NEWS
Why Foreign Investors Should Turn to Nigeria – VFD GMD
Mr Nonso Okpala, the Group Managing Director of VFD Group, an investment firm that focuses in the real sector, says the company plans to source for more capital beyond the shores of Nigeria.
Okpala disclosed this in an interview on Sunday in Lagos.
NAN reports that the VFD Group was listed on the Main Board of Nigerian Exchange Ltd.
(NGX) on Oct. 9.According to him, the listing of the group on the NGX will provide the platform for the firm to achieve the target of sourcing for funding beyond Nigeria.
Okpala said that the company’s current position on the exchange would also help it to build the requisite trends and reputation needed for such target.
“It will assist the firm to enjoy more visibility, establish elaborate track-records and get more attention from the public investors,” he added.
NAN recalls that the listing of VFD Group’s shares added more than N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
The management of VFD Group Plc had said it projected N300.61 billion in total assets by 2025 and N5.83 billion dividend payout to shareholders in the same period.
Recalling how the company came into existence 14 years ago with 35 friends who came together as shareholders, Okpala said that the pioneers knew from the inception that the company would be listed on the stock exchange in no time.
He said the group also recognises the positive impact of technology on business operations and believes in utilising these advantages to foster the growth of robust companies.
According to him, access to capital is also a significant consideration for VFD Group which strives to capitalise on such opportunities.
Okpala noted that the company’s strategic approach, commitment to innovation and alignment with young talents had made it an attractive investment option in Nigeria’s emerging market.
He highlighted the importance of acquiring long-term funds for developmental purposes such as infrastructure building and nurturing companies from inception to maturity.
These funds, he said, are considered relatively cheap and provide opportunities for growth and profitability, while emphasising the group’s track-record, skill sets, leadership and industry knowledge, making it capable of effectively utilising such funds.
Okpala said the management of the company saw opportunities in the new ways of doing things, hence its listing on the exchange at a period that the Federal Government embarked on liberalisation of the currency and fuel subsidy removal which were considered as economic challenges.
He added that the company was leveraging these changes and the potential of technology to build stronger companies.
“We are not talking about bank debt, short-term loans, hot money, but long-term funds that are relatively cheap and can be directed towards developmental roles, be it in infrastructure building or a company from inception to maturity.
“Those are the kind of funds that we want. We believe we have the track-records, skill sets, leadership and industry know-how to run such companies to profitability and access to long-term capital suited for developmental growth. This is what we thought we needed to address.
“So, there is no better time to take the step than to do it now.
“We have self-inflicted adherence to governance more that most companies. We have strong leadership levels, bench of very smart and strong proven leaders in our group as well as young professionals,” Okpala added.
He, however, noted that the opportunities from such expansion would be subject to the kind of funding accessible.
The chief executive officer said that with 14 years of existence, the group had remained bullish with market infrastructure through the use of technology and fintech, due to Nigeria’s population and the difficulties of navigating the business environments
“From a logistical stand of point, technology is important and you can understand why someone will embrace digital banking if the option is for him to go through traffic.
“So, we think from a lifestyle perspective; fintech and technology remain key areas for us to keep exploring.
“Our model is that one can easily replicate whatever you do successfully in Nigeria and in many African countries. That’s why we are exploring the model we have in Ghana.
“We are also bullish in real sector, hospitality and lifestyles.”
He also said that one of the clear-point by the group was the plan to upgrade one of its investee companies, Abbey Mortagage, from a mortgage to commercial bank.
Okpala explained that another step to be taken by VFG Group is to pay closer attention to the insurance sector, saying that it complements the other investments by the company, therefore leading to an ecosystem needed in place.
“From a general standpoint, we have talked about an ecosystem being central to our plan as VFD Group, and that ecosystem is based on the fact that we are exposed to different companies which have cross-selling opportunities and collaborative potentials.
Okpala, who said that having an ease of doing business remained imperative for the economy to continue to prosper, noted that conflict resolution was equally necessary.
He said that the ease of resolving conflicts with respect to rule of law is important to any business and transactions.
“We have a lending background as our core. We also have interest in lending space, mortgage and Vbank.
“One of the things we have realised is that it is always difficult to close it on a transaction, especially when you give out to debt. It is also, by extention, difficult when there is a contract failure,” he said.
On sustainable dividend policy and attracting more investors, the group managing director said the most central core value of the VDF is to always be empathetic to investors.
“We treat investors the way we want to be treated. Our destiny is tied to the destiny of other investors, be it in retails, high-networth of individuals or institutional investors.
The objective is to continue to work hard to make some sufficient funds and distribute returns and investment forward in the interest of the company.
To ensure that corporate governance is adhered in managing the group, Okpala said a succession plan had been put in place since fives years ago.(NAN)
By Laide Akinboade, Abuja
The National Leadership of the Christian Association of Nigeria (CAN) at the weekend, said it is disturbed by the tragic events at Holy Trinity Catholic Church in Maitama on Saturday morning.This was contained in a statement issued by CAN signed by Archbishop Daniel Okoh, President, Christian Association of Nigeria (CAN), and made available to journalists in Abuja.
.The statement reads in parts, “We have learned that at least ten people, including children, lost their lives in a stampede while trying to seek help from the church. ”This tragedy is not just statistics; it represents real families who are hurting. Each person lost was someone’s beloved family member. We wish to express our heartfelt condolences to the Catholic Church and to the families affected by this terrible incident. We stand together with you in this time of sadness and prayer.”Many people arrived early, hoping to receive palliatives that would help them during tough times. What was meant to be a day of support turned into a disaster, leaving a heavy impact on all of us and reminding us how fragile life can be.”This incident is part of a troubling pattern, as Nigeria has experienced two other tragic stampedes this month. On December 18, during a Christmas funfair at a school in Ibadan, a stampede resulted in the deaths of 35 children, with six others critically injured. The event aimed to distribute cash and food to over 5,000 children. This tragic event is currently under investigation, focusing on better crowd control measures.”Just a few days later, another stampede occurred during a rice distribution event at a centre in Anambra State. Reports indicate that at least 22 people lost their lives, and 32 others were injured. These heartbreaking incidents highlight the challenges of managing large crowds during charitable events. “In the face of these tragedies, we recognise the importance of coming together to support those who are grieving. It is crucial that we listen to one another, share our feelings, and offer help in any way we can. This is a time for compassion and understanding as we help one another heal.”As we reflect on these devastating events, we invite all Nigerians to come together with kindness and understanding. Let us support one another and work towards creating a place where everyone feels safe and valued. The concern shown in response to this incident highlights our shared humanity.”Together, we can honour the memory of those we have lost by committing to a future filled with hope, where every life matters, and where we can gather in safety and peace, sharing in the abundance of food and support that we can provide for one another as a nation.”May those who have passed find eternal rest, and may God comfort all who are grieving”.
The Benue Government on Sunday unveiled a new beverage, Zeva Premium Lager Beer, produced by Benue Investment and Property Company (BIPC).
Gov. Hyacihth Alia, who presented the new product to the public in Makurdi, said the product was a significant step toward economic rejuvenation, industrialisation, and sustainable development of the state.
Alia stated that the product has further expressed the state’s readiness to harness her resources, build and revive dormant industries, and foster local economic growth.
The governor said the brewery would create a sustainable value chain, turning agricultural raw materials like cassava, sorghum, millet, and maize into high-value products.
He said the beer was an economic strategy to boost state internally generated revenue, reduce dependence on federal allocations, create jobs for the youth, address unemployment, and foster economic stability.
Alia said that through the BIPC, the state has initiated negotiations and interventions to ensure that the Benue Brewery, now managed by Nigerian Breweries, was revived and repositioned for optimal productivity, but their efforts failed.
“Having seen the economic potentials of the brewery industry on our local farmers and the economy of the state, we floated Food Basket Brewery that will produce quality beverages that can compete on national and global stages.
“The launch of Zeva Premium Lager Beer is a game-changer for the agricultural and economic landscape of Benue State.
“The brewery’s operations will directly impact the lives of our farmers, the state’s Gross Domestic Product (GDP), and overall economic development of the state.” he said
The governor stated that through the BIPC, the state has initiated various projects aimed at revitalising existing industries and establishing new ones.
He said though there were other beer beverages in the country, the Benue brand remained the best in the market.
Alia urged the people to drink beer responsibly.
The governor commended the Managing Director (MD/CEO) BIPC, Dr Raymond Asemakaha, along with the management and entire staff of the company, for their relentless efforts, dedication, and commitment to bringing change to the state.
The BIPC Managing Director (M-D/CEO), Asemakaha, said in his remarks that the launching of the beer would increase the state GDP by 17 per cent.
Asemakaha said that the target of the company was to create 10,000 jobs by 2025, adding that they have already created 411 direct jobs within one year.
“Zeva Premium Lager Beer represents more than just a new product. It is a symbol of innovation, resilience, and the indomitable Benue spirit.
“As we unveil this premium beer today, we do so with the knowledge that it will contribute significantly to the socio-economic development of our dear state in several critical ways,” he said.
The M-D disclosed that the Food Basket Brewery would not only produce Zeva Premium Lager Beer but also an array of other assorted brands that would cater to diverse tastes and preferences.
He said Zeva Premium Lager Beer was more than just a drink; it was a celebration of the Benue spirit—a spirit of resilience, determination, and excellence.
The high point of the event was the unveiling of the Zeva Premium Lager Beer product to the public by the governor. (NAN)
The National Agency for Food and Drug Administration and Control (NAFDAC) has partnered with the Association of Food, Beverages, and Tobacco Employers (AFBTE) to promote a food safety culture in Nigeria.
This collaboration was announced in a statement issued by NAFDAC’s resident media consultant, Mr Olusayo Akintola, to newsmen in Abuja on Sunday.
He said the event took place in Lagos on Friday, where NAFDAC’s Director-General, Prof.
Mojisola Adeyeye, was represented by Mrs Eva Edwards, Director of Food Safety and Applied Nutrition (FSAN).The statement quoted Adeyeye, highlighting that the collaboration stemmed from an end-of-year stakeholders’ dialogue session with NAFDAC.
She said the session provided an opportunity for both parties to have open discussions on strategic objectives.
Adeyeye noted that the FSAN dialogue had become a key part of NAFDAC’s calendar, marking its third consecutive annual edition.
She said the session aimed to share insights and tackle challenges related to ensuring the safety and quality of food supplied to Nigerians.
The NAFDAC Director-General emphasised that the event underscored the vital role of AFBTE in protecting public health and maintaining consumer trust.
“It also served as a platform for discussing important food safety concerns and sharing information on new regulatory processes for food manufacturing facilities in Nigeria.”
Adeyeye pointed out the far-reaching impact of unsafe food, which not only affected public health but could also harm economies and trade.
She stressed the importance of the food sector in adopting robust food safety standards, innovative solutions, and a food safety culture.
“NAFDAC, alongside AFBTE, is committed to guiding the industry towards voluntary compliance with regulatory requirements.
“This meeting is an opportunity to discuss how we can improve our services and better support you. What worked well in 2024? What didn’t, and how can we improve?”
She also mentioned that NAFDAC had received several applications from manufacturers requesting changes to product formulations, and the agency would work to verify these necessary changes.
The statement also quoted Mr Fred Chiazor, Chairman of the Technical Committee of AFBTE, who commended NAFDAC for facilitating the meeting, which provided an opportunity for industry stakeholders to collaborate on progress for the upcoming year.
He noted that AFBTE members had become more strategic in their thinking and encouraged them to speak openly about issues they encounter. (NAN)
Abuja Stampede: CAN Mourns
ShareBy Laide Akinboade, Abuja The National Leadership of the Christian Association of Nigeria (CAN) at the weekend, said it is...
Benue unveils Zeva Premium Lager Beer
Share The Benue Government on Sunday unveiled a new beverage, Zeva Premium Lager Beer, produced by Benue Investment and Property...
NAFDAC, Manufacturers Collaborate to Strengthen Food Safety Culture in Nigeria
Share The National Agency for Food and Drug Administration and Control (NAFDAC) has partnered with the Association of Food, Beverages,...
CHAN: Nigeria, Ghana Clash Ends in Goalless Draw
ShareThe Nigeria, Ghana final qualifying fixture in the race to next year’s African Nations Championship ends a goalless draw in...
FG Lifts Ban on Mining to Boost Zamfara IGR – Minister
Share Alhaji Bello Matawalle, Minister of State for Defence, says President Bola Tinubu has lifted the ban on mining in...
Kaduna’ll be Secure During Yuletide-CP
Share The Police Command in Kaduna State said it has enhanced security measures ahead of the yuletide festivities in the state....
IG Visits Family of Man Who Died in Police Custody in Ilorin
ShareThe Inspector-General (IG) of Police, Kayode Egbetokun, on Sunday paid an unscheduled visit to Ilorin in view of the death...
2024 was Turbulent for us But God Strengthened us, Makinde Says
ShareGov. Seyi Makinde on Sunday in Ibadan said God’s intervention helped the government and people of Oyo State to go...
NPFL: Late Penalty Kick Helps Kwara United to Narrow Win
ShareA penalty kick awarded late in the game on Sunday helped hosts Kwara United Football Club of Ilorin to a...
Poverty, Behind Deadly Stampedes Across Nigeria, says Falana
ShareBy Mike Odiakose, Abuja Human rights lawyer, Femi Falana, SAN, on Sunday attributed the deadly stampede that claimedmore than 105...