VFD Group Plc, today announced it has completed a N2.37 billion investment in Abbey Mortgage Bank Plc (“The Bank”). The investment, which represents about 35% of Abbey’s new total market cap of N6.46 billion, will assist the Bank with its growth momentum as well as broaden and accelerate strategic development.
The investment was first announced by both parties sometime in July last year but was completed January 24 this year by way of a private placement of the mortgage firm’s ordinary shares.
The private placement involved the sale of 2,261,538,462 ordinary shares of Abbey mortgage firm at the rate of N1.05kobo per share to the VFD Group Plc.
Abbey Mortgage Bank Plc was incorporated in 1991 and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria on January 11, 1992. Full commercial operations commenced on March 11, 1992.
Speaking on the transaction, Mr. Nonso Okpala, Group Managing Director and Chief Executive Officer of VFD Group Plc noted, ”This investment presents opportunity for quick wins across board.” Beyond the new client base and geographic reach this investment presents us, it is strategic towards driving the value chain and upselling of our real estate business.
While we continue to seek out viable investment in diverse sectors, this investment further enhances our ability to ring-fence financial service offerings and make VFD Group and its subsidiaries a “one-stop shop” for varying customer needs.
I will like to express my gratitude and that of the executive team for the support received along this journey and I look forward to a year that brings more of such landmark.”
About VFD Group Plc: VFD Group is a financial services-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 was incorporated with the Corporate Affairs Commission (CAC) on 7th July 2009 and commenced business operations effectively on the 1st of January 2011.
For more Information:
Head, Corporate Communications, VFD Group Plc