Adeniyi Adenubi, Executive Director of VFD Group and a Nigerian Financial & Investment Expert, spoke with students at the Nigerian University of Technology and Management Scholars Programme (NSP) about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.
Adenubi explained in great detail VFD Group’s evolution into a diversified investment company, citing its expansion into a network of over 40 businesses spanning portfolio management, asset acquisition, real estate, and mortgage services.
He also highlighted the importance of using technology to improve customer service and innovation in the investment sector. To address low youth participation in capital markets, he identified challenges such as outdated brokerage processes and limited investment options, advocating for technology to increase accessibility for young investors. The collaboration with PiggyVest exemplifies the company’s efforts to modernize payments, savings, and investing, with the goal of empowering individuals and businesses. VFD Group promotes streamlined exchange processes and fractional ownership, with the goal of making finance and investment more accessible and inclusive.
Planning for the future in 2008, Adenubi recounted the pivotal meeting with Nonso Okpala, GMD/CEO of VFD Group, in 2009, which laid the foundation for a strategic partnership built on shared values and complementary strengths. He underscored the importance of collaboration and mutual respect in driving success.
“Our initial encounter sparked a vision grounded in shared values and mutual respect,” said Adenubi. “It was about finding synergy and leveraging each other’s strengths to achieve common goals.” They devised a 10-year strategy, beginning with a thorough SWOT analysis to navigate the industry’s landscape.
He recognizes available capital as a key challenge. They shifted focus to capital-intensive projects such as real estate, seeking early investment through ventures in asset management and insurance.
Moving from early investments to licensing, the VFD Group prioritized strong governance and dependability, beginning modestly, and developing a strong governance framework. The team launched a ten-year strategy, initially focusing on microfinance and asset management before expanding into insurance and beyond. Despite initial setbacks, including a denied banking license, the Okpala-Adenubi team acquired a mortgage bank and listed on the Nigerian Stock Exchange, eventually expanding into a diverse investment firm. Overcoming cultural biases and forming partnerships were critical, highlighting the leadership prowess of Nonso Okpala and Adeniyi Adenubi. He emphasized the importance of partnerships, challenging cultural norms and advocating for collaborative endeavors, encouraging people to prioritize value over cultural biases. “Cultural differences can present obstacles, but they also offer opportunities for learning and growth,”
Adenubi switched from accounting to finance after being inspired by his family and Warren Buffet’s business practices. He went on to earn a Master’s degree in England and worked as an Investment Banker for the Royal Bank of Scotland during one of the most well-known global recessions of recent times. The mentoring session aimed to enlighten students about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being “Dream and believe in your dream.”