VFD Group, a Lagos-based proprietary investment company, on Monday said it has received the blessing of the Securities & Exchange Commission (SEC) for a right issue of 7,452,054 ordinary shares of 50 kobo each at N556 per share based on one share for every 16 shares held.

Proceeds of the right issue, approved by the board at an Extraordinary General Meeting (EGM) on November 23, 2020, the company said in a statement, is part of a long-term strategic plan to harness opportunities in selected companies that meet the group’s Investment criteria.

The statement quoted Group Managing Director/Chief Executive, Nonso Okpala, as expressing gratitude to the capital market regulator for the clearance, stressing that the expansion drive of VFD has been a long time coming.

With this regulatory approval, he assured, “one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent.

VFD Group, the statement explained, focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

It operates through various portfolios to provide innovative financial services – alternative funding and investment channels –accessible to individuals and small businesses that provide services such as: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.