13 December 2018

Nigeria: VFD to Raise N7 Billion, Targets Investments in Financial Services

To expand its business and capital, shareholders of VFD Group, has approved to raise N7billion through equity and debt conversion of the Group to a public liability company (VFD Group Plc).

The shareholders at its yearly general meeting held recently in Lagos, also approved the appointment of new directors including, Olatunde Busari, as Chairman, while disclosing of plans to acquire a banking licence.

Group Managing Director, VFD Group, Nonso Okpala, unveiled plans to become the leading financial services company not only in Nigeria but in Africa.

He said: "We anticipate that we achieve that in the next 10 years. If you want to become the biggest financial services you need to have your footprint and presence in every other sector.

"So far, we have an asset management firm, microfinance bank, very effective exchange business. We look forward to having significant stake in an insurance company. We're also looking at investment banking, a stock-broking activity in line with our strategic objectives of having presence in key sectors of financial services industry," he said.

According to Okpala, the asset management arm of the group recorded a huge increase in Asset Under Management in the previous financial year, stating that its subsidiaries will continue to experience positive growth in the coming years, and good return on investment (ROI) for shareholders.

Newly-appointed Busari said he is impressed with the track record of the Group, and assured that his emergence as the chairman will mark the Group's foray into major sectors of the economy.

Secretary, VFD group, Gbeminiyi Shoda, said: "We are happy about the outcome. All the resolutions were duly passed particularly the capital raising of N7billion, and also asking the shareholders to approve the registration of VFD Group Limited as a public company, shows that the shareholders have a lot of confidence in the board."

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