VFD Group Plc Holds its 4th and 1st Virtual Annual General Meeting

2020-05-19 12:40:41 | By Admin

VFD Group Plc Holds its 4th and 1st Virtual Annual General Meeting

VFD Group Held its 4th Annual General Meeting, in line with the social distancing rules of the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) in view of the Covid-19 Pandemic.

The agenda was as follows:

  • Approval of the financial statements for the fiscal year 2019
  • A dividend of N30 kobo per 50 kobo share payable as of May 1, 2020
  • Board composition: appointment of a new director and re-election of retiring directors.
  • Appointment of new external auditors
  • Appointment of members of the statutory audit committee

The Group held its first Open Virtual AGM (“OVA”), which accorded every shareholder an opportunity to vote on all the resolutions presented before members, under the chairmanship of Mr. Olatunde Busari (SAN). The meeting was held via Zoom and live-streamed on YouTube with access to the general public - a remarkable feat indicative of the Company’s transparency. In the Chairman’s words, “VFD Group has shown its commitment to world-class governance and transparency by being the first public company to organize an Open Virtual AGM that accorded all shareholders an opportunity to vote. We strongly believe that our capital market and public companies will be better governed if every shareholder’s vote counts - every single vote. It is on record that we had 100% participation of all shareholders in the voting process.” He went on to urge the regulators to make polling in AGMs for public companies compulsory and also introduce virtual voting to enable every shareholder to cast his or her vote, regardless of geography.

The General Meeting approved, amongst other resolutions, the individual Company, and consolidated financial statements for the fiscal year 2019. The distribution of a dividend of N3.30 kobo per 50 kobo share with a book closure date of May 1, 2020, and payment date of May 15, 2020, was also approved. Speaking on the Group’s financial performance, the GMD/CEO, Mr. Nonso Okpala was quoted as follows: “VFD Group Plc’s performance in 2019 has provided the foundation for its emergence as the leading investment company in Nigeria with interest in key sectors of the Nigerian economy. In 2020 and beyond, we will seek to integrate these companies in order to establish a value ecosystem for enhanced efficiency and compelling offering to over a hundred million Nigerians. The base of that ecosystem is our investment in VFD Tech and its recent launch of Nigerian’s #1 virtual bank called V by VFD which is available on the Apple App Store or Google PlayStore www.vbank.ng”

Members also approved the appointment of Mr. Chuks Ozigbo, as a Director of the Company. It also re-elected Mr. Olatunde Busari (SAN), Mr. Suleiman Lawal, Mr. Azubike Emodi, Dr. Samuel Maduka Onyishi, and Ms. Jewel Okwechime as Directors

The meeting further served to appoint Deloitte & Touche as the External Auditors of the Company, as well as approve the election of members of the Statutory Audit Committee.

Following the General Meeting, the Board of Directors still comprises 13 members including 5 Executive Directors and two Independent Directors.

The annual general report and the video of the Annual General Meeting are available on:



About VFD Group Plc: VFD Group Plc is a proprietary investment company with a vision to be a commercially viable investment company with global influence focused on building positive and socially conscious ecosystems. The Group has investment interest in banking, real estate, technology, hospitality, leasing, financial advisory, remittance, and asset management.

The Company was incorporated with the Corporate Affairs Commission (CAC) on 7th July 2009 and commenced business operations the same year.


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