VFD Group seeks to acquire regional commercial banking license, others

Financial services firm, VFD Group, has outlined its vision for the remaining quarters of 2019.

Disclosing that the company recorded significant growth in its financial results for the period under review, Nonso Okpala, the Managing Director/CEO of VFD Group, said the company is now committed to achieving the followings before the year (2019) runs out:

  • Acquisition of a regional commercial banking license. This is the platform on which the Group wants to build the digital bank. Fund Raising for this project has already begun and the Group is looking to raise N10 billion.
  • The Group also plans to raise a N5 billion, 5-year Corporate Bond to aid with group-wide liquidity drive and also enable the Group to make more investments in projects or companies that show promising returns.
  • The Group wants to enhance its capital market businesses by setting up a trustee business and gaining interest in a stockbroking firm.
  • It also plans to establish a technology subsidiary to support its digital banking strategy and also provide technical support to businesses it supports.
  • Recapitalisation of the real estate subsidiary (Dynasty Real Estate) and acquisition of 60,000sqm of land for a residential project, as well as expansion of its services to the hospitality industry.

With all activities listed, VFD Group expects the Gross Earnings to grow by 101% to N4.42 billion in FY 2019 from N2.28 billion in FY 2018, baring any economic or political issues.

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 EstateEverdon Bureau De Change, Germaine Auto Centre, VFD Bridge, and VFD Microfinance Bank. 

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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