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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

VFD Group

VFDGROUP · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
VFD Group Plc
Listing
VFDGROUP on the Nigerian Exchange, active · ISIN NGVFDGROUP04 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Gross earnings

    NGN 88.4 billion

    88,356,116 NGN thousands · p29

    +13.2% vs 2024

    Issuer's printed top line 'Gross earnings' (p29); an investment holding company does not print revenue.

  • Net investment income

    NGN 58.0 billion

    57,963,763 NGN thousands · p29

    +10.1% vs 2024

    Printed 'Net investment income' (investment and similar income less investment and similar expense, p29).

  • Profit / (loss) for the year

    NGN 9.72 billion

    9,715,947 NGN thousands · p29

    +11.8% vs 2024

    Printed 'Profit for the year' (p29).

  • Total assets

    NGN 446 billion

    445,806,155 NGN thousands · p30

    +50.8% vs 2024

    Printed 'TOTAL ASSETS' (p30).

  • Total equity

    NGN 69.6 billion

    69,621,111 NGN thousands · p30

    +19.0% vs 2024

    Printed 'TOTAL SHAREHOLDERS' FUND' (p30).

  • Cash from operations

    NGN 114 billion

    113,991,804 NGN thousands · p32

    Change not shown.

    Printed 'Net cash generated/(used in) from operating activities' (p32).

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Gross earnings1 88,356,116 78,037,455
Investment and similar income2 68,367,537 65,301,932
Investment and similar expense3 (10,403,774) (12,669,380)
Net investment income4 57,963,763 52,632,552
Other income 6,428,029 8,802,243
Gain on disposal of subsidiaries5 2,735,874 –6
(Impairment)/write-back of financial assets (2,399,464) (544,506)
Net gains on financial assets at fair valued through profit or loss 10,692,526 3,898,893
Net revenue7 75,420,728 64,789,182
Personnel expenses (6,523,363) (4,817,259)
Other operating expenses (13,920,956) (12,426,796)
Depreciation and amortisation8 (2,729,123) (2,149,717)
Total expenses9 (23,173,442) (19,393,772)
Operating profit before income tax 52,247,286 45,395,410
Finance Cost (38,203,822) (35,413,339)
Share of profit from associate 132,150 34,387
Profit before income tax 14,175,614 10,016,458
Taxation (4,459,667) (2,270,296)
Profit for the year from continuing operations10 9,715,947 7,746,162
Discontinued operations11 –12 946,881
Profit for the year 9,715,947 8,693,043
Non Controlling Interest13 2,469,672 2,428,105
Other comprehensive income for the year, net of taxes 9,166,720 4,715,170
Total comprehensive income for the year 18,882,666 13,408,214
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_e38vkkgt1r0y.net_revenue.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (11)
  1. “Gross earnings” is an issuer-specific line, not mapped to a shared definition: Memorandum total of gross income (not a step of the statement).
  2. “Investment and similar income” is an issuer-specific line, not mapped to a shared definition: Note 4: interest from placements, debt instruments and loans, and dividend income.
  3. “Investment and similar expense” is an issuer-specific line, not mapped to a shared definition: Note 5.2.
  4. “Net investment income” is an issuer-specific line, not mapped to a shared definition: Investment and similar income less investment and similar expense.
  5. “Gain on disposal of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 42.
  6. “Net revenue” is an issuer-specific line, not mapped to a shared definition: Printed subtotal after impairment and fair-value gains, before expenses.
  7. “Depreciation and amortisation”: mapping to a shared definition is uncertain. One line for depreciation and amortisation.
  8. “Total expenses” is an issuer-specific line, not mapped to a shared definition: Personnel, other operating expenses and depreciation and amortisation.
  9. “Profit for the year from continuing operations” is an issuer-specific line, not mapped to a shared definition: Continuing operations.
  10. “Discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 42: Atiat Limited.
  11. “Non Controlling Interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash and cash equivalents 79,474,436 13,345,755
Funds under management1 77,352,590 49,381,873
Investment in financial assets2 98,700,281 50,990,113
Loans and advances3 26,254,558 62,300,053
Investment in associates 7,705,062 6,735,675
Property, plant and equipment 11,483,522 12,649,468
Goodwill4 1,378,903 5,533,579
Intangible assets 193,629 341,853
Investment property 28,211,761 24,832,638
Inventory 16,480,255 11,811,786
Trade and Other receivables 97,882,841 55,657,599
Deferred tax assets 688,317 2,088,977
TOTAL ASSETS 445,806,155 295,669,368
Funds under management5 91,343,871 49,599,852
Borrowings 123,864,112 121,427,577
Other liabilities 88,875,886 25,207,790
Deposit liabilities6 65,299,893 34,900,483
Current tax liabilities 3,304,443 3,092,376
Deferred tax liabilities 3,496,837 2,915,065
TOTAL LIABILITIES 376,185,043 237,143,143
Share capital 3,800,548 633,425
Share premium 15,606,206 19,216,943
Retained earnings 16,705,676 10,738,014
Regulatory risk reserve 185,424 185,424
Statutory reserve7 260,330 392,698
Other reserves8 13,627,630 10,938,893
Attributable to equity holders of the parent 50,185,812 42,105,396
Non-controlling interest 19,435,299 16,420,829
TOTAL SHAREHOLDERS' FUND 69,621,111 58,526,225
TOTAL LIABILITIES AND SHAREHOLDERS' FUND 445,806,155 295,669,368
Investment in subsidiaries9 Not reported in this filing10 –11
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
Notes and alternative reported figures (10)
  1. “Funds under management” is an issuer-specific line, not mapped to a shared definition: Note 15.
  2. “Investment in financial assets” is an issuer-specific line, not mapped to a shared definition: Note 16.
  3. “Loans and advances”: mapping to a shared definition is uncertain. Printed 'Loans and advances' (note 17: loans and advances to customers, net of impairment).
  4. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Note 20.1b.
  5. “Funds under management” is an issuer-specific line, not mapped to a shared definition: Note 24.
  6. “Deposit liabilities” is an issuer-specific line, not mapped to a shared definition: Note 27.
  7. “Statutory reserve” is an issuer-specific line, not mapped to a shared definition: Note 33.
  8. “Other reserves” is an issuer-specific line, not mapped to a shared definition: Note 34.
  9. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 18 (Company line; Group 2024 prints a dash).
  10. Not reported in this filing: The line 'Investment in subsidiaries' (note 18) carries a Group 2024 entry only (a printed dash) and Company figures; the Group 31 December 2025 column is blank (p30, consolidated and separate statements of financial position). Checked on the page image; blank recorded as not reported, not as nil.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash generated from/(used in) operations 113,513,136 (41,763,959)
Interest received1 34,159,796 33,464,094
Interest paid2 (31,415,962) (28,041,491)
Income taxes paid (2,265,168) (256,513)
Net cash generated/(used in) from operating activities 113,991,804 (36,597,869)
Purchase of investment property3 (7,899,665) (8,067,352)
Purchase of property, plant and equipment (6,642,583) (5,857,644)
Purchase of intangible assets –4 (81,196)
Purchase of financial assets5 (41,310,583) (34,661,183)
Additions to investment in subsidiary6 –4 –4
Proceeds on disposal of investment property7 8,020,750 10,385,579
Proceeds on disposal of property, plant and equipment 306,441 864,573
Proceeds on maturity/liquidation of financial assets8 40,717,803 40,717,803
Proceed on partial disposal of investment in subsidiary9 –4 Not reported in this filing10
(Purchase)/proceed on partial disposal of investment in associate11 (837,238) 4,242,816
Dividend received12 –4 –4
Net cash (used in)/generated from investing activities (7,645,074) 7,543,395
Dividend paid to owners of equity capital –13 –13
Proceeds from share issue14 538,411 11,874,927
Proceeds from borrowings 66,776,299 61,112,873
Repayment of borrowings (107,728,170) (40,232,652)
Net cash (used in)/generated by financing activities (40,413,460) 32,755,148
Net increase in cash and cash equivalents 65,933,271 3,700,674
Effect of foreign exchange changes on cash 195,409 1,271,371
Cash and cash equivalents at beginning of year 13,345,755 8,373,710
Cash and cash equivalents at end of year 79,474,436 13,345,755
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
  1. “Interest received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities; not split between borrowings and other interest-bearing liabilities.
  3. “Purchase of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 21).
  4. “Purchase of financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Additions to investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  6. “Proceeds on disposal of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Proceeds on maturity/liquidation of financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Proceed on partial disposal of investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. Not reported in this filing: The line 'Proceed on partial disposal of investment in subsidiary' carries a Group 2025 entry only (a printed dash) and Company figures (67,365 in both years); the Group 31 December 2024 column is blank (p32, consolidated and separate statements of cashflows). Checked on the page image; blank recorded as not reported, not as nil. The Company figures belong to the separate statements and are not used.
  10. “(Purchase)/proceed on partial disposal of investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  11. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  12. “Proceeds from share issue” is an issuer-specific line, not mapped to a shared definition: Financing activities.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.951 0.822
Profit / (loss) attributable to shareholders (NGN thousands)4 7,246,275 6,264,938
  1. Printed as 95 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 82 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Earning per share-basic (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the Company”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid to owners of equity capital 0printed “–”, read as nil NGN thousands Audited financial statements, p32
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid to owners of equity capital 0printed “–”, read as nil NGN thousands Audited financial statements, p32

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • VFD Group Plc Consolidated and Separate Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: PricewaterhouseCoopers (Chartered Accountants), Lagos, unmodified opinion · signed

    Auditor's sign-off: Chidi Ojechi, engagement partner, for PricewaterhouseCoopers

    Final status: Independent auditor's report to the members of VFD Group Plc by PricewaterhouseCoopers (engagement partner Chidi Ojechi, FRC/2017/PRO/ICAN/004/00000015955), unmodified opinion (p24), hand-signed with an ICAN seal and dated 01 April 2026 (p28, page image; pp24-28 are scanned without a text layer). Statements approved by the board on 27 March 2026 and signed by the chairman, the group managing director and the chief financial officer (p30, page image).

    Document date
    1 Apr 2026
    Auditor's report
    1 Apr 2026
    Board approval
    27 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “₦'000”)
    • Printed rounding differences kept as printed: equity attributable to owners 50,185,812 against its lines' sum 50,185,814 (p30); total comprehensive income 18,882,666 against profit 9,715,947 plus OCI 9,166,720 (p29); net cash from operating activities 113,991,804 against its lines' sum 113,991,802, investing (7,645,074) against (7,645,075), net increase 65,933,271 against 65,933,270, and closing cash 79,474,436 against 79,474,435 (p32).
    • The Group statement of changes in equity prints a 2025 dividend paid of (3,167,123) (p31) while the Group cash flow prints a dash for dividends paid (p32); the SOCE also prints a '#REF!' row (p31). Kept as printed.
    • Group 2024 profit or loss is headed 'Restated': Atiat Limited is presented as a discontinued operation (IFRS 5), note 42 'Restatement of comparative financial information' (p103-104). The Group 2024 statement of financial position and cash flows are not marked restated.
    • Earnings per share printed in kobo (95; 2024: 82, p29; diluted printed identically) is stored in naira (÷100) with the printed figure and unit kept.
    Technical details
    File
    108 pages, with a text layer
    SHA-256
    a95196662c4438ae884e1ca9f65a8d885d079c54afca912123352fea3fa07402
    Entity as printed
    VFD Group Plc ("the company") and its subsidiaries (together "the group")
    Note
    The independent auditor's report (PDF pp24-28) and a few other pages are scanned images without a text layer; the primary statements (pp29-32) have a text layer.
    Exchange copy
    retrieved 2026-10-08T18:00:45Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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