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VFD Group Plans IPO on the NSE in 2022

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VFD Group, a proprietary investor in financial services companies, is targeting a 2022 initial public offering on the Nigerian stock exchange, CEO Nonso Okpala tells The Africa Report.

The Lagos-based company has appointed Kairos Capital to help it seek Nigerian and international investors, says Okpala, who holds about 24% of the company. He plans to keep his stake after the IPO.

VFD, which started operating in 2011, currently trades on the NASD over-the-counter (OTC) exchange, an alternative market for west African securities. It became a public company in January 2019 and pays regular dividends to its shareholder base of more than 60,000. Its investments include a stake of 35% in Abbey Mortgage Bank, a majority stake in Anchoria Asset Management, and a wholly-owned microfinance unit.

The company, which more than doubled its full-year profit in 2019, also owns Everdon Bureau de Change, Dynasty Real Estate and the Transfercorp remittances service. Receipts from a main list IPO, says Okpala, would be used to build the VFD “ecosystem” which aims to provide a full range of financial services for families and businesses.

Mortgages are a key part of the strategy. According to the Centre for Affordable Housing Finance in Africa (CAHF), the number of outstanding mortgages in Nigeria in 2019 was just 113,000.

The ratio of mortgages to GDP at 0.3% was one of the lowest in the world, held back by high interest rates and equity requirements of 20% for mortgage loans. CAHF says that progressive use of credit bureaux by lenders is improving risk management.

Nigeria’s mortgage market remains “very untapped, with huge potential,” notes Okpala. The company’s virtual banking platform is the “key to the whole ecosphere,” he adds. VFD has no exit strategy for its investments. “We don’t buy to sell. We buy to keep the company and integrate it into our platform.” COVID-19 impact

“The COVID-19 pandemic has had no impact on the company’s operating strategy or its IPO plans”, Okpala says.

VFD’s first-quarter profit declined by 75% as the microfinance business was negatively affected by lockdown, with some clients unable to repay their loans.

Depending on the customer’s business, VFD was able to help with logistical advice and equipment purchase, Okpala says. For businesses that weren’t able to adapt, loans were suspended and rescheduled, with moratoriums being granted for the duration of lockdown. When a company can’t pay, “it’s best to structure the business so that it continues to exist.”

The company’s V digital banking application launched at the start of March drew more users as people needed to find a way to carry out virtual banking during lockdown, he says. VFD itself was able to save on a planned office expansion which it realised was no longer necessary. It now gives employees the option to work remotely.

“Productivity has increased” as a result meaning “a double advantage,” adds Okpala. The pandemic “has taught us a lot about the running of the company in a cost-effective manner.”

The company, which has a stake in the Atiat vehicle and equipment leasing business, is considering branching out into non-core financial services businesses such as auto purchase. It is also studying expansion into foreign markets such as Ghana.

In the process, Okpala hopes that VFD will break with what he calls Nigeria’s tradition of “one-man businesses. We want an institutional strategy. Patient capital needs an institutional process.”


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Nigeria, EU Ink Research, Innovation Deal Worth €100Bn

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Nigeria and the European Union have inked a scientific and technology deal that grants access to about €100 billion in research and innovation funding for scientists, start-ups, and public institutions.

The agreement is a significant boost to the country’s tech environment, providing new prospects for research, innovation, and start-up growth.

The arrangement was signed in Abuja by Gautier Mignot, head of the EU delegation to Nigeria and ECOWAS, and Kingsley Udeh, Nigeria’s minister of innovation, research, and technology.

After more than two decades without a formal framework, the agreement transfers cooperation from informal to structured, large-scale collaboration.

The European Commission’s Horizon Europe programme, the world’s largest public research budget, is at the heart of the deal, which will bring together Nigerian researchers and firms to work on cross-border projects in health, agriculture, climate, food systems, and new technologies.

Udeh stated that the relationship puts Nigeria as a continental powerhouse for science and enterprise, with an emphasis on translating research into commercially viable products and assisting startups in scaling into global players.

Gautier Mignot noted that Nigerian organisations are already active in several Horizon-backed and global health research projects, but the new pact provides a legal and political framework to significantly expand participation, funding access and visibility.

To ensure delivery, both parties created a Joint Science and Technical Cooperation Committee to drive implementation and track measurable outcomes.

Beyond academia, the agreement aims to support innovators, boost university–industry collaboration, and help more Nigerian tech firms compete globally, strengthening Nigeria’s position as a leading startup hub in Africa.

 


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Microplastics Found in 90 Percent of Prostate Cancer Samples

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Microplastics have now been found inside most prostate cancer tumors — and at strikingly higher levels than in healthy tissue.

Microplastics Found in 90 Percent of Prostate Cancer Samples

A new study reports that tiny plastic particles were present in nine out of 10 men diagnosed with prostate cancer.

Researchers also found that these fragments appeared in greater amounts inside cancerous tumors than in nearby noncancerous prostate tissue.

The investigation was conducted at NYU Langone Health, including its Perlmutter Cancer Center and Center for the Investigation of Environmental Hazards.

Scientists set out to examine whether exposure to microplastics could play a role in the development of prostate cancer, which the American Cancer Society identifies as the most common cancer affecting American men.

Plastic used in food containers, packaging, cosmetics, and other everyday products can break down into microscopic pieces when heated, worn down, or chemically altered.

These particles can be swallowed, inhaled from the air, or absorbed through the skin. Previous research has detected microplastics throughout the human body, including in major organs, bodily fluids, and even the placenta.

Despite their widespread presence, scientists still do not fully understand their health effects.

For this study, researchers analyzed prostate tissue samples from 10 patients undergoing surgery to remove the prostate gland. Microplastic particles were identified in 90% of tumor samples and in 70% of noncancerous samples.

Notably, tumor tissue contained significantly more plastic.

On average, cancerous samples had about 2.5 times the concentration found in healthy prostate tissue (about 40 micrograms of plastic per gram of tissue compared with 16 micrograms per gram).

“Our pilot study provides important evidence that microplastic exposure may be a risk factor for prostate cancer,” said study lead author Stacy Loeb, MD, a professor in the NYU Grossman School of Medicine’s Departments of Urology and Population Health.

Loeb explained that while earlier studies had hinted at links between microplastics and conditions such as heart disease and dementia, there had been little direct research connecting them to prostate cancer.

The findings will be presented on February 26 at the American Society of Clinical Oncology’s Genitourinary Cancers Symposium.

According to Loeb, this is the first study conducted in the West to measure microplastic levels in prostate tumors and directly compare them with levels in noncancerous prostate tissue.

To carry out the analysis, scientists first examined the tissue visually. They then used specialized instruments to measure the quantity, chemical makeup, and structural characteristics of microplastic particles. The team focused on 12 of the most commonly produced plastic molecules.

Because plastic is widely used in medical and laboratory tools, the researchers took extra precautions to prevent contamination. They replaced plastic equipment with alternatives made from aluminum, cotton, and other nonplastic materials. All testing took place in controlled, clean rooms specifically designed for microplastic analysis.

“By uncovering yet another potential health concern posed by plastic, our findings highlight the need for stricter regulatory measures to limit the public’s exposure to these substances, which are everywhere in the environment,” said study senior author Vittorio Albergamo, PhD.

Albergamo, an assistant professor in the NYU Grossman School of Medicine’s Department of Pediatrics, said the next step is to determine how microplastics behave inside the body and whether they contribute directly to cancer development. One theory the team plans to investigate is whether these particles trigger a persistent immune response (inflammation) in prostate tissue.

Over time, chronic inflammation can damage cells and lead to genetic changes that allow cancer to form.

Albergamo emphasized that the study involved a small number of patients and that larger studies will be necessary to confirm the results.

According to the Centers for Disease Control and Prevention, about one in eight men in the U.S. will be diagnosed with prostate cancer during their lifetime.

Meeting: American Society of Clinical Oncology’s Genitourinary Cancers Symposium

The research was funded by the U.S. Department of Defense.

In addition to Loeb and Albergamo, the NYU Langone research team included Leonardo Trasande, MD, MPP; Trevor Johnson, PhD; Fang-Ming Deng, MD, PhD; Mark Strong, DO; David Wise, MD, PhD; José Alemán, MD, PhD; Zixuan Mo, BS; Mariana Rangel Camacho, BS; Nataliya Byrne, BA; Tatiana Sanchez Nolasco, MPH; Adrian Rivera, MPH; William Huang, MD; Herbert Lepor, MD; Wei Phin Tan, MD; and James Wysock, MD.

Samir Taneja, MD, of Northwell Health in New York City also contributed to the study.

Loeb has consulted for pharmaceutical company Astellas, digital health company Savor Health, and men’s health organization Movember, and has received research support from Endo USA Inc. She also participated in advisory boards for Endo USA, Blue Earth Diagnostics, Pfizer, Sumitomo Pharma, and Doceree. Wysock has consulted for medical equipment manufacturers Edap — Focal One, and URO-1 Medical. Wise is a paid consultant for Pfizer, Bayer, K36, OncoC4, AstraZeneca, and Janssen Pharmaceuticals, and is an expert witness for Exxon Mobil. None of these activities are related to the current study. NYU Langone Health is managing the terms and conditions of these relationships in accordance with its policies and procedures.

Credit…..scitechdaily.com


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Lotus Bank, REA Seal N100Bn Deal to Power Rural Nigeria

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Lotus bank has strengthened its push for inclusive and sustainable development through a strategic partnership with the Rural Electrification Agency (REA) to widen access to renewable energy solutions in underserved communities nationwide.

The collaboration was formalised on Monday in Abuja with the signing of a Memorandum of Understanding (MoU), under which LOTUS Bank will make available up to N100 billion in accessible financing to certified Renewable Energy Service Companies (RESCOs). The funding is expected to ease capital constraints that have slowed the pace of off-grid electrification projects across rural Nigeria.

Speaking at the signing ceremony, Managing Director/Chief Executive Officer of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the partnership as a practical demonstration of the Bank’s founding philosophy.

“LOTUS Bank was established to redefine the impact that financial institutions can have on the society we serve – not simply through financing, but through partnership, empowerment, and shared prosperity,” he said.

Ajani-Lawal stressed that the initiative aligns with the Bank’s broader mission of deploying ethical, non-interest finance to address pressing national development priorities.

“Our involvement with REA and the DARES program underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria. We believe non-interest finance must go beyond innovation — it must deliver tangible socio-economic value to all segments of society,” Ajani-Lawal assured.

On his part, REA Managing Director/Chief Executive Officer, Abba Abubakar Aliyu, underscored the urgency of tackling financing gaps confronting renewable energy developers, particularly in the off-grid segment.

“While Nigeria has made strides in expanding energy access, financing remains a key constraint for RESCOs. Collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale,” Aliyu said.

Industry observers note that the partnership is poised to accelerate clean energy deployment, reduce financing bottlenecks, and catalyse private sector participation in Nigeria’s electrification drive.

It also aligns with the country’s National Electrification Strategy and Implementation Plan (NESIP) and advances Sustainable Development Goal 7 (SDG7), which seeks to ensure access to affordable, reliable and clean energy for all.

Since commencing operations in 2021, LOTUS Bank has carved a niche as a non-interest lender focused on financial inclusion. The Bank has rolled out innovative products tailored to individuals, women, youth and micro, small and medium enterprises (MSMEs), while investing in digital platforms to broaden access to ethical banking services across urban and rural communities.

Its interventions span community empowerment initiatives, corporate social responsibility programmes, and financial literacy campaigns designed to deepen understanding and adoption of non-interest banking principles.

In recognition of its expanding footprint in ethical finance, LOTUS Bank was recently named “Best Ethical and Financial Inclusion Bank of the Year” at the 2025 BusinessDay BAFI Awards, further cementing its reputation as a leading advocate of impact-driven banking in Nigeria.


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