Economy
VFD Group to List Shares on Stock Exchange Via IPO
By Adedapo Adesanya
Leading proprietary investment company, VFD Group Plc, has disclosed that it was targeting a 2022 initial public offering (IPO) on the Nigerian Stock Exchange (NSE).
Business Post learned that this was made known by the company’s Chief Executive Officer (CEO), Mr Nonso Okpala, during a recent interview with the Africa Report.
According to Mr Okpala, the company has appointed Kairos Capital to help secure Nigerian and international investors ahead of the IPO.
Mr Okpala, who owns 24 per cent stake in the company, explained that the offering would be used to build the VFD ecosystem which aims to provide a full range of financial services for families and businesses.
He also stated that the company was positioning itself to the Nigerian mortgage market, which according to him remains untapped and possesses huge potential.
He added that the company’s virtual banking platform is the key to the whole ecosphere following its launch at the start of March and has drawn more users as people needed to find a way to carry out virtual banking during the coronavirus induced lockdown.
The CEO explained that the lockdown took its toll on some of its operations, one of which includes its microfinance business as some of its clients were unable to repay their loans.
Depending on the customer’s business, the VFD CEO said they were able to help with logistical advice and equipment purchase.
Mr Okpala noted that for businesses that weren’t able to adapt, loans were suspended and rescheduled, with moratoriums being granted for the duration of lockdown.
“When a company can’t pay, it’s best to structure the business so that it continues to exist.” He said.
He, however, clarified that the COVID-19 pandemic has had no impact on the company’s operating strategy or its IPO plans.
Mr Okpala noted VFD itself was able to save on a planned office expansion which it realised was no longer necessary due to the health crisis, as employees now have the option to work remotely.
“Productivity has increased as a result meaning a double advantage,” adds the VFD Chief, “The pandemic has taught us a lot about the running the company in a cost-effective manner.”
Speaking on its investment, he said VFD has no exit strategy for its investments, “We don’t buy to sell. We buy to keep the company and integrate it into our platform.”
VFD Group Plc started operations in 2011 and following its status as a public company in January 2019. It recently started trading its securities on the NASD over-the-counter (OTC) Securities Exchange.
The CEO affirmed that it pays regular dividends to its shareholder base of more than 60,000, adding that its investments include per cent stake in Abbey Mortgage Bank, a majority stake in Anchoria Asset Management, and a wholly-owned microfinance unit.
VFD Group Plc, in addition, owns Everdon Bureau de Change, Dynasty Real Estate and the Transfercorp remittances service.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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