster and less painfully.
I am now far more comfortable with volatility. I had prepared for turbulent times, and the "shield" I built around my US holdings protected me well.
I noticed a clear pattern: whenever the 47th US President (Donald Trump) announced positive news about easing hostilities in the Middle East, US stocks rallied strongly. When Iranian officials pushed back against the news, the market turned bearish and threatened to devour my gains. Yet my strategy held firm.
So far, I have not lost more than $15,000 from a peak unrealized gain of over $65,000. The key lesson? Volatility is the unavoidable price we pay for the ambitious goal of compounding wealth in the US market.
By contrast, patience is the main price of building serious wealth on the Nigerian Exchange (NGX). It may move more slowly, but it rewards those who stay committed.
Overall, investing is an intrinsic habit with no finish line and no point of full satisfaction. To build real wealth, one must eliminate contentment and keep pushing forward. I often ask myself: what continues to drive Tony Elumelu, one of Nigeria’s most prominent investors? Through his company Heirs Energies, he recently acquired a major stake in Seplat Energy, becoming its largest shareholder in a nearly $500 million deal. There is simply no room for contentment in wealth building.
It is a marathon — full of excitement on green days and quiet reflection on red ones.

Lol

jonnysessy:
You used Ai generated drawing to bury him.

Lol
It was a bunker-busting B-52 precision ordnance-guided message that was delivered. AKA stone word.

jonnysessy:
Yes i monitored the role you played in sending him packing. Though, a few thought that you were a bit hard on him. I really did not see it like that, imagine the millions of people he might have misled. Whoever bought that chaff would be in regret today. If you average down on some stocks you will continue to go down with the stocks.

You ought to acknowledge the key role I played in sending the aggressive ROYALEX promoter packing from this thread. My direct and hard-hitting message triggered the chain of events that liberated the discussion from his constant disruptions.

ppogba:
Just like yesterday, not to long ago, someone was harassing us with ROYALEX on the platform. It was projected as the next best thing after Agbalumo. Then it was a little over N2. Now Alaye ROYALEX is dancing between N1.78 thereabout.

Bottom line: Beware of what is being push down your throat on this platform.

Pardon my sin.

When the Dangote Petroleum Refinery Became a Cornerstone
In my childhood, while studying the New Testament, I vividly remember Jesus referencing Psalm 118:22: “The stone the builders rejected has become the cornerstone.” This metaphor appears in several passages, including Matthew 21:42, Mark 12:10, Luke 20:17, Acts 4:11, and 1 Peter 2:7.
In 2025, I wrote a short piece titled “The Rich Also Cry,” reflecting on the tears shed by Africa’s richest man, Aliko Dangote, as he battled severe challenges in getting crude oil for his newly built refinery. The difficulties stemmed partly from legacy issues, including forward sales of Nigerian crude under previous administrations that limited immediate domestic supply. Undeterred, Dangote sourced crude from international markets, including the United States, and successfully ramped up operations.
The Dangote Petroleum Refinery in Lagos, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. Yet, as it approached full production in 2025 and reached peak capacity in early 2026, entrenched interests in Nigeria’s oil sector—often referred to locally as “cabals”—resisted domestic refining. Many preferred the status quo of importing refined petroleum products, which had long generated significant profits for importers.
Dangote repeatedly urged the government to phase out fuel import licences, arguing that the refinery could not only meet Nigeria’s entire domestic demand but also produce surplus for export. Critics accused him of seeking a monopoly. Meanwhile, tensions escalated when labour unions, including the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Trade Union Congress (TUC), and the Nigeria Labour Congress (NLC), clashed with the refinery over issues such as unionisation rights, working conditions, and distribution logistics. Dangote described some of these actions as sabotage. The Federal Government of Nigeria eventually intervened to mediate and restore stability.
No one could have fully anticipated the dramatic turn of events in the Middle East. Ongoing conflicts, including disruptions linked to tensions involving Iran in 2026, have damaged oil facilities, restricted shipping routes like the Strait of Hormuz, and caused sharp spikes in global crude prices and refined product shortages. Suddenly, the very marketers and importers who once shunned Nigerian-refined fuel from the Dangote Refinery found themselves competing with buyers from across Africa.
Indeed, the stone that the builders rejected has become the cornerstone.
Just as many initially rejected the message of Jesus, who became the cornerstone of Christian faith and salvation, the Dangote Refinery—once fiercely opposed and undermined—is now emerging as a vital national and regional asset. Vice President Kashim Shettima has described it as a strategic national asset that is helping transform Nigeria from a net importer into a potential net exporter of refined fuel.
As of early 2026, the refinery is operating at full capacity and has begun exporting significant volumes of petroleum products. In recent weeks alone, it shipped 12 cargoes totalling 456,000 tonnes of refined fuel to countries including Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. Additional African nations, such as South Africa, Ghana, and Kenya, have approached the refinery seeking long-term supply deals amid global supply uncertainties.
Today, the Dangote Refinery supplies not only Nigeria but also other African countries, enhancing regional energy security at a time of international volatility. It stands as a powerful symbol of resilience, vision, and the triumph of domestic industry over entrenched opposition.
The journey has not been easy, but the refinery’s rise illustrates a timeless truth: what is dismissed today may well become the foundation tomorrow.

When the Dangote Petroleum Refinery Became a Cornerstone
In my childhood, while studying the New Testament, I vividly remember Jesus referencing Psalm 118:22: “The stone the builders rejected has become the cornerstone.” This metaphor appears in several passages, including Matthew 21:42, Mark 12:10, Luke 20:17, Acts 4:11, and 1 Peter 2:7.
In 2025, I wrote a short piece titled “The Rich Also Cry,” reflecting on the tears shed by Africa’s richest man, Aliko Dangote, as he battled severe challenges in getting crude oil for his newly built refinery. The difficulties stemmed partly from legacy issues, including forward sales of Nigerian crude under previous administrations that limited immediate domestic supply. Undeterred, Dangote sourced crude from international markets, including the United States, and successfully ramped up operations.
The Dangote Petroleum Refinery in Lagos, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. Yet, as it approached full production in 2025 and reached peak capacity in early 2026, entrenched interests in Nigeria’s oil sector—often referred to locally as “cabals”—resisted domestic refining. Many preferred the status quo of importing refined petroleum products, which had long generated significant profits for importers.
Dangote repeatedly urged the government to phase out fuel import licences, arguing that the refinery could not only meet Nigeria’s entire domestic demand but also produce surplus for export. Critics accused him of seeking a monopoly. Meanwhile, tensions escalated when labour unions, including the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Trade Union Congress (TUC), and the Nigeria Labour Congress (NLC), clashed with the refinery over issues such as unionisation rights, working conditions, and distribution logistics. Dangote described some of these actions as sabotage. The Federal Government of Nigeria eventually intervened to mediate and restore stability.
No one could have fully anticipated the dramatic turn of events in the Middle East. Ongoing conflicts, including disruptions linked to tensions involving Iran in 2026, have damaged oil facilities, restricted shipping routes like the Strait of Hormuz, and caused sharp spikes in global crude prices and refined product shortages. Suddenly, the very marketers and importers who once shunned Nigerian-refined fuel from the Dangote Refinery found themselves competing with buyers from across Africa.
Indeed, the stone that the builders rejected has become the cornerstone.
Just as many initially rejected the message of Jesus, who became the cornerstone of Christian faith and salvation, the Dangote Refinery—once fiercely opposed and undermined—is now emerging as a vital national and regional asset. Vice President Kashim Shettima has described it as a strategic national asset that is helping transform Nigeria from a net importer into a potential net exporter of refined fuel.
As of early 2026, the refinery is operating at full capacity and has begun exporting significant volumes of petroleum products. In recent weeks alone, it shipped 12 cargoes totalling 456,000 tonnes of refined fuel to countries including Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. Additional African nations, such as South Africa, Ghana, and Kenya, have approached the refinery seeking long-term supply deals amid global supply uncertainties.
Today, the Dangote Refinery supplies not only Nigeria but also other African countries, enhancing regional energy security at a time of international volatility. It stands as a powerful symbol of resilience, vision, and the triumph of domestic industry over entrenched opposition.
The journey has not been easy, but the refinery’s rise illustrates a timeless truth: what is dismissed today may well become the foundation tomorrow.

Her chapter is already closed for me.
She can ask her Father.

Harddiskng:
Interesting read.

More often than not, the money just evaporates. Sometimes the reasons are legit, most times the receiver should squanders it (can you blame them free money).

Families remain poor cause everyone want to consume. I can remember a black American actors story when he broke through, family members stated call saying someone along the line of “we are rich”. Baba quickly corrected everyone “we are not rich, I’m rich. If y’all quit your jobs, y’all will starve” lol

Recently i have caution myself about giving anybody “money”. I can pay your fees, buy a gift etc but if its money you want you have to work for it, if you need it.

Question: what would you do when this niece comes back to ask for money again?

Black Tax and the ₦1 Million Lesson: When Family Becomes the Ultimate Financial Liability.
In personal finance, family can often become the biggest financial liability.
I treat this "liability" with extreme caution—almost like avoiding a plague—because in many African communities, particularly among the Yoruba people of Nigeria, it's driven by what's commonly known as black tax. This is the cultural expectation that successful or better-off individuals must regularly support extended family members—parents, siblings, nieces, nephews, cousins, and sometimes even community members—simply because they are "doing better." It's an informal but powerful obligation rooted in communal values, often seen as a social safety net in places with limited government support, but it can hinder personal wealth-building.
Black tax keeps many households afloat in Nigeria and similar societies, but it also fuels a cycle of dependency. Some argue that without it, insecurity and poverty would be far worse. Personally, I find it unacceptable, unavoidable, and undesirable when it becomes endless entitlement rather than temporary help.
Compare it to surviving harsh government policies like high taxes under Nigeria's President Tinubu.
Many people say black tax is actually harder to escape.
I have a niece who repeatedly asked for financial handouts, much like state governors pleading for federal allocations. Three years ago, she requested money again. Instead of giving a direct gift, I sat her down seriously and asked: "What business could you start that wouldn't interfere with your university studies?"
She suggested legitimate options: selling products online via platforms like Jumia, Konga, Facebook Marketplace, or directly to university friends and fellowship members.
I explained that I qualified for a low interest-personal loan through my bank Sterling Bank in Abuja. I offered to explore securing around ₦1 million as seed capital.
I asked her to prepare a simple business proposal outlining her plan, target market, and how she'd repay or grow it.
For the next three months, I mentored her intensively: teaching core principles of business, wealth, and life from Richard Templar's The Rules of... series. I also shared free digital copies of timeless books like Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Fastlane by MJ DeMarco, The Millionaire Next Door by Thomas J. Stanley, The Midas Touch by Robert Kiyosaki, and Why Some Entrepreneurs Get Rich—and Why Most Don't by Kiyosaki and others.
In January 2024, I transferred the full ₦1 million—framed as a low intetest loan from my hard-earned savings via the bank facility—specifically to sidestep the black tax expectation of a free handout.
In mid-2025, when I checked in, she said things were going "fine" with the business.
But just three weeks ago, the truth emerged: she had diverted the entire amount to pay for a minor surgery because her father refused to cover it. Now, she could no longer account for the ₦1 million intended strictly for entrepreneurship.
The lesson here is sobering: Some people repeatedly pass over opportunities—and POOR truly stands for "Passing Over Opportunities Repeatedly."
Many Nigerians and people in similar emerging economies have had better starting points or chances than today's billionaires like Tony Elumelu or Jim Ovia, yet they never capitalized on them due to poor decisions, entitlement, or short-term thinking.
This isn't just a Nigerian story—family financial pressure exists worldwide in collectivist cultures, from parts of Asia to Latin America and African diasporas. The key is balancing genuine support with boundaries, education, and accountability to break cycles of dependency and build lasting wealth

Black Tax and the ₦1 Million Lesson: When Family Becomes the Ultimate Financial Liability.
In personal finance, family can often become the biggest financial liability.
I treat this "liability" with extreme caution—almost like avoiding a plague—because in many African communities, particularly among the Yoruba people of Nigeria, it's driven by what's commonly known as black tax. This is the cultural expectation that successful or better-off individuals must regularly support extended family members—parents, siblings, nieces, nephews, cousins, and sometimes even community members—simply because they are "doing better." It's an informal but powerful obligation rooted in communal values, often seen as a social safety net in places with limited government support, but it can hinder personal wealth-building.
Black tax keeps many households afloat in Nigeria and similar societies, but it also fuels a cycle of dependency. Some argue that without it, insecurity and poverty would be far worse. Personally, I find it unacceptable, unavoidable, and undesirable when it becomes endless entitlement rather than temporary help.
Compare it to surviving harsh government policies like high taxes under Nigeria's President Tinubu.
Many people say black tax is actually harder to escape.
I have a niece who repeatedly asked for financial handouts, much like state governors pleading for federal allocations. Three years ago, she requested money again. Instead of giving a direct gift, I sat her down seriously and asked: "What business could you start that wouldn't interfere with your university studies?"
She suggested legitimate options: selling products online via platforms like Jumia, Konga, Facebook Marketplace, or directly to university friends and fellowship members.
I explained that I qualified for a low interest-personal loan through my bank Sterling Bank in Abuja. I offered to explore securing around ₦1 million as seed capital.
I asked her to prepare a simple business proposal outlining her plan, target market, and how she'd repay or grow it.
For the next three months, I mentored her intensively: teaching core principles of business, wealth, and life from Richard Templar's The Rules of... series. I also shared free digital copies of timeless books like Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Fastlane by MJ DeMarco, The Millionaire Next Door by Thomas J. Stanley, The Midas Touch by Robert Kiyosaki, and Why Some Entrepreneurs Get Rich—and Why Most Don't by Kiyosaki and others.
In January 2024, I transferred the full ₦1 million—framed as a low intetest loan from my hard-earned savings via the bank facility—specifically to sidestep the black tax expectation of a free handout.
In mid-2025, when I checked in, she said things were going "fine" with the business.
But just three weeks ago, the truth emerged: she had diverted the entire amount to pay for a minor surgery because her father refused to cover it. Now, she could no longer account for the ₦1 million intended strictly for entrepreneurship.
The lesson here is sobering: Some people repeatedly pass over opportunities—and POOR truly stands for "Passing Over Opportunities Repeatedly."
Many Nigerians and people in similar emerging economies have had better starting points or chances than today's billionaires like Tony Elumelu or Jim Ovia, yet they never capitalized on them due to poor decisions, entitlement, or short-term thinking.
This isn't just a Nigerian story—family financial pressure exists worldwide in collectivist cultures, from parts of Asia to Latin America and African diasporas. The key is balancing genuine support with boundaries, education, and accountability to break cycles of dependency and build lasting wealth.

Could you please stop spamming this thread with aggressive stock promotions? A good stock shouldn't need such an intense campaign. You've made your point; now please give the thread some breathing room.
Thanks

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.

The chief butcher of Tehran was allegedly eliminated early today.
BREAKING : Ahmad-Reza Radan, chief of Iran’s police under the Islamic regime, has been eliminated in a joint U.S.–Israeli airstrike.

His forces were responsible for the brutal crackdown during the January protests, with thousands of Iranians killed…. Show more

​I repeat again.
"Do not bet against the market to shed 50 to 70%".
Prof Agbalowomeri would never tried that despite his strong support for a bear market.
​The Nigerian Exchange (NGX) of 2025/26 is a far cry from the landscape of 2015. It has matured through extreme volatility, proving its resilience by weathering a series of systemic shocks that would have derailed a less evolved market:
​Structural Shifts: Navigating the total removal of fuel subsidies and the subsequent inflationary pressure.
​Monetary Volatility: Absorbing the impact of aggressive currency devaluations.
​Banking Stability: Managing the complexities of the banking sector’s forbearance period.
​Fiscal Reform: Adapting to the implementation of Capital Gains Tax (CGT) and broader Nigerian tax reforms.
​The market isn't just surviving these crises; it is evolving through them.

Joyful365:
S&P 500 is not in the NGX and there's no strong positive correlation between the stock market where the S&P 500 operates and the NGX.

The only common denominator in these markets is crude oil prices. Once you figure out how revenue, income or loss from crude oil is going to flow during or immediately after the war, you can position yourself to win big.

Will Nigeria benefit from rising crude oil prices? Yes, more revenue will flow to the government but it's going to end up in areas that don't directly impact on the purchasing power of the people.

The stock market is sustained by a people with high purchasing power, else everything is a gamble in a bubble.

Purchasing power of the average Nigerian consumer is being decimated now because there's no more subsidy and fuel prices is going through the roof.

Q2 results will reflect this if nomalcy doesn't return soon.

In all of this, I'll bet on the banking sector to remain resilient through this period. Most of everything else is overpriced. It's time for them to drop 50-70% so people can sort through the rubbish and pick up valuable ones

Betting against the market during a crisis has historically been a losing strategy. The "stay the course" mentality is backed by decades of data showing that the global economy is designed to adapt and expand.
History shows the S&P 500 has never lost a war. When the world feels chaotic, markets have survived every crisis thrown at them. This is the reason your portfolio probably will too.

Joyful365:
Increase in crude oil price leads to increase in cost of production and transportation.

If producers transfer the cost to consumers, demand and sales will drop, meaning less revenue.

Stocks in the consumer goods sector will be the first to take a hit in Q1, Q2 2026, then every other will follow gradually till we hit the bottom one year from now.

If you are in good profit, exit and stay in cash or more stable and liquid investment.

With Israel reportedly now targeting energy infrastructure in Iran the world economy is going to feel the impact soon

Zain is now a Multi bilionaire in 🇺🇸

megawealth01:
You are an oldie in this game ooooo
Where is our sweet ZAIN?

Wednesday is the last trading day of the week.
Thursday and Friday are public holidays.

Penny stocks are likely to face a sentiment-driven headwind once Dangote Fertilizer and the Refinery are listed. The only ones that may escape this pressure are those that can attract investors with strong incentives, such as bonuses and consistent dividend payouts. Otherwise, promoters of penny stocks will have significant hurdles to overcome.

yMcy56:
According to Oga Oracle, the ASI will do 235..
Looking at 235/260 range!
I posted it last week and quickly deleted it...😁
But now, is it not looking like it?
ASI is above 200 now....
It's well o

The likes of DANGCEM is still watching, my VFD still piping low 😁, TRANSPOWER never even shake body, talk less of TRANSCORP, OANDO, etc....😊

MTNN: Analysts in Cardinal Stone already give a new fair value....

* They should sha allow the goodies flow to penny stocks too.

Kudos boss! 🍾🍸🍾