Business
VFD Group Rights Issue Achieves Full Subscription
VFD Group Rights Issue of N50 billion fully subscribed, backed mainly by existing shareholders, following SEC approval for trading on NGX
The Securities and Exchange Commission (SEC) has approved the Rights Issue of 5,067,396,400 ordinary shares of VFD Group Plc, valued at N50.07 billion, at N10.00 per share.
Also read: VFD Group Acquires Majority Stake In Nigerian Exchange Group
The Rights Issue, which attracted subscriptions from both existing and new investors, achieved 100 per cent subscription, with existing shareholders accounting for 88 per cent of total investors.
Following regulatory approval, the allotted shares will be credited to shareholders’ depository accounts with the Central Securities Clearing System Plc (CSCS) and subsequently made available for trading on the main board of the Nigerian Exchange (NGX).
Commenting on the milestone, Group Chief Executive Officer, Mr. Nonso Okpala, expressed delight at the outcome and reaffirmed the company’s growth ambitions.
“We are thrilled by the success of our Rights Issue, and we appreciate the confidence of our esteemed shareholders in our ability to execute on our next growth strategies aimed at positioning VFD Group as a leading investment holding company in Africa,” Okpala said.
He added that the Rights Issue proceeds will enable the company to upscale flagship businesses, recapitalise capital market-related entities in line with regulatory requirements, and accelerate its business incubation programme.
Executive Director, Finance, Mr. Folajimi, highlighted that the full subscription reflected strong investor confidence.
“The success of the Offer is a testament to investor confidence in the Group’s leadership, and we do not take it for granted. More than ever, we are committed to our vision and values of disciplined investment and effective risk management,” he said.
Also read: Nigerian Exchange loses N183bn as bearish sentiment hits blue-chip stocks
The fully subscribed Rights Issue marks a significant step in VFD Group’s strategic expansion and reinforces shareholder trust in its leadership and long-term vision.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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