VFD Group Slips by 10% Amidst Investment Round in V Bank
VFD Group Plc fell by about 10% week on week on the Nigerian Exchange after a round of investment worth N5 billion in its microfinance bank, or V Bank. The sell pressures reduced the diversified investment company’s share price to N52.40 on the Nigerian Exchange, from N58 at the beginning of the trading session this week.
Sell pressure occurred only once at the beginning of the trading week when about 614,000 shares were traded in the market. Thereafter, the stock price stayed flattish for the rest of the trading session at N52.40.
Due to the selloff, VFD Group’s 1.266 billion shares outstanding value was revised down to N66.382 billion on Friday. VFD told the Nigerian Exchange the Board approved the Company’s investment of ₦5 billion into VFD Microfinance Bank, a wholly digital bank.
It said this latest investment will accelerate V Bank’s innovation drive, enhance its digital infrastructure, and expand its suite of services, further solidifying its standing as a leading provider of financial solutions in Nigeria.
Speaking on the investment, Nonso Okpala, Group Managing Director of VFD Group, emphasised the company’s vision of fostering financial inclusion and driving digital banking transformation in Nigeria.
“Our ₦5 billion investment in V Bank reflects our confidence in its potential and our unwavering commitment to seeing it flourish. V Bank is not just a microfinance institution; it is an integral part of Nigeria’s financial services ecosystem, and we are committed to scaling its operations, expanding its reach, and reinforcing its position as a trusted financial partner to millions of Nigerians.”
VFD Group’s strong track record in financial services, investment management, and business growth provides the ideal foundation for V Bank’s continued expansion.
The Group’s diversified portfolio and extensive expertise equip it with the capacity to drive sustainable growth, ensuring V Bank remains at the forefront of digital banking innovation.
V Bank’s Managing Director, Mr. Rotimi Awofisibe highlighted the impact of the investment on the bank’s future. “This capital infusion will allow us to deepen our technological capabilities, introduce new product offerings, and enhance customer experience.
“With VFD Group’s support, we are poised to scale new heights, reaching more Nigerians and providing them with innovative, efficient, and accessible banking solutions.”
This investment marks a new chapter in V Bank’s journey, as it transitions into a more robust financial institution capable of meeting the evolving demands of Nigeria’s dynamic economy.
As part of its growth strategy, the bank will continue to leverage cutting-edge technology, strategic partnerships, and customer-centric innovations to redefine banking in Nigeria. #VFD Group Slips by 10% Amidst Investment Round in V Bank FG Partners WIPO to Boost SMEs’ Global Competitiveness
