VFD Group receives SEC's approval for N50.6bn rights issue allotment

… Crediting of shares to commence

VFD Group Plc, a principal investment firm said the Securities and Exchange Commission (SEC) has issued a letter of no objection for the Basis of Allotment (BoA) for the Group’s Rights Issue of 5,067,396,400 Ordinary Shares of 50kobo each at N10 per share.

The Rights Issue, which opened on October 20, 2025, and closed on December 31, 2025, was offered on a basis 2 new shares for every 3 shares previously held.

The SEC letter confirms the successful conclusion of the capital raise and initiates the formal distribution of units to shareholders.

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The share allotment will be conducted via e-allotment to the Central Securities Clearing System (CSCS) accounts of successful allottees.

VFD Group Plc noted that it has coordinated with its Registrars, Africa Prudential Plc, to ensure an efficient settlement process.

Concerning the approval received, Nonso Okpala, group managing director, VFD Group Plc said: “We are pleased to have received the SEC clearance for the basis of allotment. This milestone allows us to officially welcome new and existing shareholders into this expanded capital structure”.

“The successful uptake of this Rights Issue provides the necessary capital buffer to harden our institutional infrastructure and accelerate our pan-African footprint. We thank our shareholders for their continued belief and confidence in the VFD vision,” Okpala said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.