VFD group co-founder and executive director Adeniyi Adenubi revealed the group’s plans to expand its investment portfolio as a pan-African financial powerhouse, with a target of around 20% of the Nigerian banking space by the first half of 2021 (S1, 2021) and further expansions in Ghana.
The disclosure was made by Director, in an interview with CNN’s Eleni Giokos, who was monitored by Nairametrics.
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Recalling how he ventured into co-founding the VFD Group, Mr. Adenubi said the decision was primarily driven by the need to create value and build a business that would impact the country and the continent. .
Given his background as an investment banker, he founded an investment management firm, Paragon Partners, with a ten-year strategy to build a financial services holding company and a diversified investment firm, with a thematic focus on financial services, energy, education and media.
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He stressed that the VFD Group wants a sustainable business where profit and social awareness are both integrated, in line with the group’s corporate strategy of building a positive and socially responsible ecosystem.
What they say
Asked about the group’s objective in terms of market share, Mr. Adenubi replied: ““Sorry the information is private, but what I’m going to tell you is that we have a race until semester 2021 to win around 15% of the total banking markets on our platform. Once we’ve done that, we make sure that V-Bank is already a success, and from there we start to build on that. But the initial plan is 15-20% of the initial banking market. I think we’re doing pretty well and I think by the first half of 2021 we would have achieved that target.‘
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Commenting on where the Group wants to be in the next 5-10 years, Mr. Adenubi added; ” We want to be a pan-African investment company, we are already looking at Ghana, we have started conversations in Ghana, we are looking to deploy a small bank or a payment bank in Ghana, using the V-Bank platform. From Ghana we also look at Kenya which is an exciting market. We definitely have ambitions for Africa and while we are also lucky in our lifetime, we also have global ambitions.”
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