VFD Group Plc has announced the divestment of its 57.26 per cent stake in Atiat Limited in a deal valued at over N7bn.
In a notice filed with the Nigerian Exchange Limited by the Company Secretary of VFD Group, Gbeminiyi Shoda, recently, the company disclosed that its board approved the full divestment of 343,546,646 ordinary shares in Atiat Limited through a written resolution dated February 4, 2025, in accordance with Section 289(8) of the Companies and Allied Matters Act 2020.
“VFD Group, a leading proprietary investment company renowned for its strategic vision and robust portfolio management, today announced the divestment of its 57.26 per cent stake in Atiat Limited, a key subsidiary, in a deal valued at over N7bn. This transaction marks an important milestone for both companies, underscoring VFD Group’s commitment to delivering superior value to its stakeholders while positioning Atiat for an exciting new chapter of growth and expansion,” the notice partly reads.
Speaking on the transaction, the Group Managing Director of VFD Group, Nonso Okpala, described it as a significant step in unlocking value for shareholders.
“This transaction is a testament to the quality of our investment decisions and our ability to unlock value for our investors. The divestment of our stake in Atiat Limited is a strategic move that allows us to redeploy capital into higher-growth opportunities while maintaining our focus on delivering exceptional returns for institutional and retail investors,” Okpala said.
Under VFD Group’s leadership, Atiat Limited has expanded its market presence, strengthened its corporate governance structure, and recorded financial milestones.
The company’s gross earnings grew from N2bn in 2021 to N9.7bn in 2024, while profit before tax rose from a loss of N30.4m in 2021 to N1.4bn in 2024 (unaudited). Shareholders’ funds also surged from N327m in 2021 to N8.2bn in 2024.
Following the divestment, Atiat Limited is set to chart an independent course while deepening its presence in leasing, consumer lending, and bridge financing. The company also has plans to expand into banking and insurance.
Atiat Limited’s Managing Director/Chief Executive Officer, Kanayo Eni-Ikeh, welcomed the development, expressing confidence in the company’s future.
“This is not just a transition; it is an opportunity to accelerate our growth and drive even greater value for our investors, customers, and partners. We are grateful for VFD Group’s contributions over the years and look forward to building on this strong foundation as we expand our offerings, strengthen our market position, and pursue new frontiers of success,” Eni-Ikeh said.
The PUNCH reported that VFD Group Plc has reported a profit of N10.4bn for the year ended December 31, 2024, marking a recovery from a loss of N750.4m recorded in the previous year.
