BREAKING: VFD Group Approves Capitalization Of UK Unit, Abbey Bank
VFD Group Plc has approved key investment and expansion initiatives aimed at strengthening its presence in the financial sector and driving international growth.
These decisions were made during the company’s Board of Directors meeting, held virtually.
According to the group’s notice to the Nigerian Exchange Limited, seen by THE WHISTLER, among the significant resolutions, the Board approved the capitalisation of VFD UK to facilitate the company’s expansion into key international investment opportunities.
The board said the move aligns with VFD Group’s strategy to enhance its global footprint and strengthen its financial services operations beyond the Nigerian market.
Additionally, the Board sanctioned VFD Group’s participation in the capital raise of Abbey Mortgage Bank Plc.
According to the group, the investment is expected to reinforce the company’s influence in the banking sector, providing strategic leverage within Nigeria’s mortgage financing industry.
The Group also approved an investment in Bvndle Loyalty Limited, aiming to expand its presence in the loyalty rewards sector.
As part of its Pan-African expansion strategy, the Board also approved the capitalisation of VFD South Africa.
It noted that the investment is designed to strengthen the company’s foothold in the region and enhance market diversification efforts across the continent.
In addition, the company announced plans to capitalise Template Limited, a move intended to optimise its specialised lending operations.
Abbey Mortgage Bank Plc recently received shareholder approval for a series of transformative resolutions, paving the way for a significant capital raise and its transition into a regional commercial bank.
The decisions made during the bank’s virtual Extra-Ordinary General Meeting (EGM) on January 24, 2025, are set to reposition the institution for broader financial services offerings and enhanced competitiveness.
According to the company’s notice to the Nigerian Exchange Limited, seen by THE WHISTLER, shareholders authorised the Board of Directors to increase and allot the company’s issued share capital in compliance with Section 127(1) of the Companies and Allied Matters Act 2020 (CAMA) as amended.
The capital raise will enable Abbey Mortgage Bank to meet the Central Bank of Nigeria’s new requirements for regional commercial banks, a critical step in achieving its strategic objectives.
