The VFD Thursday announced that it successfully raised ₦2.78 billion from rights issuance and private placements, higher than its original target of ₦2 billion.
The company disclosed this in a statement Thursday.
The VFD Group is a financial services focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
“We had planned to raise ₦1 billion from existing shareholders via rights and the other ₦1 billion via private placement from new shareholders. The offer opened on December 3, 2018, with Kairos Capital Limited acting as the financial adviser, and closed on December 31, 2018.
“Despite the short timelines, the capital raise was successful, as it was oversubscribed by 39 per cent on both counts. This over subscription is indicative of the confidence existing and new shareholders have in VFD Group,” it explained.
According to the group, the new funding would enable it pursue the goals mapped out for this financial year as agreed by the shareholders at the last Annual General Meeting (AGM), saying “one of which is the goal to establish a presence in every key sector of the financial services industry, including banking. This is coming on the heels of the Group’s plans of conversion to a Public Limited Liability Company. The considerations of the offer will be presented at the next meeting of Group’s Board of Directors.”