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.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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