Industrial and Medical Gases Nigeria Plc (IMG) has appointed Aminu Ado as its new substantive chairman. This decision was made at the board meeting held on June 27, as disclosed in a corporate filing with the Nigerian Exchange Limited.
Ado had been acting as chairman since July 2022 before his confirmation.
Ado brings a strong background in business administration and finance to his new role. He holds a B.Sc. degree in Business Administration from Ahmadu Bello University Zaria, specializing in Actuarial Science.
Ado is a Member and Fellow of the Association of Chartered Certified Accountants in the UK, a member of the Chartered Institute of Taxation of Nigeria, the Nigerian Institute of Management, and an Associate Member of the Institute of Directors.
He is also the Managing Director of TY Holdings Limited and a non-executive Director on the Board of Unitrust Insurance Company Ltd.
IMG has reported significant financial growth recently. The company’s total revenue rose to N6.06 billion at the end of 2023, up from N5.33 billion in 2022. Profit after tax also increased, reaching N850 million from the previous year’s N440 million.
Additionally, the total comprehensive income saw a 295% increase, jumping from N215.97 million in 2019 to N852.75 million in 2023. Earnings per share rose steadily from 52 kobo to N1.71.
For its 2023 financial performance, the company declared a dividend of 50 kobo per share, totaling N249.47 million, which was approved by shareholders at the last Annual General Meeting.
Source: Punch