Shareholders of VFD Group laud management for N2.20 dividends

Godwin Anyebe

Shareholders of VFD Group Plc have commended the Board, Management and Staff of the financial services group for recording an impressive performance in 2018, in spite of the challenging macroeconomic and regulatory environment.

The commendation was given at the 3rd Annual General Meeting (AGM) of the Group and first as a Public Limited Company held recently in Lagos.

At the meeting, the shareholders approved the financial results of VFD Group and payment of a cash a dividend of N2.20k per ordinary share for the year ended 31 December 2018. This translates to a total amount of N251.5million.

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

Commenting on the development and the financial results of the Group, Segun Faloye, a shareholder expressed delight on the group’s dividend payment.

According to him, “This is an excellent result achieved by VFD Group and we are delighted with the performance of the board and management of the company.”

Presenting his report, the Chairman of VFD Group, Olatunde Busari (SAN), said, “In 2018, we focused on strengthening our corporate governance structure by the expansion of the board to 13 members and appointment of notable directors with requisite pedigree and experience to drive the long term objectives of the group.”

He also noted that the equity raise in December 2018 reflected investor confidence in the Group, its board of directors and growth trajectory.

VFD Group is a financial service-focused proprietary investment company with interests in Microfinance Banking, currency exchange, Asset Management, Real estate and international remittance