VFD Group Plc has approved N251.5 million as dividend, translating to N2.20 per ordinary share held for the financial year ended December 31, 2018.
Impressed by the move, the shareholders, at its third yearly general meeting in Lagos, commended the board, management and staff of the financial services group for the result amid the challenging macroeconomic and regulatory environment.
The company grew its profit before tax by 1,034 per cent to N687.39 million, against N60.62 million achieved the preceding year, while gross earnings leaped by 394 per cent to N2.9 billion from N445.01 million for the same period in 2017.
The Chairman, Olatunde Busari, said: “In 2018, we focused on strengthening our corporate governance structure by the expansion of the board to 13 members and appointment of notable directors with requisite pedigree and experience to drive the long-term objectives of the group.”
“The equity rise in December 2018 reflected investor confidence in the group, its board of directors and growth trajectory.”
The Group Chief Executive, Nonso Okpala, added: “The group is poised to commence phase II (2019 – 2023) of its 13 year growth strategy, wherein it will focus on gaining significant investment in a commercial bank and insurance company while significantly growing total shareholders’ funds to N100 billion and listing the group on the Nigerian Stock Exchange.”
A shareholder, Segun Faloye, said: “This is an excellent result achieved by VFD Group and we are delighted with the performance of the board and management of the company.”
Stanbic IBTC Group has announced the renewal of its sponsorship of the Higher Institutions Football League (HiFL), which was established last year. The renewal, which will run for five years, till 2023, was announced at the sponsorship MoU signing ceremony held at Stanbic IBTC head offices in Lagos. Stanbic IBTC said the sponsorship is in tandem with the company’s determination to help grow and develop a vibrant and productive youth population.
Stanbic IBTC said its involvement is informed by the need to engage the youth and help foster unity among them as the future leaders using sports, a major passion point for that segment, as a platform.
Head, Global Markets, Stanbic IBTC Bank, Mr Sam Ocheho, who signed on behalf of Stanbic IBTC, said the financial institution was very impressed with the organization of the maiden edition of the league hence the renewal. “We were very impressed with the organisation of the league last year. We saw great promise and are proud to have been a part of the success story. That is why we have decided to continue with the sponsorship,” Ocheho said.
“We want to be there for the long haul and we remain determined to contribute to the growth and development of the youth through the development of campus sport, with football as the lynchpin,” he added. According to Ocheho, it is expected that Stanbic IBTC’s involvement will also help in talent-moulding and character-building.
Responding, Director, PACE Sports and Entertainment Marketing, owners of the HiFL franchise, Sola Fijabi, thanked Stanbic IBTC and its leadership team for the sponsorship of the league in 2018 and the renewal for 2019 and beyond. According to Fijabi, Stanbic IBTC showed great leadership and a passion for youth development when it supported the league last year, a new and untested initiative. “We want to thank Stanbic IBTC and its leadership for showing faith in us. It is very unusual to start something new and have a global brand willing to support it. Stanbic IBTC’s support, which it has reiterated through this sponsorship renewal, merely showed its passion for the youth,” Fijabi said.
The director said Stanbic IBTC’s sponsorship is invaluable to the success of the varsity league. He assured that this year’s league is going to be a great improvement on the maiden edition and that PACE Sports and Entertainment Marketing will not disappoint its sponsors, particularly Stanbic IBTC.
The maiden edition of the league, which was won by the University of Agriculture Makurdi, Benue State, featured 16 universities from across the country.
Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.