Financial services company, VFD Group has announced its conversion from a Private Limited Company to a public company, the Group’s Managing Director and Chief Executive Officer, Nonso Okpala disclosed during a parley with media executives.
VFD Group in a statement made available to Nairametrics stated that the company will now be addressed as VFD Group Plc in all their business operations and communications starting from February 2019.
According to Okpala, the conversion is in line with the company’s long-term strategy which includes a planned listing by 2022 and a corporate bond target in the second quarter of this year.
“This is an exciting milestone for VFD Group PLC, our shareholders, board and staff across our subsidiaries, who have been instrumental to our success till date. By converting, we are ensuring that our corporate identity reflects our long-term strategy which includes a planned listing in 2022 and the issuance of a N5 billion (five billion Naira) corporate bond in the second quarter of 2019.”
Addressing the company’s real estate position, Okpala said the real estate remains one of the company’s most profitable businesses. “We commence operation about four years ago and it has been quite profitable. We have had good real estate projects that have executed.”
Okpala further hinted on an ongoing real estate project the company is handling around the VGC area of Lagos State. According to him, presently, the company has a 16,000 square metre project around VGC.
The company also appointed African Prudential Registrars PLC as its official registrar, with plans already underway to list company’s shares on the NASD OTC to ensure marketability.
“In line with this development, the Group has appointed African Prudential Registrars PLC as our official registrar. We have also commenced plans to list our shared on the NASD OTC to ensure the enhanced marketability of the said instrument. At VFD Group, working with our subsidiaries and our 130 shareholders, our focus remains to contribute significantly across diverse sectors in Nigeria.”
VFD Group plans to reposition Nigeria’s economy
VFD Group Plc CEO, Okpala had told Nairametrics in an interview in December last year that the company is eyeing an expansion into other African countries, but for now, intends to focus on growing their interest within the Nigerian economy in the next five years.
“Part of our thirteen-year strategy — which is broken down into three years, five years and another five years — is to build capacity for an enduring and a maturing company. That first three years will end on the 31st of December 2018.
“The next five years will be focused on growing our interests within the Nigerian economy while the remaining five years will be focused on exporting the successes that we have recorded to other African countries. That said, we definitely do have ambitions on the continental level. We are excited about the future.”
VFD Group’s capital raise oversubscribed
You may recall that in January 2019, VFD Group Plc raised the sum of N2.78 billion from a rights issue and private placement exercise. The company disclosed this in a press release. The amount is 39% above the N2 billion the firm expected to raise from a rights issue and private placement respectively.
Kairos Capital Limited was financial adviser to both transactions which opened on the 3rd of December 2018 and closed on the 31st of December 2018.
About VFD Group Plc
VFD Group is a financial service focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
The company operates in every area of the financial industry through their subsidiaries, providing Financial Advisory, Asset Management, Currency, Real Estate, Debt Services and Private Funds Management Services, taking deposits and providing loans at very competitive rates.
VFD Group’s subsidiaries include; Anchoria Asset Management, Dynasty Real Estate, Everdon Bureau De Change, Germaine Auto Centre, VFD Bridge, VFD Microfinance Bank.