JUST IN: IMG Net Profit Increases By 27% In 2021

Published

4 years ago

June 24, 2022

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JUST IN: IMG Net Profit Increases By 27% In 2021—-Industrial and Medical Gases Nigeria (IMG) Plc, a leading manufacturer of gases, has declared a net profit of N372 million for 2021 financial year.

The profit represented an increase of 27 per cent when compared with N292 million achieved in 2020.

IMG Chairman, Mr Abiodun Alabi, made the disclosure at its hybrid 63rd Annual General Meeting (AGM) on Friday in Lagos.

Its shareholders also endorsed the declaration of one bonus share for every five ordinary shares.

Alabi, represented by IMG Non-Executive Director, Mr Adebayo Adeleke, said the bonus shares underlined the company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future.

He, reviewing the industrial gas market, noted that in spite of the inclement operating environment, the company posted remarkable profits.

He said some of the challenges in 2021 were inadequate/expensive foreign exchange to maximise opportunities, plant breakdowns and increase in energy cost.

“Total revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020 while profit after tax for the year also rose to N372 million from the N292 million achieved in 2020.

“Focus on operational efficiencies, tight cost control measures, improved service delivery, generation of new business and determined efforts by management and staff were responsible for the increase in our bottom line.”, he said.

Its Managing Director, Mr Ayodeji Oseni, explained that the company’s strategic objectives were to position for global competitiveness and enhanced shareholder value through creation of innovative products and services.

Oseni expressed optimism that the company would continue to operate optimally, irrespective of the nature of the operating environment.

“Our strategic objectives in the short and medium term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business.

“Management and staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage, oil and gas, healthcare, energy, and agricultural sectors of the Nigerian economy.

“As an organisation, we will continue to position our business to capitalide on opportunities in these sectors and boast our performance in 2022,” he said.

Meanwhile, shareholders of the company gave their commendations over its performance in the face of the tough operating environment.

Speaking on behalf of other shareholders, Mrs Bisi Bakare said that they were happy at the company’s good performance in all metrics.

“We are quite happy with IMG because with the challenges in the operating environment, the company made profits all round.

“The bonus shares declared is even more than dividend in value and this is commendable, going by where the company is coming from.

“We believe the future of the company is bright,” she said.

Newsmen reports that recent divestment of Linde Group from the company and acquisition of its 60 per cent holding by T.Y. Holdings, increased the Holding’s stake to 72 per cent.

The development led to the change of the company’s name from BOC Gases to IMG as part of brand positioning

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments

Published

2 weeks ago

May 12, 2026

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments—-Three of Nigeria’s largest financial institutions have reported combined fraud-related losses of approximately ₦2.13 billion in their latest audited financial statements, highlighting the growing threat of cybercrime and electronic banking fraud in the country’s financial sector.

The affected institutions include Access Holdings Plc, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc.

According to details contained in the banks’ 2025 financial reports, fraud incidents linked to the three lenders totalled approximately ₦10.29 billion. However, through recoveries, transaction reversals, and security interventions, the banks were able to prevent or recover about ₦8.16 billion, leaving actual losses at approximately ₦2.13 billion.

Among the banks, Access Holdings recorded the highest direct loss to fraudsters, losing an estimated ₦1.24 billion within the financial year.

United Bank for Africa reported over 26,400 fraud-related incidents, with actual losses totalling approximately ₦621.57 million, while Guaranty Trust Holding Company recorded approximately ₦269.44 million in losses tied to fraudulent activities.

Industry analysts say the figures reflect the increasing sophistication of cybercriminals targeting Nigeria’s rapidly expanding digital banking ecosystem.

Most of the fraud cases were reportedly connected to electronic banking channels, including unauthorised transfers, mobile banking compromise, phishing schemes, identity theft, and other forms of digital payment fraud.

The development comes as Nigerian banks continue to accelerate the country’s transition toward a cashless economy through mobile banking platforms, internet banking services, agency banking networks, and digital payment systems.

Despite the losses, the financial institutions significantly increased investments in technology infrastructure and cybersecurity measures during the year under review.

Collectively, the banks reportedly spent over ₦280 billion on technology upgrades, fraud monitoring systems, customer authentication processes, and transaction security enhancements aimed at reducing cyber threats and protecting customer funds.

Meanwhile, the Central Bank of Nigeria has also intensified regulatory efforts to curb financial fraud across the banking industry.

The apex bank recently introduced stricter compliance measures requiring financial institutions to strengthen fraud detection systems, improve transaction monitoring, and respond more rapidly to suspicious activities and customer complaints.

Financial experts have warned that as digital banking adoption continues to rise across Nigeria, banks and customers alike must remain vigilant against increasingly advanced cybercrime tactics targeting the financial sector

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

3 months ago

March 9, 2026

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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