VFD Group shareholders have approved the raise of N50bn additional capital.
This was based on the resolution passed at the 9th annual general meeting held on May 8, 2025.
Recall VFD Group announced its intention to raise up to N50bn in additional capital as part of its strategic growth initiatives.
The company said the capital may be raised in single or multiple tranches, series, or proportions, and may be offered either as standalone issuances or under structured programmes.
In a fresh development, VFD said the request has been approved.
“The proposal to raise additional capital of up to N50,000,000,000 be and is hereby approved,” the resolution seen by NEWSNGR, revealed.
VFD Group in April also sought approval to capitalise the sum of N3.17bn from the balance of its share premium account as at December 31, 2024.
This capitalisation will be used to issue bonus shares to existing shareholders.
Specifically, the company intends to allot bonus shares worth N6.33bn, credited as fully paid at 50 Kobo each, to shareholders registered as of the close of business on Tuesday, April 22, 2025.
VFD Group said the shareholders also approved to increase share capital to N8.3bn by creation of an additional 6,334,245,500 ordinary shares of 50 kobo.
“That the share capital of the Company be increased from N633,424,550.00 divided into 1,266,849,100 ordinary shares to N3,800,547,300.00 divided into 7,601,094,600 ordinary shares by the creation of 6,334,245,500 ordinary shares of N0.50k each,” the company disclosed.
Also, the shareholders re-elected Mr. Olatunde Busari (SAN), Mr. Nonso Okpala, Mr. Adeniyi Adenubi and Mr. Mobolaji Adewumi as company directors.
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