VFD Group’s Co-Founder and Executive Director, Adeniyi Adenubi has revealed plans by the Group to expand its investment portfolio as a pan-African financial powerhouse, with a target of about 20% of the Nigerian Banking space by the first half of 2021 (H1, 2021) and further expansions to Ghana.
The disclosure was made by Director, during an interview with CNN’s Eleni Giokos, which was monitored by Nairametrics.
Recalling how he ventured into co-founding the VFD Group, Mr. Adenubi stated that the decision was borne primarily out of the need to create value and build a business that would impact the country and continent.
Given his experience as an investment banker, he founded an investment management firm, Paragon Partners with a ten-year strategy to build a financial services holding company and a diversified investment company, with a thematic focus on financial services, power, education and media.
He emphasized that VFD Group wants a sustainable business where profit and social consciousness are both incorporated, in line with the group’s corporate strategy of building a positive and socially conscious eco-system.
What they are saying
When asked on what the Group’s target is in terms of market share, Mr Adenubi said: ‘’Sorry that information is private, but what I will tell you is that we have a race till half year 2021 to gain about 15% of the total banking markets to be on our platform. Once we do that, we ascertain that V-Bank is already a success, and going from there, we start to build on that. But the initial plan is 15-20% of the initial banking market. I think we are doing quite well, and I believe that before H1, 2021, we would have met that target.’’
Commenting on where the Group wants to be in the next 5-10 years, Mr. Adenubi further added; ‘’We want to be a pan-African investment company, we are already looking at Ghana, we have begun conversations in Ghana, we are looking to deploy a small bank or payment bank in Ghana, using the V-Bank platform. From Ghana, we also look at Kenya which is an exciting market. We definitely have ambitions for Africa and if we get lucky in our lifetime as well, we have global ambitions also.’’