₦airaland Forum

megawealth01:
💯

Kingzjayzee:
Arise News Anchor and Analyst Dr. Chiogo Constance Ikokwu has announced her leave of absence from the profession to join politics.



https://www.vanguardngr.com/2026/04/arise-news-anchor-constance-ikokwu-joins-politics/

mikeapollo:
Okay, thanks.
I guess most shareholders would opt for shares

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.

ositadima1:
But there was no state of Israel before the 1940s, you can confirm this. Israel as a country was established in 1948. One could even argue that Nigeria, as a country, is older. This is a fact you can verify. In all your long writing, you never mentioned why there was no Jewish state prior to the 1940s In fact, there were no Jews living in those lands. They came from all over the world; this shows a gap in your knowledge.

Why don’t you calm down and do some research, or ask me respectfully so I can explain it to you?

pluto09:
The Merger will be consummated through a Scheme of Merger (the “Scheme”) under Section 711 of
the Companies and Allied Matters Act, 2020 Act. Under the Scheme, Unity Bank will merge all its
assets, liabilities and undertakings with that of Providus Bank, with Providus Bank being the surviving
entity. Following the completion of the merger, Providus Bank will be rebranded and renamed
Providus-Unity Bank Limited (the Enlarged Bank” or the “Enlarged Entity”) to reflect the integration
of both institutions, subject to the provisions of the Scheme. Consequently, the entire issued share
capital of Unity Bank shall be cancelled and Unity Bank shall be dissolved without being wound up.

megawealth01:
I begged people to buy UNITY BANK sotey someone was wishing me badlluck but Jesus no shame me at all...

I have resumed begging again. Abeg if you can enter the rebranded UNITY BANK the first week of listing just HOLD am at your own RISK

SonofElElyonRet:
My stockbroker just shared on WhatsApp platform that union dicon resumes production

Starpro87:
Good day, bro.

So I was able to move the funds in my wallet, after which I was able to place order for stock.

For almost 2 days, it is saying executing .

Is that alright, or something is still missing?


Please note that I'm new in this whole stock stuff.
Thanks and thanks again.

ositadima1:
Let me focus strictly on Dangote Sugar, because once you strip away market momentum, the numbers tell a much more constrained story.

Starting with operating performance. In Q3-2025, Dangote Sugar generated about ₦43bn in operating profit (EBIT), while finance costs were roughly ₦30bn in the same quarter. That immediately tells you something important: about 70% of operating earnings was absorbed by interest expense. So even before talking about growth or valuation, the business is operating under heavy financial pressure.

If you annualise Q3 operating performance conservatively, EBIT comes to roughly ₦170bn. Applying a normal Nigerian corporate tax rate of 30%, normalized after-tax operating profit (NOPAT) is approximately ₦119bn. That is the sustainable earning power of the operations before reinvestment and financing effects.

Now look at what those earnings are generated on. As of September 2025, total assets stood at about ₦1.02 trillion, with cash of roughly ₦80bn. Removing cash gives operating assets of approximately ₦936bn. When you divide normalized NOPAT by invested capital, you get an operating return:

₦119bn ÷ ₦936bn ≈ 12.7% ROIC

That number matters only when you compare it to the cost of capital.

To estimate the cost of capital, start with equity. Nigeria’s long-term risk-free rate is around 15%. Add an equity risk premium of about 10%, and apply a beta of roughly 1.1 for a leveraged consumer industrial business. That gives a cost of equity of:

15% + (1.1 × 10%) ≈ 26%

Now look at debt. Based on reported finance costs and outstanding borrowings, Dangote Sugar’s pre-tax cost of debt is roughly 18–20%. After the tax shield, that comes down to about 13%.

Given the company’s capital structure, roughly 70% debt and 30% equity in economic terms, the weighted average cost of capital works out to:

(30% × 26%) + (70% × 13%) ≈ 17% WACC

This comparison is critical. Dangote Sugar’s ROIC of ~12–13% is below its WACC of ~17%. That means, on a purely economic basis, the business is not currently creating value with growth. At best, it is treading water.

Growth also requires reinvestment. Even assuming a modest 4% long-term growth rate, and using the current ROIC level, the reinvestment requirement is:

Reinvestment rate ≈ g ÷ ROIC
≈ 4% ÷ 12.7% ≈ 31%

Applied to NOPAT, that means Dangote Sugar must reinvest roughly ₦37bn every year just to sustain low-single-digit growth. That reinvestment comes before any free cash is available to capital providers.

After reinvestment, free cash flow to the firm is approximately:

₦119bn − ₦37bn ≈ ₦82bn

That is enterprise-level cash flow, before debt service. And this is where the balance sheet becomes decisive.

Financial liabilities are still above ₦736bn, while cash is under ₦80bn, leaving net debt of roughly ₦650bn. With this level of leverage, a significant portion of enterprise cash flow is structurally redirected to lenders. The Q3 interest burden already demonstrates this reality in practice.

Cash flow confirms the picture. Despite reporting profits, operating cash flow remains weak and at times negative, meaning the business is still not self-funding. It continues to rely on refinancing, short-term borrowing, and working-capital movements rather than internally generated surplus cash.

This is why enterprise value on its own can be misleading here. Yes, EV captures the whole business, but when ROIC is below WACC and leverage is high, enterprise value does not automatically translate into equity value creation. The economics are constrained by financing, not optics.

On backward integration, the financial statements are very clear. Biological assets are about ₦18–19bn, which is less than 2% of total assets, and that figure has not grown meaningfully year-on-year. Inventories, at around ₦130bn, are still dominated by imported raw sugar and refined stock. Gross margins remain around 19–20%, which suggests that local sourcing has not yet reduced FX exposure or input costs in a material way.

If backward integration were already working at scale, we would expect to see ROIC rising, margins expanding, or operating cash flow improving. None of those shifts are visible yet in the numbers. For now, backward integration remains a long-term strategic promise, not a current economic driver.

So when Dangote Sugar is highlighted based on Q3 performance or enterprise value, I think the math needs to be acknowledged. The business is operating with ROIC below WACC, heavy reinvestment needs, and a leveraged balance sheet. Any upside case is therefore macro-dependent, on lower interest rates, FX stability, and time, rather than already embedded in the operating fundamentals.

That distinction is important if we’re being honest about what the numbers are actually saying.

Numbers first, narratives later.
-- ositadima1

Starpro87:
It's settled.
Thanks for your timely response.
God bless you.

Starpro87:
Hi, good day.

I funded my Investnaija account, hoping to invest in Aradel holdings.

System is telling me insufficient fund to buy stock, whereas I allegedly have sufficient funds there.

Please what could be the issue, or is there something I'm not getting right?

Please do well to reply to my inquiry.
Thanks in anticipation.

KarlTom:
Instead of saying takeover, they are speaking grammar...

https://doclib.ngxgroup.com/Financial_NewsDocs/45950_AUSTIN_LAZ_AND_COMPANY_PLC-AUSTINLAZ_PRESS_RELEASE__CORPORATE_ACTIONS_FEBRUARY_2026.pdf

cocolacec:
Lasaco

https://doclib.ngxgroup.com/Financial_NewsDocs/45951_LASACO_ASSURANCE_PLC.-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_FEBRUARY_2026.pdf

cocolacec:
OANDO

https://doclib.ngxgroup.com/Financial_NewsDocs/45938_OANDO_PLC-_YEAR_END_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_FEBRUARY_2026.pdf

Stockpromoter:
ROYAL EXCHANGE (ROYALX) – Q4 2025 IN FOCUS
Market attention is shifting to Royal Exchange Q4 2025 numbers, as current forecasts point to over ₦1bn profit after tax in Q4 alone. This is significant because Q4 is typically the strongest quarter for insurance firms due to premium recognition, investment income and claims adjustments.
If Q4 delivers ₦1bn+ PAT, even a modest or breakeven performance in Q1–Q3 means FY 2025 unaudited results will close positive, confirming a clear turnaround for the company.
A strong Q4 would:
Validate Royal Exchange’s earnings recovery
Reset market perception from survival to growth
Support a re-rating ahead of audited results
As long as the Q4 profit is largely operational and not just one-off accounting gains, the market is likely to price in the turnaround before full-year numbers are released.
In insurance stocks, earnings inflection always comes before price breakout. Q4 2025 is the key trigger to watch.

yMcy56:
We are all still talking books self.
What can we say about other stocks selling way above their peers, book values or any metric for that matter?
Once the happening guys reason am, we'll all see it repriced closer to its peers in the sector. 😊

MEYER OS: 531M
BERGER OS: 289M
CAP OS: 815M

Yes, revenue may varies but it's share price looking at market events is way lower than others in the group.......
Street/Pumping analysis 😁

unite4real:
it is more expensive compared to its peers. CAP now the cheapest, followed by Berger paint.

yMcy56:
CARDTRONICS acquired 66.7M (61.76%) out of the 108M of NCR, anything can happen here too......people can Google CARDTRONICS...😊

Mpeace:
Let me just say it here so that e go leave my mind.

Since TOE entered Seplat I never get myself.
If I dey there when him dey plan enter, I for no gree make them let that man enter.
I for ask him to first arrange Transcorp into a good dividends paying company. No be to dey declare excellent result all year round then come dey pay kobo kobo dividend.

Transcorp don dey become jijo stock.

mikeapollo:
I don't intend holding brief for any company.
Company prior performance is very fundamental, no doubt. But we must understand that there are various factors that influence the share price. Expectations of future prospects and rewards is also very key. We may never know what some insiders may know.

nicestlady:
Any thoughts on the MCO Penny ltd savings? It promises 26% interest per annum with upfront interest payment. How safe is it? Anyone invested before?

Streetinvestor2:
I have been wanting to ask because u are definitely not new to this thread. Watin be the old handle...e get why,lol

yMcy56:
Well, I don't know who's behind this moniker but your caution is not bad.

However, if you follow some recent news on Premier Paints, maybe you'll get yourself updated the more.

No one is paying me for info here, so I won't say much.
Where have you even seen the Premier Paints to buy now self?

On ASO SAVINGS, there are some reasons some of us picked when suspension was lifted, if it had delivered 10 baggers by now, some people won't come and castigate it.

DEAPCAP that was the toast of investors now, was once on life support but now, it's getting things right.

CBN played politics with ASO, if not they would have allowed the company restructure and get on the right track as well.

ppogba:
Please, where and how can one get the form?