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VFD Group Plc, a versatile proprietary investment company, has achieved a significant milestone by listing its shares on the Main Board of the Nigerian Exchange Limited (NGX).
The official listing was commemorated with a Closing Gong ceremony and a Fact Behind the Listing Presentation, symbolizing a pivotal moment in the company’s journey.
The listing encompasses 190 million shares of the Group, each priced at N244.88 per share, contributing N46.527 billion to NGX’s market capitalization. This move not only enhances liquidity within the Nigerian capital market but also presents opportunities for wealth creation.
VFD Group is a proprietary investment firm with a focus on creating positive and socially conscious ecosystems. It achieves this by consolidating potentially viable businesses to develop innovative products and solutions that are accessible to everyday Nigerian citizens and entrepreneurs.
The decision to list on the NGX represents a strategic maneuver to increase VFD Group’s visibility, improve access to capital, and enhance liquidity. These developments ultimately benefit the company’s esteemed investors and stakeholders.
Statements from VFD Group Leadership:
Olatunde Busari SAN, Chairman of VFD Group, expressed pride in the achievement, stating, “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.”
Nonso Okpala, Group Managing Director/CEO of VFD Group Plc, conveyed his enthusiasm regarding the listing, highlighting its significance in the company’s evolution. He remarked, “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.”
Okpala emphasized the organization’s commitment to its strategic goal of establishing Africa’s first diverse business ecosystem. He applauded the group’s outstanding performance and expansion into various sectors beyond financial services.
NGX and Regulatory Perspective:
Alhaji (Dr) Umaru Kwairanga, Chairman of Nigerian Exchange Group Plc, acknowledged the unwavering commitment of VFD Group’s leadership and professional parties involved in the listing process. He emphasized the need for elevated standards of disclosure and corporate governance associated with listing on the NGX Main Board. Kwairanga recognized the potential for VFD Group to leverage NGX’s value-added services and capital market products for its strategic objectives.
Temi Popoola, CEO of NGX, extended a warm welcome to VFD Group, emphasizing that listing on NGX positions the company to attract global investments and enhances its market value. Popoola highlighted NGX’s role as a reputable platform for capital raising and sustainable growth, committed to supporting companies at different stages of growth.
Background Information:
In the previous month, VFD Group voluntarily delisted its 190 million shares, previously traded on the NASD Securities Exchange, to be quoted on NGX. This decision, approved during VFD Group PLC’s Annual General Meeting, was carried out to meet regulatory requirements and align with the company’s strategic goals.
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