By Aduragbemi Omiyale
The chief executive of VFD Group Plc, Mr Nonso Okpala, has expressed optimism that the listing of the company on the Nigerian Exchange (NGX) Limited would strengthen the organisation’s market position, creating more avenues to source cheap funds for expansion and growth.
Mr Okpala said this at the closing gong ceremony and a Fact Behind the Listing Presentation last Friday to mark a key milestone in the company’s history.
On October 6, 2023, VFD Group listed 190,027,365 units of its stocks at N244.88 per share on the NGX, increasing the size of the stock exchange by about N46.5 billion.
The chief executive, while expressing his excitement about the listing, said, “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.
“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.”
Also commenting, the Chairman of VFD Group, Mr Olatunde Busari, said, “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.”
On his part, the Chairman of NGX Group Plc, Mr 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.
“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 fulfil its strategic objectives.”
The chief executive of NGX, Mr Temi Popoola, in his remarks, said, “We extend a warm welcome to VFD Group as it joins our prestigious market. 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.”
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.
This listing on NGX is a strategic move to increase VFD Group’s visibility, enhance its access to capital, and improve its liquidity, ultimately benefiting its valued investors and stakeholders.
