VFD Group (NGX: VFDGROUP) has opened a NGN15bn ($11.15mn) Series one commercial paper under its NGN50bn ($37.16mn) programme, offering investors yields of up to 23.5% on tenors of up to 364 days, the Nigeria-based proprietary investment company announced.
The issuance is split into Tranche A with a 270-day tenor and Tranche B with a 364-day tenor, marking the investment firm’s return to the short-term debt market after previously raising and redeeming several series under the same programme. The notes will be quoted on FMDQ Securities Exchange, with repayment to be funded from operating cash flows.
Tranche A carries a discount rate of 18.5498% and an implied yield of 21.5%, while Tranche B offers a 19.0383% discount rate and a 23.5% implied yield. The minimum subscription is NGN5mn ($3,716).
VFD Group operates across Nigeria, Ghana and other parts of sub-Saharan Africa, as well as in the UK and US. The company provides alternative funding and investment solutions to individuals and businesses. It has interests spanning financial services, real estate, hospitality and technology.
The offer comes as the group reports stronger cash generation. In 2025, profit after tax rose 11.38% year on year to NGN9.68bn ($7.20mn), while operating cash flow increased 336.9% to NGN85.2bn ($63.33mn).
Total borrowings declined to NGN112.33bn ($83.49mn) in 2025 from NGN121.43bn a year earlier. Interest coverage stood at around 1.3 times in both 2024 and 2025.
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