VFD Group, a Nigerian investment service firm, has successfully raised 12.499 billion naira ($10 million) through a rights issue on the Nigerian Exchange Limited (NGX). The initiative, approved by the Security and Exchange Commission, involved listing 63.3 million ordinary shares at $0.16 per share. This move follows the company’s recent listing of 190 million units of shares, adding $37 million to the NGX market capitalization. With the issuance of additional shares, VFD Group Plc’s total shares have increased to 253.3 million, reflecting its commitment to growth and shareholder value enhancement.
The Rights Issue, commencing in December 2023, received strong support from shareholders and was facilitated by firms such as United Capital Plc and Kairos Capital Ltd, among others. The move aims to strengthen VFD Group’s market position, enhance its capacity for growth and innovation, particularly in exchange businesses, and contribute to Nigeria’s financial market development. This strategic listing aligns with VFD Group's goal of increasing visibility, accessing capital, and fostering liquidity, all while continuing to expand its portfolio across sectors to drive socioeconomic development in Nigeria.