Significant milestones achieved during the past year significantly shaped VFD Group’s history and laid a strong foundation for accelerated performance in 2024, its Chairman, Olatunde Busari, has stated.
These achievements, he said, remain strong indicators of the Group’s unwavering commitment to the welfare of its shareholders.
Busari, who was addressing the shareholders at the company’s 8th Annual General Meeting (AGM) held virtually on Thursday, noted that over the past three years, VFD Group had strategically laid the groundwork for the kind of investment company it aspires to be.
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He stated that in 2023, the Group took a major step by restructuring the firm to enhance its focus as a proprietary investment company, aligning the management structure and organisational model with key strategic objectives.
The Group Managing Director and Chief Executive Officer of VFD Group Plc, Nonso Okpala, reiterated the monumental significance of the next five years, beginning from 2024, contextualising a critical growth phase in the Group’s evolution, aptly themed “A New Dawn.”
He noted the importance of the Group’s transition from a founder-led organisation to a publicly quoted, multiple shareholder-led entity, and a strategic vision of the Group’s inclusive mindset of equally protecting minority interests.
To facilitate this transition, VFD Group Plc has developed a comprehensive framework that encompasses a new shareholder structure, a refined investment philosophy, and a redefined corporate culture centred around its evolving identity.
Integral to the success of this framework is the Company’s commitment to maintaining a robust capital base to effectively navigate evolving market conditions. In line with this, the Group remains focused on future plans for an additional ₦30 billion raise, which received shareholders’ approval during the AGM.
While the specific form of this capital raise, whether through debt or equity, will be disclosed in due course, this significant infusion will undoubtedly strengthen the financial position and support future initiatives, acquisitions, and growth capital required for the Group’s investee companies’ expansion.
The 2023 AGM provided a platform for VFD Group Plc to reinforce its vision and strategic direction, ensuring alignment with its growth ambitions and stakeholder expectations.
The company recorded growth in key financial metrics, with gross earnings increasing by 33% to ₦45.1 billion from ₦33.8 billion year-on-year, and asset growth of 45.0% from ₦151.5 billion in 2022 to ₦219.4 billion in 2023.
Based on this performance, the Board recommended a bonus share of 4 (four) new shares for every 1 (one) share held, which was approved by the shareholders during the AGM.
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