The Board and Management of Industrial and Medical Gases Nigeria (IMG) Plc says it will continue to align its strategic objectives to keep production going despite the country’s harsh operating environment.
This is coming as global gas markets battle for survival amid the Ukraine- Russia war that has raised crude oil prices in the international market.
This was further exacerbated by sanctions from western economies on Russia which have tended to halting trade agreements, isolating the economy in various other capacities. However, Russia continues to be a very influential nation in many sectors of the world economy.
Russia is the second-largest exporter of crude oil in the world, making its oil supply a major determinant in the direction of crude oil prices. Also, it boasts of being one of the largest producers of natural gas and clean energy globally.
Speaking during the company’s 63rd Annual General Meeting in Lagos recently, the Chief Executive Officer, Ayodeji Oseni, explained that despite the negative impact of the war on Nigerian economy, IMG’s strategic objectives will still position it 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.
The meeting also witnessed shareholders’ approval of the company’s declaration of one bonus share for every five ordinary shares held by shareholders. The bonus shares underline the company’s strategic decision to reinvest its profit to build a stronger financial base in the near future.
The company recorded another profitable year despite the myriads of challenges in 2021 among which include inadequate/expensive foreign exchange to maximize opportunities, plant breakdowns and increase in energy cost.
