VFD Group Plc holds first AGM after listing

Financial services firm, VFD Group, has held its first Annual General Meeting (AGM) since it became a quoted company.

The AGM which was held on Friday, May 31, 2019, was mostly moderated by the group’s chairman, Olatunji Busari (SAN).

Busari began by acknowledging the presence of every shareholder, board member, and regulatory bodies, before calling on Gbeminiyi Shoda, VFD’s Company Secretary, to read the notice convening the meeting.

The Chairman then introduced members of the board, including Nonso Okpala, Azubuike Emodi, amongst others.

The AGM’s scheduled activities: Going forward, the Company Secretary read out the main agenda of the meeting. These included the consideration of the company’s audited financial reports for FY 2018, the consideration/approval of the company’s declared dividend for the year, as well as the election/re-election of directors.

Resolutions treated at the AGM: In the course of the event, shareholders approved the appointments of Ayodele Omawunmi, and Mobolaji Adewumi, as directors of the company.

More so, a dividend of N2.20 kobo per share in respect to the financial period ended Monday, December 31, 2019, was approved by the shareholders. This translates to N251.5million

The shareholders also approved the appointment of Messrs. Atacoff Advisory Services as the Auditors to the company.

Group Result: Going by its audited accounts for last year, VFD Group’s profit before tax (PBT) rose by 1,034% to N687.39 million as against N60.62 million in the preceding year. Gross earnings grew by 394% to N2.9 billion from N445.01 million for the same period in 2017.

Following the success of the AGM, VDF’s Chairman noted that the event is a milestone for the company, claiming the company’s portfolio is commendable.

In an interview held after the AGM, Busari said the company went into the market to raise N1 billion by right issue and N1 billion by private placement which were oversubscribed.

Busari boasted that the company’s laudable portfolio is proof of the level of confidence investors and shareholders have in VFD.

Addressing what the future holds for VFD, the Chairman disclosed that the company is pursuing a license to operate as a regional bank. He said, “our intention is to start with having a regional banking license, after which we would progress on becoming a national bank.”

Busari also made known that the company is planning to go into a real estate business. He added, “We are trying to go into real estate, and you know as a beginner, you have to start in a modest way. That is why we are partnering with Dynasty Real Estate Company. I believe in a matter of time, the real estate business will be a big thing we will all be proud of.”

On his part, Nonso Okpala, the Group Managing Director and Chief Executive Officer of the group, enjoined investors to take advantage of the fact that the company is futuristic.

Okpala said the company is planning on going public by 2022; as such, he implored anyone who has no investment in the financial firm to do so very strongly.

Source: Nairametrics

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