VFD Group Plc shed 10 per cent of its market value on the Nigerian Exchange (NGX) on Monday after regulatory approval of its recent rights issue triggered a decline in its share price.
Trading data from the exchange showed the investment firm’s stock dropped to N11.25, with 5.727 million shares valued at N69.231 million traded in an open market transaction.
The decline extends VFD Group’s weak price performance, with the stock now trading about 41 per cent below its 52-week high. This comes even as financial stocks continue to attract notable investor positioning.
Over the past seven days, trading data indicates the stock moved within a narrow range of N11 to N12.50, highlighting limited upside despite a broader rally on the local bourse.
By the close of trading on Monday, VFD Group Plc, with 7.601 billion outstanding shares, recorded a market capitalisation of N85.512 billion, representing a 41 per cent drop from its 12-month high.
The Securities and Exchange Commission (SEC) recently approved the company’s rights issue of 5,067,396,400 ordinary shares valued at N50.07 billion, priced at N10.00 per share.
The offer was fully subscribed, achieving 100 per cent participation, largely driven by existing shareholders who accounted for 88 per cent of total subscriptions.
Following the approval, the newly issued shares are to be credited to investors’ accounts with the Central Securities Clearing System Plc and will subsequently be listed for trading on the NGX main board.
Separately, VFD Group Plc has raised N27.2 billion through its Series 1 Commercial Paper issuance under its N50 billion programme, after strong investor demand led to a full oversubscription of the initial offer.
The issuance, initially targeted at up to N15 billion, saw demand exceed expectations by approximately N15 billion, prompting the company to increase the offer size to N27.2 billion.
The commercial paper was issued across 270-day and 364-day tenors, attracting a wide range of qualified institutional investors and high-net-worth participants in Nigeria’s domestic debt market.
The oversubscription reflects sustained investor confidence in VFD Group’s diversified business model, disciplined capital management strategy, and long-term growth prospects.

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