By Chioma Obinagwam
Shareholders of VFD Group have ratified an additional N30 billion capital raise for the company.
The approval was granted at the 8th Annual General Meeting (AGM) of the company.
Confiance News gathered that the N30 billion capital is in with the company’s mission to maintaining a robust capital base to effectively navigate evolving market conditions.
However, VFD Group did not specify how the capital will be raised.
“whether through debt or equity, will be disclosed in due course, this significant infusion will undoubtedly strengthen the financial position and support future initiatives, acquisitions, and growth capital required for the Group’s investee companies’ expansion,” the company disclosed in a statement.
Meanwhile, the board recommended a bonus share of four new shares for every one share held, which was also approved by the shareholders during the AGM.
A peep into the financials of VFD Group showed that it recorded growth in key financial metrics, with gross earnings increasing by 33% to ₦45.1 billion from ₦33.8 billion year-on-year, and asset growth of 45.0% from ₦151.5 billion in 2022 to ₦219.4 billion in 2023.
Reacting, the Chairman of the Group, Olatunde Busari said that over the past three years, the company has strategically laid the groundwork for the kind of investment company it aspires to be. He pointed out that in 2023, VFD Group Plc took a major step by restructuring the firm to enhance its focus as a proprietary investment company, aligning the management structure and organisational model with key strategic objectives.
On his part, the Group Managing Director and Chief Executive Officer (GMD/CEO) of VFD Group Plc, Nonso Okpala, reiterated the monumental significance of the next five years, beginning from 2024, contextualising a critical growth phase in the Group’s evolution, aptly themed “A New Dawn.”
Okpala noted the importance of the Group’s transition from a founder-led organisation to a publicly quoted, multiple shareholder-led entity, and a strategic vision of the Group’s inclusive mindset of equally protecting minority interests. To facilitate this transition, VFD Group Plc has developed a comprehensive framework that encompasses a new shareholder structure, a refined investment philosophy, and a redefined corporate culture centred around its evolving identity.
VFD Group Plc, a leading proprietary investment company listed on the main board of the Nigerian Exchange (NGX) under the ticker symbol VFDGROUP in 2023, held its 8th Annual General Meeting (AGM) today. The virtual event was attended by shareholders, regulators, company directors, government representatives, and members of the media.
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