Table of Contents
Key Points
- IMG shareholders approve $4.2 million rights issue to expand gas operations, backed by majority owner and Nigerian billionaire TY Danjuma.
- 2024 revenue jumped 38% to $5.4 million, with profit nearly doubling, driven by cost control and strong demand for medical and industrial gases.
- TY Danjuma expands investment footprint, acquiring Notore Chemicals and taking over a hydroelectric project to boost regional infrastructure and energy.
Industrial and Medical Gases Nigeria Plc (IMG), a leading supplier of medical and industrial gases controlled by Nigerian businessman Theophilus Yakubu (TY) Danjuma has received the green light from its shareholders to raise N6.5 billion ($4.2 million) through a rights issue as part of its broader plan to grow and diversify operations.
The company, majority-owned by former defense minister TY Danjuma, said details such as the offer price and launch date will be announced soon. Shareholders also approved changes to the company’s Memorandum of Association to reflect the planned increase in share capital.
Shareholders support bigger vision
IMG, formerly known as BOC Gases Nigeria Plc, manufactures and distributes a range of gases used in hospitals, factories, and laboratories across the country. Its portfolio includes oxygen, nitrogen, carbon dioxide, argon, and welding products, as well as various medical equipment.
Despite ongoing economic pressures, the company delivered a solid performance in 2024, revenue climbed 38 percent to N8.38 billion ($5.4 million), up from N6.06 billion ($3.92 million) the previous year. Profit after tax nearly doubled to N1.62 billion ($1.05 million), highlighting effective cost management and a resilient business model.
To support its next stage of growth, shareholders also approved the conversion of a N5.5 billion ($3.56 million) shareholder loan, including accrued interest, from TY Holdings, the company’s majority shareholder. Alongside this, they backed a bonus share issue of one ordinary share for every 10 held and a N400 million ($0.26 million) dividend payout, translating to N0.80 per share.
Inside Danjuma’s expanding investment empire
TY Danjuma, who holds a 72 percent stake in IMG, has long been a top figure in Nigeria’s business scene. Known not only for his wealth but also for his commitment to philanthropy, he is the founder of South Atlantic Petroleum, one of Nigeria’s prominent oil exploration companies. His investments span several sectors, and IMG is just one part of a much larger portfolio.
In August 2024, he joined forces with Nigerian entrepreneur Thomas Etuh to acquire Notore Chemical Industries Plc in Onne, Rivers State. The $150 million deal, executed through TY Holdings and Tak Agro, gave them a 60 percent stake in the company through a special placement arranged by Kwararafa Africa Limited. The move is expected to breathe new life into Notore’s fertilizer operations, with fresh capital aimed at boosting efficiency and improving shareholder returns.
A few months later in October, Danjuma took over operations at the Kashimbila Hydro Electricity Dam in Taraba State. The handover marked the start of a long-term effort to bring stable power to the region. Speaking at the event, he called it a major step forward but cautioned that local infrastructure would need significant upgrades to handle the dam’s output. Alongside power generation, the project is part of a broader development push, including a new airport and luxury hotel, aimed at turning Taraba into a regional tourism hub.
