VFD Group receives SEC clearance for proposed N4.13 billion Right Issue

Last updated: 2021/04/19 at 3:43 PM

starconnect Published 19 April 2021

VFD GMD, Mr. Nonso Okpala

Admin l Monday, April 19, 2021

LAGOS, Nigeria – Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for the proposed right issue of 7,452,054 Ordinary Shares of 50 Kobo each at N556 per share based on 1 share for every 16 shares held.

The proposed right issue was approved by the Board of Directors at its Extraordinary General Meeting (EGM) which held on 23rd November 2020. The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.

The Group Managing Director/CEO, Nonso Okpala, has expressed his gratitude to the regulatory body, SEC, for the clearance, while hinting on the next phase of the business.

“Our expansion drive has been a long time coming and with this clearance, one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent,” he disclosed.

VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.