It is no longer news that as a key regional player, Nigeria accounts for about half of West Africa’s population with approximately 202 million people and one of the largest in the world. With an abundance of natural resources, it is Africa’s biggest oil exporter, with the largest natural gas reserves on the continent.
Nevertheless, Nigeria is highly vulnerable to the global economic disruption caused by COVID-19, particularly due to the pronounced decline in oil prices and spikes in risk aversion in global capital markets.
The macroeconomic situation is more challenging now than in 2015-2016, when oil prices fell sharply and Nigeria experienced its first recession in 25 years. In the current situation, the country has fewer buffers and policy instruments to cushion adverse effects. While the Giant of Africa has made some progress in socio-economic terms in recent years, its human capital development remains weak due to under-investment.
NONSO OKPALA: A Dynamic CEO Redefining Excellence Through The VFD Group
He has successfully demonstrated the ability to lead diverse team of professionals to higher level of success in cutting edge markets and fast paced environment, at this challenging period of in Nigeria. Nonso Okpala, Group Chief Executive Officer, VFD Group PLC, has shown that sustainable success is still achievable when corporate vision is driven with professionalism, hard work and ingenuity.
A quintessential CEO with uncommon achievements, Okpala’s experience, dedication and managerial competence have helped to place VFD Group among the fastest growing organizations in Nigeria whose contributions to national GDP growth within the last 5 years cannot be ignored.
Since 2016, when he became the CEO of the Group, Okpala has led the organization on the path of sustained growth. Prior to coming on board as the CEO, the Marketing graduate of the University of Nigeria, member of the Institute of Chartered Accountants of Nigeria, and the Chartered Alternative Investment Analysts, has honed his skills and knowledge at Heirs Holdings, where he worked as Chief Finance Officer from 2010 to 2015.
He started his fulfilling career in 2004 as a Senior Auditor at KPMG Professional Services, Lagos, where he gained ample experience in audit, due diligence, and internal control, he later worked in the banking sector where he had a brief stint with United Bank for Africa (UBA) after which he joined BGL PLC, and served as Special Assistant to one of the Executive Directors before joining the corporate finance team of the investment company. Working at BGL gave him the opportunity to work on landmark transactions.
The years 2020 and 2021 were challenging years for the global economy with the outbreak of the COVID-19 pandemic that questioned every known business principle, and while the growth of many corporate organizations in Nigeria have been negatively affected, VFD Group recorded an enviable growth, successfully launched new products, and expanded its portfolio during this period.
In testament to Okpala’s managerial capability and VFD’s journey of shared prosperity, the Group started with a seed capital of N2.5million about 12 years ago, with shares at N2. However, today, its market worth has grown significantly. The company’s gross earnings grew by 96% to N6.65billion in 2020 from N3.39billion in 2019.
Trading and other non-interest income grew by 47% to N4.66billion from N3.17billion. Profit before tax (PBT) grew by 176% from N1.478billion in 2019 to N4.076billion in 2020, supported by the business’ ability to keep cost growth lower than revenue growth as expenses grew by only 34%.
Profit after tax grew by 170% to N3.3billion, from N1.240billion in 2019. The company also recorded a 14% year-on-year decline in credit losses and impairment. Also, VFD Group ended the year with 85% in total assets growth to N81.67billion, compared with N44.23billion in 2019.
The fast-growing Group reported that its leading digital banking application, which was launched during the year, VBank, had recorded over 150% growth in downloads. Other strategic business expansion includes investment in Piggyvest, Abbey Mortgage Bank, HEREL, ArtSplit, NGX, Atiat Leasing Limited, as well as providing innovative investment solutions through cross-border partnerships to establish a firm foothold in various ecosystems across the world.
Founded on the values of integrity and good governance, and built on the strength of innovation and network, VFD Group is an industry-agnostic proprietary investment company that convert businesses to credible investment opportunities for the everyday Nigerian citizen and entrepreneur.
Over the years, the Group has developed a business model that allows it to operate in every sector which includes financial services, hospitality and real estate, art, technology, power, telecommunication, oil and gas, fintech, cinematography, amongst others. It is also increasing its participation in beyond the continent and positioning its portfolio companies for expansion within their existing markets.
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