₦airaland Forum

CLOSED. It was done codedly

SonofElElyonRet:
Are they undertaking or they have undertaken? Is it still on?

Oftentimes, we approach doctors to carry out medical checks even when no obvious symptoms or signs exist. The doctor assesses, examines, investigates which may include though not limited to laboratory tests, scans, X-rays, invasives, or non-invasive probes for dis-ease, the absence of ease, we call disease.
Likewise, every company's financial statement /balance sheet must be checked thoroughly for health, growth/expansion, or dis-ease (disease), the absence of ease; scanned, x-rayed, for signs of poor financial health. Pa Emma and quite a few others, have often and succinctly referenced this in many previous posts, drawing from their years of experience through boom, gloom, and doom. These are skills we must all acquire, searching for signs of fundamental strength or hidden weaknesses. When the maths do not support the talk, caution must be exercised. Reevaluation can detect storms ahead we can either weather through or seek shelter till its passed.

By the way, the World Glaucoma Week (8th-14th March, 2026) [/b]has just ended. Ninety-four percent (94%) of the over 4 percent of the world’s population aged 40 years and above, who have glaucoma, do not know they have glaucoma. So, see an eye doctor to check your eyes and rule out this [b]dreadful cause of irreversible blindness. Happy trading.

DATE : 17 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.

https://www.youtube.com/watch?v=42lJ7lwQQBw

A few stocks I'd be watching closely in today's trading session on the NGX.

Thank you so much

SohSoh:
DATE : 17 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.

Private placements are usually costlier than public offers/listings

mikeapollo:
Private placement at N8.00 per share!
This probably indicates that listing would not be less than N8.

TARGET TECHNICAL EARLY MORNING MARKET COMMENT !!

I thought ARADEL was down yesterday?

How come it opened at same opening price of yesterday?

Bua CEMENT is on Fire!!!

Zenith On Full Bid

No wahala

wiki15:
Private placements are usually costlier than public offers/listings

Battle for FORBES na only Wale dey dull OANDO

Slammmmmmmm:
Bua CEMENT is on Fire!!!

PassiveInvestor:
Zenith On Full Bid

ZENITH vexing....
First time I'm seeing it vexing this much 😳
Used to be very liquid with history of dumping before 😁

** Just market observation**

Zenith smoking +10% with all eagerness.
Class of #100

wiki15:
Private placements are usually costlier than public offers/listings

Really? I have not paid attention to that

UBA is next

samarine:
Zenith smoking +10% with all eagerness.
Class of #100

megawealth01:
Battle for FORBES na only Wale dey dull OANDO

Oando is DEADASS…I’m just waiting for the 2nd tranche to fall in and then yank it off if the price doesn’t buffer up.

megawealth01:
Battle for FORBES na only Wale dey dull OANDO

E'lo fokan bale.
Wale has heard all the anger and complaints, and is cooking something delicious.

samarine:
Zenith smoking +10% with all eagerness.
Class of #100

Seems bank money is now real money.

Cant wait for ETI to lift off. ETI should be trading above Zenith but below GTB.

Have you bought your ETI yet?

#Chilling

Whisper of 875k
NFA/DYOR

samarine:
Zenith smoking +10% with all eagerness.
Class of #100

GT: 119.50
ZEE: 113.30
Gap closed!!
Who's the Oga?
Will know as time goes on....
GT might not want to release the title so easily anyway 😁

All those excess billions, make Dem bring them come VFD o
We needed VFD @20+.....even 40+

** DANGCEM waking up small small......@810 so far.

As we are playing our part with our time and resources to make sure this failed government does not return.

It is high timed sec conduct stress test on brokerage firms starting with Morgan capital.
I believe thr is something wrong with thr capital/finance. I guess that is why old hands doing good job thr must have left in numbers. Why should it take 3 -4 days to honour withdrawal even after acknowledgement .IF you they leave cash thr.I think you should have a rethink

mikeapollo:
E'lo fokan bale.
Wale has heard all the anger and complaints, and is cooking something delicious.

i remember all the OANDO talks in the good old days of SMN....one of the most active thread those days

More than 15 years plus after....nothing has still changed about the coy and yet some investors carry mind dey get hope there

Some people just enjoy loosing money sha

yMcy56:
ZENITH vexing....
First time I'm seeing it vexing this much 😳
Used to be very liquid with history of dumping before 😁

** Just market observation**

Final dividend of N8.00 and above is possible

😂 😂 😂 😂

Slammmmmmmm:
Oando is DEADASS…I’m just waiting for the 2nd tranche to fall in and then yank it off if the price doesn’t buffer up.

feelamong:


i remember all the OANDO talks in the good old days of SMN....one of the most active thread those days

More than 15 years plus after....nothing has still changed about the coy and yet some investors carry mind dey get hope there

Some people just enjoy loosing money sha

Some investors get faith sha

nosa2:
Seems bank money is now real money.

Cant wait for ETI to lift off. ETI should be trading above Zenith but below GTB.

Have you bought your ETI yet?

#Chilling

Above Zenith ke, with no dividend in sight? Dey play🚶🚶🚶

Streetinvestor2:
As we are playing our part with our time and resources to make sure this failed government does not return.

It is high timed sec conduct stress test on brokerage firms starting with Morgan capital.
I believe thr is something wrong with thr capital/finance. I guess that is why old hands doing good job thr must have left in numbers. Why should it take 3 -4 days to honour withdrawal even after acknowledgement .IF you they leave cash thr.I think you should have a rethink

Make I go withdraw my money abeg

😂 🤣 😂 🤣 😂 🤣

Ginalex:
Above Zenith ke, with no dividend in sight? Dey play🚶🚶🚶

We are still keeping the hope alive

emmanuelewumi:
Some investors get faith sha