Shareholders of VFD Group Limited have approved plans by the management to raise additional N7 billion capital as it seeks to expand its business portfolio in the coming year.
The Group announced plans to establish presence in every key sector of the financial services industry including the acquisition of a banking license.
At the Group’s Annual General Meeting (AGM) held in Lagos, the shareholders approved the conversion of the group from a Private Limited Liability to a Public Limited Liability.
The shareholders also approved the appointment of new directors including the legal luminary, Olatunde Busari (SAN), who is currently the Chairman of the Group.
According to the Group Managing Director/CEO, Nonso Okpala, the lending business-arm of the group, VFD Microfinance Bank and VFD Bridge Limited, grew its loan book by 123%, driven by increased lending to small businesses with regular and sustainable cash flow.
Mr. Okpala further revealed that Anchoria Asset Management Limited, the asset management arm of the group, recorded a huge increase in Asset Under Management in the 2017 financial year. He further expressed optimism that subsidiaries under the group will continue to experience positive growth in the coming years and good Return On Investment for shareholders.
In its financial report for the year 2017, the Group’s total assets grew by 45% from N2.2 billion in 2016 to N3.1 billion in 2017. According to the company, this growth was driven by an increase in financial assets which grew by 25% from N1.7 billion to N2.2 billion.
VFD Group Limited was incorporated as a private Limited Liability in 2009. The name was changed from Viadaz FD Limited to VFD Group in 2016.