VFD Group restructures board, co-founder Adenubi resigns as executive director, Veritas’ Ibraheem Abe appointed as board member

VFD Group Plc has announced a major restructuring of its board, as two board members retire while three new board members are appointed.

The announcements were made by the Chairman of the Board, Mr. Olatunde Busari (SAN), during the group’s board meeting. He announced the appointment of Ibraheem Nahim Abe, who is currently the Chairman of Veritas Kapital Assurance, and Hubert Asamoah of VFD Ghana as Non-Executive Directors.

Morenike Ominike, VFD Group’s Chief Operating Officer was also appointed to the board as the Executive Director, Operations.

The Chairman also announced the resignation of two Board members: Mr. Adeniyi Adenubi, who will transition from Executive Director to Non-Executive Director, and Mr. Femi Akinware.

According to the announcement, Mr. Adeniyi Adenubi, the Executive Director of Investment Management on the Board of the Group, will transition to the role of Non-Executive Director.

Mr Busari commented on the board restructuring, noting, “We are delighted to welcome our new Board members. Their expertise and diverse perspectives will be instrumental in guiding VFD Group on its continued growth trajectory. We are also grateful to Mr. Akinware for his dedicated service and invaluable contributions to the Group.

In the same vein, we appreciate the significant contribution and commitment of Mr. Adenubi as an Executive Director and more is expected of him in his new role as a Non-Executive Director.

Adenubi is one of the co-founders of VFD Group and is transitioning from executive director to non-executive suggesting there are no plans for him to succeed Okpala as GMD.

Commenting on the appointments, Nonso Okpala, the Group CEO of VFD Group noted,

These appointments are part of our strategic restructuring to ensure that VFD Group remains at the forefront of delivering exceptional value to our stakeholders. By bolstering our Board with experienced and visionary leaders, we are confident in our ability to navigate the evolving financial landscape and capitalize on new opportunities for growth.

About Ibraheem Nahim Abe

Mr Ibraheem Abe holds an extensive portfolio that cuts across the communications, banking, energy, and insurance sectors. He presently serves as the Chairman of Veritas Kapital Assurance Plc and is a director with Veritas Glanvills Pension Limited.

His recent roles include serving as Chairman of Goldlink Insurance Plc, Director and Chairman at Lighthouse Capital Limited, and Non-Executive Director at Emerging Markets Telecommunication Services Ltd (9 Mobile).

About Hubert Asamoah

Hubert Asamoah who serves as the Managing Director of VFD Group Ghana Limited, also boasts a robust background in finance, strategy, business development, and operations.

He holds an MBA in Finance and Strategy from Washington University in St. Louis and a bachelor’s degree in mechanical engineering from the Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

Prior to his role with VFD Ghana, he was the Managing Director of MOVIS Logistics Limited and has held significant roles such as Manager of the Economy Portfolio at the Office of the President of Ghana, and Senior Financial Analyst at Northwest Airlines (now Delta Airlines).

About Morenike Ominike

Morenike Ominike prior to her appointment as an Executive Director, served as the Chief Operating Officer of VFD Group. She also served as the Chief of Staff to the Group’s CEO. However, she joined VFD Group as the Head of Regulatory Compliance in 2021.

Before joining VFD Group, she was the Head of Compliance at ARM Holding Company. Prior to that role, she was with Afrinvest Asset Management Limited, where she served as the Head of Fund/Portfolio Management, Operations Associate, and Compliance Officer at different times.

What you should know

During the group’s recent annual general meeting held on June 27, 2024, shareholders ratified the appointments of Mrs. Nneka Okekearu and Ms. Rashida Saleh as independent non-executive directors.

There is no known relationship between VFD Group and Veritas Kapital Assurance, as Osnon Capital Limited, the family office of Nonso Okpala presently holds the largest shareholding in VFD Group, with 19.18%.

In the first quarter of 2024, the group posted a profit after tax of N2.6 billion, a significant improvement from the N220 million posted in Q1 2023. The group’s performance in Q1 2024 depicts a sharp contrast from the N750 million loss posted in FY 2023, as the group looks set to turnaround its financial performance from 2023.

VFD Group’s share price is currently at N44.60, as it has appreciated by 9.85% since the reconstruction of its shares on June 19.



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