VFD Group Lists 5.07 Billion New Shares On NGX

VFD Group Plc has strengthened its capital base with the listing of 5.07 billion additional ordinary shares on the Nigerian Exchange Limited (NGX), following the completion of its rights issue.

In a notification to Trading Licence Holders, seen by THE WHISTLER, the NGX confirmed that the new shares of 50 kobo each were admitted to the Daily Official List. The listing follows the company’s rights issue of 5,067,396,400 ordinary shares priced at N10.00 per share.

The rights issue was structured on the basis of two new ordinary shares for every three existing shares held by shareholders as of the close of business on August 8, 2025. The offer provided existing shareholders the opportunity to increase their stake in the company while supporting its capital-raising objectives.

With the successful listing of the additional shares, VFD Group’s total issued and fully paid-up share capital has increased significantly from 7.60 billion to 12.67 billion ordinary shares of 50 kobo each.

The capital injection is expected to enhance the Group’s financial capacity, enabling it to pursue strategic investments, expand its portfolio across key sectors, and strengthen its position within Nigeria’s investment and financial services landscape.

Market observers note that rights issues remain a vital tool for companies seeking to raise funds while preserving shareholder value, as they allow existing investors to maintain proportional ownership.

The Board of Directors of VFD Group Plc proposed a final dividend of N0.25 per share, translating to an annualised return of 10% for shareholders who participated in the December 2025 rights issue at N10.00 per share.

The proposed dividend comes at a time when the Group’s enlarged capital base is yet to be fully deployed. Notably, regulatory approval from the SEC for the rights issue proceeds was only obtained in March 2026, meaning that the capital raised has not yet been invested.

Importantly, the returns currently being realised by shareholders have been generated entirely from the Group’s existing earnings base, prior to the deployment of new capital. This underscores the strength of VFD Group’s underlying business and its ability to create value even before the next growth phase begins.

“The real story is what comes next. We are entering a phase where capital meets opportunity at scale. Our focus is on deploying efficiently, managing risk rigorously, and ensuring that every naira works to compound value across the ecosystem. That is how we build enduring shareholder wealth,” said the Group Managing Director/CEO, VFD Group Plc, Nonso Okpala.

“This speaks to the strength of our existing platform and the discipline with which we run the business,” he said.

As the rights issue proceeds are deployed into yield-generating investments, and the portfolio matures, the Group expects its earnings capacity, and consequently its dividend-paying ability, to strengthen further.