Shake-Up As VFD Group Appoints Directors, Makes Management Changes

VFD Group Plc has made four key management changes in its bid to drive its core mandate and introduce fresh ideas into the company board.

The company made the disclosure in a regulatory filing obtained by THE WHISTLER on Thursday, signed by Gbeminiyi Shoda who is the Group Company Secretary.

VFD Group, nicknamed the ‘Berkshire Hathaway of Nigeria’ had its 190,027,365 ordinary shares of 50k with a share price of N244.88 per share admitted on the Nigerian Exchange Ltd in the first week of October.

From a meagre N3m, the Group has raised its assets to N150bn in a space of 14 years and it has also expanded its portfolio to 40 different companies.

The VFD said that it has appointed Ms. Rashida Saleh as an Independent Non-Executive Director of the Company effective 25 October 2023.

Rashida’s appointment is still subject to the approval of the Company’s shareholders at its next Annual General Meeting.

The Group said Saleh is an experienced human resources, treasury, and contract management professional with over 25 years of expertise, 15 of which was spent in senior management roles in financial services, and oil & gas services.

VFD also appointed Ms. Nneka Okekearu as an Independent Non-Executive Director of the Company effective 25 October 2023, the filing revealed.

According to the Group, Gbenga Omolokun, a Non-Executive Director on the Board of VFD, will transition to the position of an Executive Director to head a new Directorate – Technology and Operations effective from 1st November 2023.

“This move follows a recent restructuring on the Board of VFD, aimed at bringing in highly knowledgeable and versatile individuals to cater to VFD’s business needs on a day-to-day basis,” VFD said.

The Group further announced the resignation of an Executive Director, Mr. Folajimi Adeleye, from the Board of VFD Group effective 25 October 2023.

Adeleye was initially Executive Director of Finance and later Executive Director of Treasury and Operations.

VFD said the “Reason for his resignation is to take on new responsibilities within the Group.”