At its virtual 8th Annual General Meeting (AGM), VFD Group Plc secured shareholders’ approval to raise an additional N30 billion in fresh capital through various financial instruments, including shares, global depository receipts, and commercial papers.
This capital infusion aims to bolster the company’s financial strength, the expansion of its investee companies. The decision follows the company’s robust financial performance in 2023, marked by a 33% increase in gross earnings to N45.1 billion and a 45% growth in assets to N219.4 billion from the previous year.
During the AGM, shareholders also endorsed a bonus issue of four new shares for every one share held, reflecting confidence in VFD Group’s strategic direction and operational achievements. Chairman Olatunde Busari highlighted the company’s strategic restructuring in 2023 to focus as a proprietary investment firm, aligning management and organizational structures with key strategic goals. He emphasized the milestones achieved and laid out expectations for accelerated performance in 2024.
Looking ahead, Group Managing Director and CEO, Mr. Nonso Okpala, outlined a transformative phase for VFD Group termed “A New Dawn,” highlighting the transition to a publicly quoted entity with a refined investment philosophy and corporate culture. Okpala pledged a robust annual return on equity of 30%, underpinned by diversified interests across complementary sectors, fostering stakeholder value and operational resilience.
Source: This Day