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)
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has stressed the need to collaborate with the Media and Civil society in the Fight against Corruption.
Okukoyede said this when the Managing Director of the News Agency of Nigeria (NAN), Ali Muhammed Ali, paid him a courtesy visit at the commissions, Headquarters in Abuja.
He described the media as an important ally in fighting and defeating the monster of corruption in the country.
He said that public enlightenment was one of the tools deployed in the fight against corruption, which he said could only be achieved using the media.
“We believe that concerning our mandate, we must have strong synergy with the media; the News Agency of Nigeria.
”It is extremely important because part of the factors we can deploy to really fight this war against corruption is public enlightenment, and the major stakeholders are the media people.
“Without you it will be extremely difficult to reach the grassroots and let the people know how endemic this problem is, and the need for us to all come together to collaborate.
”The job is not only for the law enforcement agency, it is for everybody,” he said.
According to him, there is nowhere in the world that anti-corruption agencies win the war against corruption without collaboration with the civil society and the media
”Because these are the people that will drum up from whatever you are doing and where there is sentiments, they are the people that will be able to balance things up,” he said.
Speaking on the effect of corruption in Nigeria and Africa in general, the EFCC boss said that corruption had a strong relationship with insecurity.
He said that security could only be achieved when the fight against corruption is won.
”As a matter of fact, if you can deal with the issue of corruption, the issue of insecurity will become an issue of the past. So we are going to collaborate with you,” he said.
Responding, the Managing Director of NAN stated that the visit to the EFCC was to intimate the Chairman on the agency’s plan to organize an international lecture on insecurity and the fight against corruption.
“We are coming to first intimate you on our plan to have the first international lecture organised by the agency.
”The agency, as part of its efforts to also contribute to the body of knowledge, has to go about having a resolution to this lingering crisis of insecurity in the country and beyond.
”We took it on a bigger scale. We are looking at insecurity in the Sahel, how it has affected Nigeria.
‘:We are dissecting the origin, the genesis, the impact and the options available to the country,” he said.
Speaking on insecurity and corruption, Ali identified a strong relationship between the two menace bedeviling the African region
He said that the EFCC, under the leadership of Olukoyede, had made significant strides in the anti-corruption fight over the years.
“We have seen the commendable job you’ve been doing in the last couple of months.
“We said let us go to the EFCC and intimate them and this is what is happening.
“We don not want to just have the Chairman as a mere invitee. The whole management came to intimate you about our plans,” the NAN MD said.(NAN)
By Tony Obiechina, Abuja
The Central Bank of Nigeria has denied the re-introduction of the controversial cyber security level it abandoned in May after public outcry.The apex bank clarified this in a circular on Friday, made available on Friday. The apex bank said the clarification was necessary due to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024.
On May 6, 2024, the apex bank directed banks and other financial institutions to start deducting a cybersecurity levy.The levy was set at 0.5 per cent of all electronic transactions introduced under the newly enacted 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.In the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, the bank highlighted the levy which was widely reported.CBN said, “Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024.“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.“Certain technical aspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves.”
The Mutawalle of Borno, Alhaji Kashim Imam, says he engages in feeding 10,000 victims of Maiduguri flood disaster daily based on the victims’ critical requirement for now.Imam in an interview while monitoring the feeding programme, said, he would sustain the feeding, which he scaled it up from 6,000 to 10,000 for the victims in camps to complement government’s efforts.
According to Imam, as the victims gradually move out of camps in few weeks, they will be supported with rice to start cooking for themselves as against the current practice of cooked food distribution. He commended his family members and volunteers for the daily cooking and distributing food to flood victims in various camps.“I want to particularly commend the military, who are not only actively engaged in search and rescue operations but also assist me in sharing the food to victims as well as ensuring orderliness and decorum during the exercise,” Imam said.The former Board Chairman of Tertiary Education Trust Fund (TETFund), also lauded the concern and response from government, organisations, philanthropists, and all other individuals to the people of Borno over the sudden incident that took people unaware.“Nobody was prepared for this, people were caught unaware in the middle of the night.“Many escaped with the only clothes they were wearing, with some trapped for more than a week.“As the flood recedes, many cannot even go back to their homes because there’s no home to go back to,” Imam lamented.A cross section of the victims benefitting from Imam’s gesture, expressed gratitude for the support and urged other leaders and well meaning Nigerians to emulate the good gesture in complementing government efforts at all levels.“The most pressing issue now is saving lives and stabilising the survivors through feeding and shelter.“We want to sincerely thank the Mutawalle of Borno, other philanthropists and organisations doing similar exercise in various camps.“May God Almighty bless them and continue to touch their lives with joy and happiness as they touched our lives at this moment of need,” Habiba Idris, a displaced woman with two children prayed. (NAN)
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