VFD Group Secures SEC Approval for N50.6bn Rights Issue

VFD Group Plc has announced that it has received a letter of no objection from the Securities and Exchange Commission (SEC) regarding its N50.6 billion rights issue allotment. The rights issue will involve the issuance of 5,067,396,400 ordinary shares at a price of 50 kobo per share.

This rights issue is set to open on October 20, 2025, and will close on December 31, 2025. The offer is based on a ratio of two new shares for every three shares previously held.

The SEC's letter confirms the successful conclusion of the capital raising initiative, and the formal distribution of units to shareholders will be conducted via the e-allotment system through the Central Securities Clearing System (CSCS) accounts of successful allottees. Nonso Okpala, the Group Managing Director, expressed satisfaction with the SEC clearance, highlighting it as a milestone that allows the company to welcome new and existing shareholders while expanding its capital structure to provide necessary capital buffers for institutional infrastructure and accelerate its Pan-African footprint.