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VFD Group Goes Public, Lists 190 Million Shares on NGX

The Nigerian Exchange Limited, has listed 190.027 million ordinary shares of VFD Group Plc on its Main Board.

The company’s listing, which took place at the weekend, has 190.027 million shares at N244.88 per share, adding N46.534 billion to the overall market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

Chairman of VFD Group, Olatunde Busari stated that, “we are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better.”

Group managing director/CEO of VFD Group, Nonso Okpala stated that, “this is a momentous occasion for VFD Group. Our journey from a boutique investment firm to a publicly traded company on the Nigerian Exchange reflects the dedication and hard work of our entire team. We are excited about this new chapter and the opportunities it brings to further strengthen our market position.”

He added that, “we will continue to work toward our strategic goal of creating Africa‘s first diverse business ecosystem. When compared to where we started, what we set out to achieve, and economic realities, the Group’s performance has been outstanding on all fronts. Our focus on business expansion has yielded results, particularly in sectors other than financial services, and we have significantly increased our balance sheet.”

Chairman, Nigerian Exchange Group Plc, Alhaji Umaru Kwairanga stated that, “we must recognize the unwavering commitment of the Board and Management of VFD Group in making this listing a reality, as well as the pivotal roles played by all the professional parties involved in the transaction.

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“Securing a listing on the NGX Main Board entails a steadfast commitment to elevated standards of disclosure and corporate governance. This significant listing heralds a fresh chapter for VFD Group plc to leverage NGX’s value-added services and capital market products to fulfill its strategic objectives.”

CEO, NGX, Temi Popoola added that, “the decision to list on NGX not only promises to augment VFD Group’s liquidity but also strategically positions it to attract investments from the global arena. Additionally, this move is poised to elevate the organization‘s market value whilst further advancing transparency and corporate accountability.

“Our marketplace is a highly reputable platform for raising capital and facilitating sustainable growth for national development. As the preferred listing platform in the region, we are dedicated to collaborating with companies at different growth stages to explore diverse capital market opportunities that align with their business goals.”

Last month, the Group voluntarily delisted its 190 million shares previously traded on the NASD Securities Exchange in order to be quoted on NGX.

VFD Group, a proprietary investment company with a diverse portfolio that includes banking, non-banking financial institutions, market infrastructure, technology, real estate, hospitality, media, entertainment, and energy, recently announced the successful redemption of its Series 1 commercial paper valued at N4.2 billion.

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