VFD Group Secures SEC Approval for N50 Billion Rights Issue

VFD Group Plc has successfully obtained approval from the Securities and Exchange Commission (SEC) for a rights issue involving 5,067,396,400 ordinary shares, valued at N50 billion, with each share priced at N10.00. The rights issue aims for 100% subscription from existing shareholders, who have already achieved an 88% subscription rate.

Following regulatory approval, shares will be credited to shareholders' accounts with the Central Securities Clearing System Plc and will subsequently be available for trading on the secondary market of the Nigerian Exchange. The new shares will rank equally with existing shares, enhancing VFD Group's capital base.

Mr. Nonso Okpala, the Group Chief Executive Officer, expressed excitement over the successful rights issue, emphasizing the confidence of shareholders in executing the company's growth strategy.

The initiative is designed to upscale existing business verticals and incubate new growth sectors, positioning VFD Group as a leading investment holding company in Africa. Mr.

Folajimi, the Executive Director of Finance, noted that the success of the rights issue reflects investor confidence in the group's leadership and vision.