• Tuesday, May 21, 2024
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BusinessDay

Nonso Okpala joins CSCS board

VFD Group mulls SplitXchange for alternative finance for creative industry

Central Securities Clearing System Plc (CSCS), Nigeria’s premier Financial Market Infrastructure company, has appointed Nonso Okpala, Group Managing Director/CEO of VFD Group, into its Board.

Nonso Okpala, who currently serves as the Group Managing Director and Chief Executive Director of VFD Group, a proprietary investment company with diversified portfolio – a company he co-founded with a group of astute professionals 15 years ago, began his career as a Senior Auditor at KPMG Professional Services (Nigeria), and later served as the Director of Finance/CFO at Heirs Holdings Limited.

Last year, shareholders of the Nigerian Exchange Group Plc approved Okpala’s appointment as a Non-Executive Director as part of NGX’s efforts toward its board’s reconstitution. Nonso’s appointment to the board of CSCS and the NGX is critical to the development and enhancement of the market infrastructure and exchange business in Nigeria, which VFD Group, a company with significant holding in the NGX has recently been advocating.

Nonso’s business turn around capabilities has been evident in the evolution of VFD Group from initial capital of 2.5 million Naira to a company with current asset value at over 200 billion Naira and investment in over 40 businesses across diverse sectors of the Nigerian economy. He led the eight capital raises, setting and exceeding targets, building a reputable brand that transitioned from listing on the National Association of Security Dealers (NASD) to the Nigeria Exchange Limited (NGX) in just four years, a nontraditional feat further clinching the “Equity Listing of the Year Award” at the Made of Africa Awards in December 2023.

Okpala is a Non-Executive Director of Abbey Mortgage Bank, the oldest Mortgage bank in Nigeria currently valued at over 60 billion Naira from 6 billion prior to VFD Group’s investment and institution of strong corporate governance practices.

It is believed that his presence on the CSCS Board will enhance the company’s governance structure, instilling confidence among investors and stakeholders in CSCS Plc’s commitment to upholding the highest standards of corporate governance and accountability.