VFD Group Plc will return N1.83 billion in surplus funds to shareholders who overpaid during its recently concluded N50.6 billion rights issue, following excess payments by eleven shareholders. The company has also secured Securities and Exchange Commission (SEC) approval for the allotment of shares under the capital raise.
The rights issue involved 5.07 billion ordinary shares at N10 per share, offered on the basis of two new shares for every three held as of August 8, 2025. With 1,194 valid applications, the offer achieved a 100 per cent subscription rate, including 962 existing shareholders fully taking up their allotments and 571 shareholders applying for additional shares. Renounced shares from some investors were absorbed by others, ensuring all shares were fully allocated.
The surplus refund arises from overpayments during additional applications, which the company will now return to affected investors. With regulatory clearance obtained, allotted shares will be credited electronically via the Central Securities Clearing System, completing VFD Group’s capital-raising process aimed at strengthening its capital base and funding expansion across Africa and international markets.
This rights issue complements the company’s earlier N27.2 billion Series 1 Commercial Paper issuance, enhancing liquidity and supporting investments in key subsidiaries.
