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Industrial & Medical Gases Nigeria Plc Launches N6.39bn Rights Issue

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Industrial & Medical Gases Nigeria Plc

Industrial & Medical Gases Nigeria Plc has launched a N6.39bn rights issue to fund debt repayment and expansion, offering shares at a 20% discount

Industrial & Medical Gases Nigeria Plc has kicked off a N6.39 billion rights issue, aiming to reinforce its market position and accelerate growth initiatives.

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The company announced that 199,797,458 ordinary shares of 50 kobo each will be offered at N32 per share, on a ratio of two new shares for every five held as of May 21, 2025.

This offer, which represents a 20% discount on the market price of N39.85, will remain open for 28 working days.

Chairman Aminu Ado described the rights issue as a bold step in IMG’s long-term growth strategy, giving shareholders a chance to deepen their investment and participate in the next chapter of the company’s evolution.

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Managing Director and CEO Ayodeji Oseni added that the proceeds will be used to repay outstanding loans and fund targeted business development efforts.

“This rights issue is a defining moment in our journey. We’re focused on unlocking growth and driving long-term stakeholder value,” Oseni said.

IMG’s recent financial performance supports this capital raise. According to United Capital’s Gbadebo Adenrele, IMG grew revenue by 38% to N8.3bn in 2024, while profit after tax surged by over 90% to N1.6bn.

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Adenrele added that the company is using this opportunity to deleverage its balance sheet, enhance cash flow, and fund capacity expansion.

The transaction is being managed by United Capital Plc as lead issuing house, with Meristem Capital Limited as joint issuing house, Morgan Capital Securities as stockbroker, and Lancelot Registrars as registrar.

Also read: Yobe State Health Insurance Targets 38,000 Vulnerable Women, Children

With this move, Industrial & Medical Gases Nigeria Plc reaffirms its commitment to financial discipline, market expansion, and sustained shareholder value.

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Carrick Admits Man United Have Fallen Below Expectations

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Carrick

Michael Carrick admits Man United have fallen below expectations after a poor run of results, urging players to restore the club’s identity

Manchester United manager Michael Carrick has admitted that the club have fallen below expectations following a disappointing run of results, insisting that his players must rediscover the values and identity that have defined the Premier League side.

Also read: NSCDC arrests 22-year-old over cable vandalism in Gombe

Speaking at a press conference on Friday, October 23, 2026, ahead of Sunday’s meeting with Bournemouth at Old Trafford, Carrick described the team’s recent performances as unacceptable and called for a collective effort to restore confidence.

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The manager was particularly critical of Wednesday’s 4-1 Champions League defeat by Como, which he said had been painful to witness.

“Recently we haven’t had a good time, I think that’s pretty obvious,” Carrick said, according to BBC Sport.

“Wednesday was a bad night, and it hurt me to see us play like that. It was unacceptable.”

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United’s struggles have intensified scrutiny of Carrick, with the team enduring a run of seven games without a victory.

Reports of tensions and criticism within the squad have added to the pressure ahead of the Bournemouth fixture.

The former United midfielder said his priority was to ensure the team performed in a way that reflected the club’s traditions and gave supporters reason to be proud.

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“My responsibility is to get a team on the pitch that represents this football club, and the supporters, and they can be proud of in the identity we show,” he said.

“We have gone away from that recently. We all must recognise that.”

Carrick stressed that Manchester United’s history should serve as a reminder of the standards expected from players and staff, particularly during difficult periods.

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He highlighted resilience, humility and hard work as essential qualities, warning that the club could not afford to abandon those principles amid its current struggles.

“The foundation and values of this football club have been etched for many years. I totally understand and get every single one of them,” he said.

“There’s a resilience about this football club that runs very deep. I’ve seen it with my own eyes, I’ve felt it, I know some of the individuals closely who have been a big part of that history.”

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Carrick also rejected any suggestion that the club’s reputation should entitle its players to special treatment.

“Entitlement cannot be at this football club,” he said.

“It was based on being humble, having humility, and hard work. We can never lose that, and I won’t let us lose that.”

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Carrick also declined to rule out leaving captain Bruno Fernandes out of the starting line-up against Bournemouth when asked whether he had considered dropping the Portuguese midfielder.

Fernandes has reportedly criticised Carrick’s tactics following the defeat in Italy, adding another dimension to the scrutiny surrounding the team.

However, Carrick said decisions would be guided by what he believed was best for the club rather than individual considerations.

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“The most important thing for me is the team, the squad and dynamics in the squad,” he said.

“It’s about the football club. I’ll always do what is best for the football club.”

His comments suggest that team selection will be based on collective performance and squad dynamics as United seek to arrest their poor run.

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Manchester United will host Bournemouth on Sunday as Carrick attempts to guide the team back to winning ways and ease mounting pressure.

The manager’s immediate challenge is to translate his call for renewed commitment into an improved performance on the pitch.

Also read: NSCDC arrests 22-year-old over cable vandalism in Gombe

With supporters demanding better results, the Bournemouth encounter presents United with an opportunity to demonstrate greater resilience and begin rebuilding confidence within the squad.

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