Industrial and Medical Gases Nigeria : & MEDICAL GASES NIGERIA PLC- NCCG REPORT

FINANCIAL REPORTING COUNCIL OF NIGERIA

(Federal Ministry of Industry, Trade & Investment)

TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

Section A: Introduction

Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities’ levels of transparency, trust and integrity, and create an environment for sustainable business operations.

The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the “Apply and Explain” approach in reporting on compliance with the Code. The ‘Apply and Explain’ approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.

This will help to prevent a ‘box ticking’ exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognizes that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.

This form seeks to assess the company’s level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

Please read the instructions below carefully before completing this form:

Every line item and indicator must be completed.
Respond to each question with “Yes” where you have applied the principle, and “No”

where you are yet to apply the principle.

An explanation on how you are applying the principle, or otherwise should be included as part of your response.
Not Applicable (N/A) is not a valid response.

Section B – General Information

S/No.	Items	Details

i.	Company Name	INDUSTRIAL & MEDICAL GASES NIGERIA PLC

ii.	Date of Incorporation	12TH NOVEMBER 1959

iii.	RC Number	RC 2035

iv.	License Number

v.	Company Physical Address	PLOTS 1-3, BLOCK H, APAPA-OSHODI
		EXPRESSWAY, OSHODI, LAGOS

vi.	Company Website Address	https://www.img-ng.com

vii.	Financial Year End	31ST DECEMBER

viii.	Is the Company a part of a Group/Holding Company?	YES
	Yes/No	TY HOLDING LIMITED
	If yes, please state the name of the Group/Holding
	Company

ix.	Name and Address of Company Secretary	ADERONKE SEGUN-ALABI (MRS).

x.	Name and Address of External Auditor(s)	DELOITTE & TOUCHE

xi.	Name and Address of Registrar(s)	FIRST REGISTRARS & INVESTORS SERVICES

xii.	Investor Relations Contact Person	ADESHINA ALAYAKI
	(E-mail and Phone No.)	adeshina.alayaki@img-ng.com
	08022238613


xiii.	Name of the Governance Evaluation Consultant	NONE APPOINTED YET

xiv.	Name of the Board Evaluation Consultant	HNC Professional Services

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

Section C – Details of Board of the Company and Attendance at Meetings

1. Board Details:

S/No.	Names of Board Members	Designation	Gender	Date First Appointed/	Remark
		(Chairman, MD, INED, NED,		Elected
		ED)
1.	ALABI, ABIODUN OLABODE	CHAIRMAN	MALE	14TH APRIL 2005	DECEASED
					24th June
					2022

2.	ADO, AMINU	ACTING CHAIRMAN	MALE	Appointed as Director	Appointed
				26th January 2022	as the
					Acting
					Chairman
					7TH July
					2022

3	OSENI, AYODEJI	MD	MALE	15TH JUNE 2016

4	ALAYAKI, ADESHINA	ED	MALE	9TH SEPTEMBER 2010

5	ADELEKE, ADEBAYO	NED	MALE	15TH JUNE 2016

6	OYEDELE, OYENIYI	NED	MALE	10TH MARCH 2016

7	DANJUMA ISHAYA	NED	MALE	26TH JANUARY 2022

8	OLUWADEYI ADEBOLA	NED	FEMALE	26TH JANUARY 2022

9	OJELADE FUNMILOLA	INED	FEMALE	26TH JANUARY 2022

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

2. Attendance at Board and Committee Meetings:

S/No.	Names of Board Members	No. of	No. of	Membership of	Designation	Number of Committee	Number of
		Board	Board	Board	(Member or	Meetings Held in the	Committee
		Meetings	Meetings	Committees	Chairman)	Reporting Year	Meetings
		Held in the	Attended				Attended in
		Reporting	in the				the
		Year	Reporting				Reporting
			Year				Year

1.	ALABI, ABIODUN OLABODE	6	3	BOARD	CHAIRMAN	21	NIL

2.	AMINU, ADO	6	5	BOARD	ACTING	21	8 while he
					CHAIRMAN		was a
						director


				AUDIT	MEMBER	2

				GOVERNANCE	MEMBER	4

				PROJECT	MEMBER	2

3.	OSENI, AYODEJI	6	6	BOARD	MEMBER	21	14



4	ALAYAKI, ADESHINA	6	6	BOARD	MEMBER	21	14



5	ADELEKE, ADEBAYO	6	6	BOARD	MEMBER	21	16

				AUDIT	MEMBER	5	5

				RISK	CHAIRMAN	4	4

				PROJECT	MEMBER	5	5

6	OYEDELE, OYENIYI	6	6	BOARD	MEMBER	21	15

				GOVERNANCE	MEMBER	6	5

				RISK	MEMBER	4	3

				PROJECT	MEMBER	5	4

7.	DANJUMA ISHAYA	6	6	BOARD	MEMBER	21	11

				GOVERNANCE	MEMBER	6	6

				PROJECT	CHAIRMAN	5	5

8.	OLUWADEYI ADEBOLA	6	6	BOARD	MEMBER	21	14

				AUDIT	MEMBER	5	5

				RISK	MEMBER	4	4

				PROJECT	MEMBER	5	5

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

S/No.	Names of Board Members	No. of	No. of	Membership of	Designation	Number of Committee	Number of
		Board	Board	Board	(Member or	Meetings Held in the	Committee
		Meetings	Meetings	Committees	Chairman)	Reporting Year	Meetings
		Held in the	Attended				Attended in
		Reporting	in the				the
		Year	Reporting				Reporting
			Year				Year

9.	OJELADE FUNMILOLA	6	6	BOARD	MEMBER	21	15

				GOVERNANCE	CHAIRMAN	6	6

				RISK	MEMBER	4	4

				PROJECT	MEMBER	5	5

Section D – Details of Senior Management of the Company
1.	Senior Management:

S/No.		Names	Position Held	Gender

1		OSENI, AYODEJI	MANAGING DIRECTOR	MALE

2		ALAYAKI, ADESHINA	FINANCE DIRECTOR	MALE

3		SEGUN-ALABI ADERONKE	HR MANAGER	FEMALE

4.		IROKO, PATRICK	OPERATIONS MANAGER	MALE

5		AKINDURO, MICHAEL	SUPPLY CHAIN & DISTRIBUTION MANAGER	MALE

6		ESINULO, MARTINS	REGIONAL MANAGER (NORTH/WEST)	MALE

7		CHIGBOLU, CHARLES	REGIONAL MANAGER (SOUTH/EAST)	MALE

8		ONAKOYA, WASIU	SAFETY, HEALTH, ENVIRONMENT & QUALITY	MALE
			(SHEQ) MANAGER

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

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Industrial and Medical Gases Nigeria plc published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 18:57:06 UTC.

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All news about INDUSTRIAL AND MEDICAL GASES NIGERIA PLC

Sales 2021	3 699 M 8,03 M 8,03 M
Net income 2021	372 M 0,81 M 0,81 M
Net cash 2021	2 017 M 4,38 M 4,38 M
P/E ratio 2021	10,6x
Yield 2021	–

Capitalization	4 021 M 8,73 M 8,73 M
EV / Sales 2020	0,77x
EV / Sales 2021	0,52x
Nbr of Employees	85
Free-Float	93,5%

Chart INDUSTRIAL AND MEDICAL GASES NIGERIA PLC

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