VFDGroup launches N15bn commercial paper issuance

VFD Group PLC launched a N15 billion Series 1 commercial paper issuance under its N50 billion programme, returning to Nigeria's short-term debt market. The offer opened February 16, 2026, closing February 19, 2026. Tranche A (270 days) offers 21.50% implied yield; Tranche B (364 days) offers 23.50%. The company's 2025 profit rose to N9.68 billion (11.38% YoY) with N85.2 billion operating cash flow (336.9% YoY increase). However, interest coverage remains thin at 1.3x, and the group maintains heavy market funding reliance despite A+ ratings. For yield-seeking investors, the pricing is compelling; conservative investors should monitor cash flow sustainability.

SOURCE: https://nairametrics.com/2026/02/17/vfd-group-launches-n15-billion-series-1-commercial-paper/