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Business News

On the road to getting listed, VFD Group becomes a public liability company

VDF Group targets N5 billion corporate bond

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On the road to getting listed, VFD Group becomes a public liability company

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. 

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VFD Group’s subsidiaries include; Anchoria Asset Management, Dynasty Real Estate, Everdon Bureau De Change, Germaine Auto Centre, VFD Bridge, VFD Microfinance Bank. 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Energy

Nigeria breaks transmission record again, hitting 5,801.60 MW

The TCN has broken its own transmission record three times in the space of a week.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Transmission Company of Nigeria announced another record, as grid transmission hits a peak of  5801.60 MW.

This was disclosed by the Minister of Power, Engineer Sale Mamman in a statement on Tuesday evening.

“Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30 pm, we hit a new HIGH,” he said.

He added that 5801.60 MW transmitted at a frequency of 50.09 hz.

“Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians,” he added.

In case you missed it 

  • Nairametrics reported yesterday that the Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
  • On March 1st that the TCN announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 156,496 confirmed cases.

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria.

To date, 156,496 cases have been confirmed, 134,551 cases have been discharged and 1,923 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 2nd, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 2nd March 2021,

  • Total Number of Cases – 156,496
  • Total Number Discharged – 135,136
  • Total Deaths – 1,923
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 479 new cases are reported from 22 states- Lagos (153), Enugu (75), Rivers (50), FCT (40), Kaduna (18), Ebonyi (17), Plateau (17), Edo (17), Borno (16), Oyo (12) Kano (11), Abia (10), Cross River (10), Taraba (9), Nasarawa (7), Bauchi (4), Bayelsa (3), Delta (3), Ekiti (2), Niger (2), Ogun (2) and Akwa Ibom (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,001, followed by Abuja (19,274), Plateau (8,911), Kaduna (8,531),  Oyo (6,746), Rivers (6,544), Edo (4,607), Ogun (4,398), Kano (3,764), Ondo (2,983), Kwara (2,931), Delta (2,576), Osun (2,433), Nasarawa (2,234), Enugu (2,078), Gombe (2,051), Katsina (2,030), Ebonyi (1,881), Anambra (1,726), and Abia (1,530).

Akwa Ibom has recorded 1,519 cases, Imo (1,497), Borno (1,292), Bauchi (1,232), Benue (1,188), Niger (917), Taraba (813), Ekiti (804), Bayelsa (772), Sokoto (769), Adamawa (762), Jigawa (496), Kebbi (377), Cross River (334), Yobe (268), Zamfara (219), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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