VFD Group’s 2026 Results Raise Questions About Debt, Liquidity and Refinancing Risk

VFD Group’s unaudited financial statements for the nine months ended 30 September 2026 show total assets of ₦577.64 billion and total liabilities of ₦447.63 billion. Profit after tax was ₦13 billion, while cash and cash equivalents fell from ₦79.47 billion at the start of the year to ₦33.64 billion. The statements also show borrowings of ₦169.62 billion, deposit liabilities of ₦81.57 billion and funds-under-management liabilities of ₦135.93 billion. Commercial notes and private placements rose to ₦151.67 billion, while finance costs reached ₦43.33 billion over the nine-month period. The figures raise questions about whether short-term funding is being used to support less-liquid assets such as real-estate inventories and investment properties. If refinancing conditions become difficult, the group could face added pressure on its cash position. Shareholders may want management to explain its refinancing plans, steps to lower funding costs and the expected timeline for converting property and inventory holdings into cash. Investors should review the full financial statements and assess the risks independently before making investment decisions.

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