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  • VFD Group grows profit by 61% to N8b in Q3

    VFD Group grows profit by 61% to N8b in Q3

    • Rights issue to drive global growth

    VFD Group Plc recorded double-digit growths across key performance indicators in the third quarter with the principal investment group growing pre-tax profit by 61.4 per cent to N7.99 billion.

    Key extracts of the interim report and accounts of VFD Group for the nine-month period ended September 30, 2025 released at the Nigerian Exchange (NGX) showed that gross earnings grew by 34.9 per cent from N45.01 billion in third quarter 2024 to N60.72 billion. Net investment income rose by 44.7 per cent from N31.55 billion to N45.65 billion. Net revenue also grew by 49.1 per cent to N54.97 billion in third quarter 2025 as against N36.86 billion in comparable period of 2024.

    Operating profit rose by 65.8 per cent from N24.03 billion to N39.85 billion. Profit before tax increased by 61.4 per cent from N4.95 billion to N7.99 billion. After taxes, net profit grew by 48.3 per cent from N4.47 billion to N6.63 billion.

    Earnings per share thus improved by 42.2 per cent from 45 kobo to 64 kobo.

    The balance sheet of the group also showed significant expansion. Total assets rose by 29.7 per cent from N295.67 billion recorded by December 31, 2024 to close September 2025 at N383.39 billion. Shareholders’ funds had risen by 28.8 per cent from N55.53 billion to N71.50 billion. The group’s total debt meanwhile reduced from N121.43 billion to N119.77 billion.

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    Underlying ratios indicated that the growth outlook was driven by improvements in cost efficiency and margin as the group continued to expand business activities. Net investment income margin improved from 70.08 per cent to 75.18 per cent, an increase of 510 basis points. Operating profit margin expanded by 1,225 basis points from 53.47 per cent to 65.72 per cent. Return on average assets (ROAA) improved from 2.31 per cent to 2.60 per cent. However, return on average equity (ROAE) dropped by 36 basis points from 13.96 per cent to 13.60 per cent.  Meanwhile, debt-to-assets ratio improved from 0.41 times to 0.31 times while debt-to-equity advanced by 39 basis points from 2.07 times to 1.68 times.

    Group Managing Director, VFD Group Plc, Mr. Nonso Okpala, said the third quarter results reflected the compounding effect of disciplined execution, operational efficiency and effectiveness of the group’s strategy.

    According to him, the group sustained strong momentum in third quarter, reflecting continued focus on value optimization and portfolio enhancement in line with its drive to build a sustainable and scalable investment ecosystem.

    He said the deleveraging of the group’s balance sheet was showed consistent accretion of internally generated capital and prudent balance sheet management.

    He added that the ongoing rights issue would further strengthen capital position and overall balance with the net proceeds expected to deleverage the balance sheet, reduce funding cost, and ultimately enhance earnings growth and profitability.

    He noted that across the group’s subsidiaries, and portfolio of associate investee companies, the group continued to create symbiotic opportunities, unlocking inherent value and strengthening overall returns to shareholders.

    He said: “As we optimise our capital allocation and consolidate on our unique position to build a sustainable ecosystem, we are, more than ever, optimistic about our portfolio, with stylized exposure to key growth sectors. The diversification of our portfolio offers a unique blend of growth and resilience, especially as we increasingly leverage scale and scope economies to enhance the group’s profitability and overall returns to shareholders.

    “Notwithstanding the complex environment, our cost-efficient strategy proved invaluable, as the cost-to-income ratio moderated 700 basis points to 30.4 per cent. We are consolidating on our stronger footing to fund only the best risk-adjusted opportunities, deploying our capital and liquidity towards assets capable of generating alpha returns. Most notably, the Bvndle Rewards Festival, as our fintech and loyalty subsidiary, Bvndle, continues to demonstrate strong growth momentum and unicorn potential within our portfolio.

    “Looking ahead to fourth quarter and beyond, we are focused on executing our rights issue, advancing our strategic expansion plan, and scaling growth initiatives”.

    Executive Director, Finance and Investor Relations, VFD Group Plc, Folajimi Adeleye said the third quarter results underscored the effectiveness of the group’s strategy, highlighted by a 65.8 per cent surge in operating profit and a 61.4 per cent rise in profit-before-tax.

    “We are committed to financial prudence, as evidenced by the improvement in our debt-to-equity ratio of 1.68x. The ongoing rights issue will further solidify our capital base, support deleveraging, and position us for sustained, profitable growth,” Adeleye said.

    He said the group remains remain grateful to its shareholders for their continuous trust in its vision.  

  • VFD Group redeems ₦20b Commercial Programme with ₦4.24b Series 4 Redemption 

    VFD Group redeems ₦20b Commercial Programme with ₦4.24b Series 4 Redemption 

    VFD Group Plc (NGX: VFDGROUP) said it has fully redeemed its ₦4.24 billion Series 4 Commercial Paper, issued on December 19th, 2024. 

    This milestone, under the Group’s ₦20 billion Commercial Paper Programme registered in 2022, builds on its H1 2025 performance of ₦41.17 billion in gross earnings and a total asset base of ₦356.87 billion.

    The Management of VFD Group, praised investors, shareholders, and market partners for their continued trust, with the programme consistently recording oversubscriptions since inception.

    “The market has been favourable for businesses that have leaned into it and are creating value for the Nigerian economy,” Mr. Nonso Okpala, Group Managing Director/CEO of VFD Group said. 

     “Our redemption of this Series 4 issue validates that the market is serious about providing debt capital. The successful fulfillment of this obligation allows us to continue to create and unlock value for our shareholders and investors through our globalization strategy.”

    Read Also: VFD Group unveils culture framework, RIDEE with Elumelu

    Folajimi Adeleye, the Group’s Executive Director for Finance and Investor Relations, said the “timely redemption of this 

    commercial paper is the outcome of disciplined liquidity management across the firm. The programme has allowed us to address immediate operational needs while preserving capital strength for long-term initiatives. Series 4 continues that trajectory, positioning us well as we execute our growth strategy.”

    Since registering the ₦20 billion programme in 2022, VFD Group has completed multiple issuances and redemptions, sustaining momentum as a trusted market participant.

  • VFD Group unveils culture framework, RIDEE with Elumelu

    VFD Group unveils culture framework, RIDEE with Elumelu

    VFD Group, a leading proprietary investment company, has formally launched its organisational culture framework, RIDEE (Respect, Inclusion, Dynamism, Execution, and Entrepreneurship) in a landmark event at its headquarters in Lagos, Nigeria. 

    The occasion marks a pivotal moment in the Group’s evolution, affirming its commitment to institutionalising values that will guide its global growth strategy.

    The event featured a distinguished lineup of business leaders and stakeholders, including Mr. Tony O. Elumelu, CFR, Chairman of Heirs Holdings, UBA, and Transcorp Group, who served as the Special Guest of Honour.

     Other notable attendees included Mr. Tunde Busari, SAN, Chairman of VFD Group; Mr. Nonso Okpala, Group Managing Director; Mr. Adeniyi Adenubi, Non-Executive Director and Art Patron; Mr. Azubike Emordi, Managing Director of Afriland Properties, and several ecosystem partners.

    A Bold Cultural Shift

    Busari, Chairman of VFD Group, emphasised the strategic importance of culture in scaling African institutions:

    “This moment is symbolic. It represents a deeper shift in how we see ourselves and how we choose to grow. Culture has always been the thread that connects ambition to action. Today, we have made that thread visible.”

    He reiterated that for Africa to build sustainable institutions, culture must evolve beyond heritage and become embedded in organizational systems.

    Honouring Legacy, Inspiring the Future

    In a heartfelt tribute, Mr. Nonso Okpala, Group Managing Director of VFD Group, introduced Mr. Tony Elumelu as a mentor and model of excellence:

    “Many of you have heard me say I got my PhD at Heirs Holdings. That time was formative. Every day under a leader like Mr. Elumelu was a chance to stretch my thinking and sharpen my execution.”

    Okpala credited Elumelu’s influence as instrumental to his leadership journey, underscoring the importance of mentorship, succession planning, and institutional legacy.

    Read Also: VFD group records N4.1bn profit before tax in Q1 2025

    The RIDEE framework is the result of a year-long internal discovery process observing behaviours, listening to employee stories, and identifying the values that have driven VFD’s success over 15 years.

    Elmer Aluge, Soft Power Inclusion Specialist, described RIDEE as: “A behavioural contract. When defined clearly, it becomes an operating system. RIDEE gives VFD a shared language that ties together identity, execution, and scale through its global network.”

    RIDEE now serves as the standard for aligning teams across geographies, promoting autonomous decision-making, and reinforcing intentional leadership across the Group’s expanding portfolio.

    Looking Ahead: Global Expansion in Motion

    Closing the event,  Elumelu delivered an inspiring keynote urging VFD Group to lead with purpose and tenacity, “Excellence is in going the extra mile.”

  • How we are scaling investments to grow shareholders’ returns, by VFD Group

    How we are scaling investments to grow shareholders’ returns, by VFD Group

    VFD Group Plc is making new investments across financial services and real estate in major African markets with a view to ensuring sustainable growth in shareholders’ returns.

    The board of VFD Group at the company’s 9th annual general meeting outlined ongoing efforts to drive an ambitious continental expansion.

    At the meeting, shareholders approved a dividend payment of N2.50 per share, amounting to a total payout of N3.17 billion, alongside a bonus share issuance of five new shares for every one ordinary share held.

    The board said the combined cash and scrip dividends the group’s commitment to long-term shareholder value and investor confidence.

    Chairman, VFD Group Plc, Mr. Olatunde Busari, attributed the rebound in the company’s performance in 2024 to stronger governance and disciplined execution.

    According to him, the turnaround in 2024 was the result of sharper risk controls and tighter portfolio alignment by the company, putting it in better position for growth.

    He noted that since its first dividend in 2016, VFD Group has consistently rewarded shareholders and the resumption of dividend after the hiatus in 2023 underscored the group’s commitment to shareholders’ value.

     “Over 15 years, we have cultivated trusted relationships with shareholders, regulators, and partners. Even in tough cycles like 2023, we upheld boardroom accountability and transparency. Governance brings clarity, and clarity fuels trust which this annual general meeting represents,” Busari said.

    Group Managing Director, VFD Group Plc, Mr. Nonso Okpala explained that the group’s rebound was driven by swift, collaborative decisions and clear ambition.

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    “Beyond our N11 billion profit, first quarter 2025 saw unaudited profit of N4 billion already. We are scaling our ecosystem with new investments across financial services and real estate, from Nigeria to Ghana and South Africa.

    “South Africa is key, but not our only focus. We are actively exploring fintech infrastructure, capital market platforms, and real estate across West and East Africa. Our strong balance sheet enables us to lead deals and co-invest across the continent,” Okpala said.

    Executive Director, Finance, Risk & Compliance, VFD Group Plc, Mr. John Okonkwo, pointed out that the full year profit of N11.3 billion showed  a full recovery driven by de-risked exposure, stronger compliance frameworks, and an optimised investment mix.

    “In first quarter 2025, we are seeing growth in recurring income and trading volumes, with higher investor engagement and stronger system resilience.

    “We have expanded our risk lens, upgraded scenario planning, and tightened hedging mechanisms to ensure this momentum is not only sustained, but managed proactively,” Okonkwo said.

    Key extracts of the audited report and accounts of VFD Group for the year ended December 31, 2024 showed a profit of N11.3 billion, marking a full turnaround from its 2023 performance. The company also recorded a profit of N4 billion in first quarter 2025, an increase of N1 billion over the first quarter 2024.

    VFD Group, a proprietary investment firm focused on building Africa’s most diverse business ecosystem, has strategic investments across financial services, real estate, capital markets, technology, and media.

    The Group empowers entrepreneurs and accelerates long-term value across its portfolio of over 20 companies.

  • VFD group records N4.1bn profit before tax in Q1 2025

    VFD group records N4.1bn profit before tax in Q1 2025

    VFD Group Plc, a leading proprietary investment company in Nigeria, has reported a profit before tax (PBT) of N4.1 billion for the first quarter of 2025, maintaining stability despite prevailing economic headwinds.

    According to its unaudited Q1 financial results, gross earnings rose to N16.4 billion, while net revenue hit N12.7 billion, largely driven by increased contributions from its operating subsidiaries. The group also recorded a N3.1 billion profit after tax (PAT) and total assets grew to N264.8 billion, reflecting its aggressive expansion across multiple sectors including banking, asset management, real estate, and technology.

    VFD Group’s Group Managing Director/CEO, Nonso Okpala, highlighted the strategic focus of the company, saying:
    “We have continued to make strategic investments and build resilient structures to drive long-term value for stakeholders. Our consistent performance reaffirms our commitment to sound corporate governance and innovative growth.

    Read Also: VFD group announces share price adjustment

    With a mission to build Africa’s first truly diverse business ecosystem, VFD Group’s Q1 performance underscores its resilience amid Nigeria’s challenging macroeconomic environment, marked by inflationary pressures and currency volatility.

    VFD Group’s balance sheet also showed strong momentum. Total assets rose to N320.63 billion, a 22 per cent increase from Q1 2024, while shareholders’ equity surged 59 per cent to N64.39 billion. This growth was supported by higher earnings, increased investments in real estate, and a boost in loans and receivables.

    Even as total liabilities climbed to N256.24 billion, largely due to increased borrowings, the Group reduced its debt-to-equity ratio to 1.94x from 2.13x last year, showing improved financial stability.

    Operationally, the Group generated N8.79 billion in net cash from operating activities rebounding from a negative cash flow in Q1 2024. Cash from financing activities stood at N19.01 billion, helping fund continued investments despite a net outflow of N20.26 billion from investing activities.

    Looking ahead, VFD Group says it remains focused on smart capital allocation, expanding into new markets, and maintaining strong risk management. The company reaffirmed its goal of building a consistently profitable and sustainable business.

  • VFD group announces share price adjustment

    VFD group announces share price adjustment

    VFD Group Plc has implemented a significant adjustment to its share price following the company’s recently announced 5-for-1 bonus share offer and dividend declaration for 2025.

    The financial services conglomerate saw its share price marked down from ₦96 to ₦15.6 per share on April 23, a move that follows the qualification date for the bonus share offer that passed on April 22.

    According to a statement by the company, the markdown reflects a standard market adjustment associated with the substantial increase in the number of shares in circulation rather than any decline in the Group’s underlying value or performance.

    “This is purely a mathematical adjustment,” a company spokesperson explained. “Our fundamentals remain strong, and we remain focused on long-term value creation. Shareholders now have more equity in a growing and ambitious company.”

    The statement noted that under the terms of the bonus issue, shareholders will receive five additional shares for every one share held as of the April 22 qualification date, effectively increasing their holdings sixfold. 

    The company emphasised that while the share price has been adjusted downward, the overall value of each shareholder’s investment remains preserved.

    Before the bonus markdown, one share was valued at ₦96. Following the adjustment, six shares at ₦15.6 each equals ₦93.6, plus a net dividend payment of ₦2.4, maintaining the total value at ₦96.

    Furthermore, the company stated that bonus shares will be credited to eligible shareholders on or before June 14, 2025, pending approval at the upcoming Annual General Meeting in May and final clearance from the Securities and Exchange Commission.

    Also, VFD Group highlighted its strong financial performance in 2024 as the backdrop for this shareholder reward, noting “record-breaking revenue and profit growth” across its diverse business portfolio. The company has continued its strategic expansion across financial services, real estate, technology, and consumer markets.

    Industry analysts suggest the bonus issuance could improve market liquidity for VFD shares, potentially making them more accessible to a broader range of investors.

    The group, which has seen steady growth in market capitalization, reaffirmed its commitment to its growth strategy focused on delivering superior returns through innovation, diversification, and disciplined capital allocation.

    It encouraged shareholders seeking additional information to contact VFD Group’s Investor Relations department or visit the company’s website.

  • VFD group crosses ₦100bn market capitalisation as investors signal renewed confidence

    VFD group crosses ₦100bn market capitalisation as investors signal renewed confidence

    VFD Group Plc has officially crossed the ₦100 billion mark in market capitalisation, a major milestone that underscores growing investor confidence in the company’s business fundamentals and long-term strategy.

    The achievement comes against the backdrop of a challenging economic landscape in 2024 marked by inflationary pressures, regulatory shifts and market volatility.

    Despite these conditions, VFD Group demonstrated strong financial performance and operational discipline, reinforcing its reputation as one of Nigeria’s most agile and well-governed investment firms.

    Analysts point to VFD’s consistent adherence to its core investment philosophy, anchored in four principles: selective diversification, value-driven leadership, strong corporate governance and strategic patience are key drivers of its market appeal.

    The Group’s ability to generate value across multiple sectors including financial services, technology, real estate, and media has helped it weather economic headwinds and attract long-term investor interest.

    Read Also: VFD Group divests key subsidiary in N7billion deal

    “Crossing the ₦100 billion threshold is symbolic, not just for VFD, but for the wider capital market,” said a Lagos-based financial analyst.

    “It shows that there is still appetite for companies that play the long game, prioritise transparency, and consistently deliver value.”

    The company’s stock has outperformed several peers, benefiting from a combination of steady earnings reports, strategic investments, and confidence in its leadership team.

    The company’s commitment to good governance and prudent capital allocation continues to resonate with both institutional and retail investors.

    VFD Group’s milestone marks a notable moment in Nigeria’s capital market narrative, especially as investors look for resilient and forward-thinking companies to anchor their portfolios in uncertain times.

  • VFD Group divests key subsidiary in N7billion deal

    VFD Group divests key subsidiary in N7billion deal

    The board of VFD Group has approved the full divestment of the group’s shareholding in Atiat Limited, a key subsidiary where VFD Group held 57.26 per cent majority stake.

    The deal, valued at N7 billion, involved 343.547 million ordinary shares of in Atiat Limited.

    VFD Group stated that the transaction marked an important milestone for both companies, underscoring VFD Group’s commitment to delivering superior value to its stakeholders while positioning Atiat for an exciting new chapter of growth and expansion.

    According to the company, the decision to divest aligns with VFD Group’s strategic framework, which emphasizes optimizing its portfolio by directing resources toward high-growth opportunities.

    VFD Group stated that the N7 billion transaction reflected the strong value created under VFD Group’s stewardship and its ability to execute disciplined investment decisions that maximize shareholder returns.

    Speaking on the divestment, Group Managing Director, VFD Group, Nonso Okpala, said the transaction was a testament to the quality of the group’s investment decisions and its ability to unlock value for investors.

    Said he: “The divestment of our stake in Atiat Limited is a strategic move that allows us to redeploy capital into higher-growth opportunities while maintaining our focus on delivering exceptional returns for institutional and retail investors”.

    He noted that over the years, Atiat has evolved into a formidable player in Nigeria’s financial services sector.

    According to him, under VFD Group’s leadership, the company expanded its market presence, achieved significant financial milestones, and built a solid governance framework that positions it for continued success.

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    He said the divestment was a natural next step in Atiat’s growth journey, allowing it to chart an independent course while capitalizing on new opportunities in the financial ecosystem.

    “Atiat Limited remains a strong, financially sound, and forward-focused institution. Over the last four years, the company has recorded exponential growth in revenue, profitability, and shareholder value, with year-on-year cumulated average growth in gross earnings rising from N2 billion in 2021 to N9.7 billion in 2024, profit before tax  growing from a loss of N30.4 million in 2021 to N1.4 billion in 2024 unaudited report. Shareholders’ funds have also surged from N327 million in 2021 to N8.2 billion in 2024. Its corporate governance structure, led by a board of distinguished professionals, and its commitment to operational excellence have positioned Atiat as a leader in the financial services sector.

  • VFD Group to sell 30% equity stake in Abbey Mortgage Bank

    VFD Group to sell 30% equity stake in Abbey Mortgage Bank

    • N30b capital raising underway

    VFD Group Plc plans to sell 30 per cent equity stake in Abbey Mortgage Bank Plc and raise additional N30 billion as part of a strategic growth project aimed at boosting shareholders’ value.

    Directors of the investment group extensively discussed and approved the strategic decisions at their latest meeting.

    Group Managing Director, VFD Group Plc, Nonso Okpala, said the company remains dedicated to maintaining a robust capital base to effectively navigate evolving market conditions.

    To support this commitment, the group plans to raise an additional N30 billion, pending approval from shareholders at the upcoming annual general meeting (AGM).

    While the specific form of this capital raise, whether through debt or equity, are yet to be finalized, the significant infusion will undoubtedly strengthen the company’s financial position and support future initiatives, acquisitions, and the growth capital required for investee companies’ expansion.

    The board also approved the strategic sale of up to 75 per cent of the group’s stake in Abbey Mortgage Bank Plc, representing up to 30 per cent of the bank’s outstanding shares.

    Okpala said the decisions reflect the group’s ongoing commitment to sustainable growth, prudent financial management, and maximizing shareholder value.

    According to him, the decision aligns with ongoing strategy to optimize portfolio in response to market conditions.

    “By taking this step, we aim to unlock significant value for our shareholders and strengthen our investment strategy. After careful analysis of market dynamics, we believe this move will enhance our ability to capitalize on future opportunities,” Okpala said.

    Read Also: VFD Group posts N2.62b profit in Q1

    Also, the board discussed the establishment of a capital market holding group, anchored by Anchoria Capital Group Limited. This strategic consolidation will encompass the group’s interests in Anchoria Asset Management Limited, Anchoria Investment & Securities Limited, and Kairos Capital Limited.

    According to the group, the synergies within this group are expected to enhance operational efficiency, improve service delivery, and position us for sustained growth in the capital market space.

    The board has approved a bonus issue of four new shares for every one share held as of June 14, 2024.

    The group noted that the bonus issue underscored the group’s confidence in the company’s prospects and aligns with its unwavering commitment to shareholder value creation, as stated by Group Chairman, Olatunde Busari.

    “We wish to affirm that our decisions are guided by a long-term vision to create enduring value for our stakeholders. We remain steadfast in our commitment to transparency, accountability, and excellence in all our endeavours,” the group stated.

  • VFD Group posts N2.62b profit in Q1

    VFD Group posts N2.62b profit in Q1

    VFD Group Plc recorded a net profit of  N2.62 billion in the first quarter.

    According to the result published by Nigerian Exchange (NGX)l, the company’s balance sheet improved in the period under review as total assets hits N 261.91 billion, a growth of nine per cent from N240 billion reported as of December 2023.

    The company’s gross earnings also grew by 13.2 per cent closing the year at N45.1 billion, a significant increase from

    N34.025 billion in 2022, which indicated a robust top-line growth.

    Group Managing Director, VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings was due largely to dividend income and treasury-related income in his statement on the company’s financial performance.

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    He attributed the company’s loss after tax to tough and challenging business environment in 2023. He added that “Naira devaluation, unprecedented inflation, and the rising cost of doing business in Nigeria drove up our operating costs. We also made new investments, the bulk of which would take time to yield investment income whilst the interest expense on the cost of investment had to be recorded immediately.”

    “Despite the highlighted economic environment marked by high interest rates, rising inflation, and Naira depreciation, the Q1 performance has shown that VFD Group is dedicated to adapting and excelling.

    Okpala reiterated that the company is focused on strengthening its core operations and continue to explore new growth opportunities. According to him, we are actively working on cost optimization measures and enhancing our investment strategies to improve financial performance in the coming years. Already, we are seeing the results of our refined strategy, he concluded.