This news was shared in a statement on the Nigerian Exchange (NGX) on February 7, 2025, and was signed by the company secretary, Gbeminiyi Shoda.
The Board's choice to sell off 57.26% of VFD’s interest in Atiat Limited, in line with Section 289(8) of the Companies and Allied Matters Act 2020, marks a significant change in the company’s investment approach.
In the statement, VFD Group mentioned, ‘’VFD Group, a leading proprietary investment company, today announced the divestment of its 57.26% stake in Atiat Limited, a key subsidiary, in a deal valued at over N7 billion.’’
The announcement indicates that the decision is in line with VFD Group's strategy to optimize its portfolio and concentrate resources on more lucrative opportunities.
Nonso Okpala, the Group Managing Director of VFD Group, commented on the divestment, saying, “This transaction showcases the quality of our investment decisions and our ability to create value for our investors.”
He elaborated that the choice to sell their interest in Atiat Limited is part of a strategy to redirect capital towards more promising ventures, aiming to enhance returns for both institutional and retail investors.
Okpala further remarked, “The divestment of our stake in Atiat Limited allows us to invest in higher-growth opportunities.”
In August 2022, VFD Group Plc announced the merger of ATIAT Leasing and VFD Bridge Limited.
Before the merger, ATIAT Leasing focused on equipment and vehicle leasing, along with financing solutions aimed at improving customer productivity. VFD Bridge, on the other hand, was created to provide corporate financing, facilitating businesses in their journey from their current status to their targeted objectives.
Post-merger, the combined entity was named ATIAT Leasing Limited.
To enhance customer acquisition and ensure sustainable growth, ATIAT Leasing Limited appointed two Executive Directors as part of the merger process.
Obiageli Ejiofor was designated as the Executive Director of Business Development, while Olisa Ifeajuna assumed the position of Executive Director of Operations.
As disclosed on February 7, 2025, ATIAT Leasing Limited has experienced substantial growth in revenue, profitability, and shareholder value, with the year-on-year cumulative average growth in Gross Earnings increasing from N2 billion in 2021 to N9.7 billion in 2024.
Profit before tax (PBT) improved significantly, rising from a loss of N30.4 million in 2021 to N1.4 billion in 2024 (unaudited), while shareholders’ funds escalated from N327 million in 2021 to N8.2 billion in 2024.