Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for the proposed right issue of 7,452,054 Ordinary Shares of 50 Kobo each at
N556 per share based on 1 share for every 16 shares held.
The proposed right issue was approved by the Board of Directors at its Extraordinary General Meeting (EGM) which held on 23rd November 2020. The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.
The Group Managing Director/CEO, Nonso Okpala, has expressed his gratitude to the regulatory body, SEC, for the clearance, while hinting on the next phase of the business.
“Our expansion drive has been a long time coming and with this clearance, 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,” he disclosed.
VFD Group is a proprietary investment company that 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.
VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.
Equities Market Sheds N92 Billion on Monday
The Nigerian Exchange Limited (NGX) closed in the red on Monday as the NGX market value declined by N92 billion from N20.579 trillion it closed on Friday to N20.487 trillion on Monday.
During the trading hours of Monday, investors traded 357.693 million shares valued at N3.565 billion in 4,394 transactions.
NGX All-Share Index dipped by 0.44 percent from 39,481.89 index points on Friday to 39,306.47 index points on Monday.
Once again, Eterna led the gainers’ table with N0.65 or 9.85 percent gain to close at N7.25 per share. Royalex followed with N0.07 or 9.21 percent to settle at N0.76 per share. See the details below.
Eterna Plc Sustains Bullish Run on Monday; Rises to 52-Week High
Eterna Plc, a leading lubricants and petroleum products manufacturer in Nigeria, led stock gainers with 9.89 percent on Monday to settle at N7.25 per share, its highest price in 52 weeks after a 13.6 percent gain last week.
Investors traded 676,878 shares of Eterna valued at N4.880 million during the trading hours of Monday.
In the 9 trading days ended Friday, May 14, 2021, Eternal gained 25 percent from N5.81 per share it traded on May 7th 2021 to N7.25 on May 17th 2021 before moderating to N6.6 per on Monday (today).
Eterna closed in the green despite the Nigerian Exchange Limited All-Share Index declining by 0.44 percent on Monday to settle at 39306.47 index points.
It led the gainers’ table again on Monday after emerging the highest gainer on Friday.
However, experts at Cordros Securities do not think the market will sustain last week bullish run in the week ahead.
They said “In the week ahead, we do not think the bulls will repeat the flawless victory that ensued this week as the bears are likely to book profit across most counters. Consequently, we see more of a “choppy theme” as cautious trading takes centre stage ahead of a critical MPC meeting scheduled later in the month.
“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”
Aliko Dangote, Tony Elumelu and Other Industry Leaders To Speak At The launch of NGX’s The Stock Africa Is Made Of Campaign
The campaign will be launched at a virtual event scheduled to hold on Tuesday, May 18.
Industry leaders, including Aliko Dangote and Tony Elumelu, are to speak at the launch of the Nigerian Exchange Group (NGX Group)’s The Stock Africa Is Made Of campaign on Tuesday, May 18, 2021.
NGX Group is set to launch The Stock Africa Is Made Of Campaign to project its positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world.
The campaign will be launched at a virtual event scheduled to hold on Tuesday, May 18, 2021, with Dangote and Elumelu as speakers.
Other industry leaders expected to speak at the event include Otunba Abimbola Ogunbanjo, Group Chairman, NGX Group Plc; Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning, Federal Republic of Nigeria; Lamido Yuguda, CFA, Director-General, Securities and Exchange Commission; Masai Ujiri, President, Toronto Raptors; Temi Popoola, CFA, Chief Executive Officer (CEO), NGX; and Tinuade Awe, CEO, NGX Regulation (NGX RegCo) Limited. The event will be moderated by veteran Master of Ceremonies, Ik Osakioduwa.
The Stock Africa Is Made Of comes on the back of the successful demutualisation of The Nigerian Stock Exchange which led to the emergence of NGX Group Plc and its three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited.
The Stock Africa Is Made Of serves to amplify NGX Group’s new brand identity and spotlight the growth potential of the African continent.
“The Stock Africa Is Made Of is designed to reinforce the message that we are fully equipped and better positioned to champion the development of new and improved experiences for the benefit of domestic, regional and foreign stakeholders,” the Group Chief Executive Officer, NGX Group Plc, Oscar N. Onyema, OON said while commenting on the campaign.
“Built around the new corporate identity, the campaign emphasises the vibrancy and dynamism of NGX Group and its subsidiaries.
“It provides stakeholders with an immersive experience through creative messaging and opportunities for direct engagement with the brand.
“Our goal is not only to celebrate this pivotal point in our journey but to also show our stakeholders that we are ready and able to explore new frontiers in our quest to be the partner and platform of choice for meeting their business, financial and investment objectives.”
Nigerian music veteran 2baba and singer Chike will perform at the event.
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