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VFD Group posts twofold jump in half-year profit amid higher investment income

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Investment company VFD Group recorded a twofold increase in net profit for the first half of the year, supported by a significant improvement in investment income, its unaudited report for the period issued Friday showed.

VFD Group is proprietary and investment-focused, meaning it invests in target companies for direct market gain, unlike investment banks, which invest on behalf of others.

It has investments in companies as diverse as the Nigerian Exchange Group, Veritas Kapital Assurance, NASD Plc and CSCS Plc, according to information on its website.

Revenue advanced to N53.7 billion from N41.2 billion a year ago, deriving strength largely from investment income, which was up by 102.8 per cent. Net investment income expanded by 19.8 per cent to N42 billion from N35 billion.

The company logged a sharp increase in other income, which surged more than sevenfold to N3.8 billion after earning N3.9 billion in fair value gain in investment property, unlike a year earlier when no such income was recorded.

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It cut back provision for impairment of financial assets, especially loans and advances, by nearly half to N657.5 million.

“The first half of 2026 performance demonstrates the value of disciplined execution in a market that continues to reward thoughtful execution,” said Managing Director Nonso Okpala in a statement.

“Profit grew more than three times faster than revenue because we remain focused on deploying capital only where risk-adjusted returns justify,” he added.

The company earned N79.1 million in share of profit from associate, compared to N22 million one year prior, boosting pre-tax profit.

EBIT margin, a parameter that gauges the operating profitability of a company, stood at 62.5 per cent, slightly weaker than the 66 per cent recorded in the same period of 2025.

Profit before tax climbed 98.4 per cent to N12 billion, while after-tax profit increased to N10.1 billion from N5 billion.

READ ALSO: Aradel’s half-year profit grows far less than revenue as galloping costs bite

In a separate announcement on Friday, the board of directors declared an interim dividend of N0.24 per share, translating into a potential payout of N3 billion.

“We enter the second half of the year with the strongest capital position in the group’s history, a materially lower cost of funding, and a portfolio of high-quality earning assets,” Folajimi Adeleye, the executive director for finance, said.

“Our priority now is straightforward: ensuring that every naira of new capital consistently generates returns that exceed the cost of the debt it replaced,” he said further.


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Tax Ombud braces for digital asset tax disputes, seeks greater public awareness

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The Office of the Tax Ombud said it is strengthening its capacity to handle disputes arising from digital asset taxation as part of efforts to improve fairness and transparency in Nigeria’s tax system.

The Tax Ombud and Chief Executive of the Office of the Tax Ombud, John Nwabueze, disclosed this on Thursday at a media parley in Lagos, where he outlined the office’s achievements and future priorities.

According to him, the office has expanded the capacity of its accountants and legal experts to handle complex tax matters, including disputes involving digital assets, should such cases arise.

He also said the office plans to establish offices in all six geopolitical zones to improve taxpayers’ access to its services.

Mr Nwabueze said the Office of the Tax Ombud has enhanced access to its services through a digital complaints portal, a case management system, a toll-free call centre and SMS callback services, making it easier for individuals and businesses to lodge complaints and obtain timely resolutions.

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According to him, the office received more than 20 ‘genuine’ complaints within its first three months of operation, most of them involving state revenue services.

“Within three months, the Office received over 20 genuine complaints, most of them involving state revenue services.

“Of these, eight have been successfully resolved, all within the statutory 14-day resolution period, with provision for an additional seven days where necessary,” Mr Nwabueze said.

The Tax Ombud said the office is also expanding engagement with professional bodies, the media, revenue authorities and other stakeholders, while preparing a nationwide public awareness campaign to address issues such as multiple taxation.

“The Office has expanded the capacity of its skilled accountants and legal experts to handle complex tax matters, including disputes relating to digital asset taxation, should such cases arise.

“We are also enhancing accessibility at the grassroots through plans to establish offices across all six geopolitical zones,” the tax ombud CEO said.

He further noted that multiple taxation, particularly at the state and local government levels, remains a major concern, adding that the federal government is working with relevant stakeholders, including the Joint Revenue Board, state governments and local government authorities, to develop lasting solutions.

ALSO READ: Oyedele unveils Tax Ombud website, digital portal to strengthen taxpayer protection

Mr Nwabueze said the Office of the Tax Ombud was established to provide impartial mediation between taxpayers and revenue authorities, promote voluntary tax compliance and strengthen public confidence in Nigeria’s tax administration.

“Multiple taxation is an endemic issue that we are determined to address by engaging all relevant stakeholders, including the Joint Revenue Board, state governments, and local government authorities.

“Through collaboration and policy engagement, we are working towards sustainable solutions,” the Tax Ombud stated.

He called for support in terms of public awareness of its services, noting that many taxpayers are still unaware of their rights and the avenues available for resolving tax disputes.


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Recapitalisation: NAICOM Revokes Royal Exchange Prudential Life Insurance License

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), has revoked the certificate of registration for Royal Exchange Prudential Life Insurance PLC  over its failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.

The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.

According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”

“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”

This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

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