VFD Group has notified the Nigerian Exchange (NGX) that its Board has approved the divestment of its 57.26% stake (343,546,646 ordinary shares) in Atiat Limited, a transaction worth ₦7 billion. The disclosure, signed by the company secretary, Gbeminiyi Shoda, was published on NGX on February 7, 2025.
VFD Group, renowned for its strategic vision and robust portfolio management, first invested in Atiat Limited in 2019. Over the years, under VFD Group’s stewardship, Atiat has evolved into a formidable player in Nigeria’s financial services sector. The company expanded its market presence, achieved significant financial milestones, and built a solid governance framework that positions it for continued success. The divestment is seen as a natural next step in Atiat’s growth journey, allowing it to chart an independent course while capitalizing on new opportunities in the financial ecosystem.
Over the last four years, Atiat has recorded exponential growth in revenue, profitability, and shareholder value. Gross earnings have risen from ₦2 billion in 2021 to ₦9.7 billion in 2024, and profit before tax has grown from a loss of ₦30.4 million in 2021 to ₦1.4 billion in 2024. Shareholders’ funds have also surged from ₦327 million in 2021 to ₦8.2 billion in 2024.
The company continues to deepen its presence in leasing, consumer lending, and bridge financing, with plans to make strategic investments in banking and insurance. With a robust leadership team, an exceptional workforce, and a proven track record of performance, Atiat is entering its next phase of expansion with confidence and momentum.
Kanayo Eni-Ikeh, Managing Director/CEO of Atiat Limited, expressed optimism about the future, stating, “This is not just a transition; it is an opportunity to accelerate our growth and drive even greater value for our investors, customers, and partners. We are grateful for VFD Group’s contributions over the years, and we look forward to building on this strong foundation as we expand our offerings, strengthen our market position, and pursue new frontiers of success.”
Both VFD Group and Atiat remain committed to creating lasting value for their stakeholders. VFD Group’s investment philosophy is centered on building a resilient portfolio driven by innovation, risk management, and sustainable returns. The proceeds from this divestment will enhance VFD Group’s liquidity position and support strategic initiatives in emerging sectors with high-growth potential.
As a company at the forefront of Africa’s investment ecosystem, VFD Group continues to lead with innovation and foresight. This divestment reinforces its ability to identify the right opportunities, execute strategic exits, and ensure value creation for investors. Atiat, now fully independent, is poised to leverage its strong market positioning, financial strength, and growth-focused strategy to further cement its place as a leader in Nigeria’s financial services sector.
This development signifies a new beginning for both companies, promising sustained growth, enhanced market impact, and greater value for all stakeholders.
