VFD Group restructures board, co-founder Adenubi steps down as CEO, Veritas’ Ibraheem Abe appointed board member

VFD Group Plc has announced a major restructuring of its board of directors, with two board members retiring and three new board members being 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, Chief Operating Officer of VFD Group, has also been appointed to the board as Executive Director of Operations.

The Chairman also announced the resignation of two board members: Mr Adeniyi Adenubi, who will move from his position as Executive Director to a non-executive Director, and Mr Femi Akinware.

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

Mr. Busari commented on the management restructuring, noting: “We are pleased to welcome the new Board members. Their expertise and diverse perspectives will be instrumental in guiding VFD Group on its continued growth path. We are also grateful to Mr. Akinware for his dedicated service and invaluable contribution to the Group.”

“In the same spirit, we appreciate Mr Adenubi’s significant contribution and commitment as an Executive Director and look forward to more from him in his new role as Non-Executive Director.”

Adenubi is one of the co-founders of VFD Group and is moving from an executive director position to a non-executive position, suggesting there are no plans for him to replace Okpala as GMD.

Commenting on the appointments, Nonso Okpala, 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 strengthening our Board with experienced and visionary leaders, we are confident in our ability to navigate the changing financial landscape and capitalize on new growth opportunities.”

About Ibraheem Nahim Abe

Mr. Ibraheem Abe has an extensive portfolio spanning the Communications, Banking, Energy and Insurance sectors. He currently serves as Chairman of Veritas Kapital Assurance Plc and is a Director of Veritas Glanvills Pension Limited.

Most recently he served as Chairman of Goldlink Insurance Plc, Director and Chairman of Lighthouse Capital Limited and Non-Executive Director of Emerging Markets Telecommunication Services Ltd (9 Mobile).

About Hubert Asamoah

Hubert Asamoah, the Managing Director of VFD Group Ghana Limited, also boasts extensive experience 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 Kwame Nkrumah University of Science and Technology in Kumasi, Ghana.

Prior to his appointment at VFD Ghana, he served as Managing Director of MOVIS Logistics Limited and held senior positions such as Economic Portfolio Manager at the Office of the President of Ghana and Senior Financial Analyst at Northwest Airlines (now Delta Airlines).

About Morenike Ominike

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

Before joining VFD Group, she was Head of Compliance at ARM Holding Company. Prior to this position, she worked at Afrinvest Asset Management Limited, where she held various positions as Head of Fund/Portfolio Management, Operations Associate and Compliance Officer.

What you should know

At the group’s last general meeting held on 27 June 2024, shareholders approved the appointments of Ms Nneka Okekearu and Ms Rashida Saleh as independent non-executive directors.

There is no known link between VFD Group and Veritas Kapital Assurance as Osnon Capital Limited, Nonso Okpala’s family business, currently holds the largest stake in VFD Group at 19.18%.

The group recorded a net profit of N2.6 billion for the first quarter of 2024, a significant improvement compared to the N220 million recorded in the first quarter of 2023. The group’s performance in the first quarter of 2024 is in stark contrast to the loss of N750 million recorded in the 2023 financial year as the group is poised to turn around its 2023 financial results.

The VFD Group share price is currently trading at N44.60, up 9.85% since the share price reconstruction on June 19.