VT Leasing Limited has expressed its readiness to list on the Nigerian Stock Exchange (NSE) within the next two years.
Speaking during its 20th Anniversary Celebration in Lagos, weekend, the Managing Director of the company, Mr. Akin Opeodu disclosed that its decision to list on the NSE was borne out of the enormous opportunities for growth and expansion presented by listing.
He said, â€œAs parts of our future plans we have decided to tow the line of a major leasing company in Nigeria. Hence, we have decided that we will be quoted on the Nigerian Stock Exchange in a maximum of two years from now. This will enable us take advantage of the enormous growth opportunities arising from being listed.â€
He gave hints that the company is likely to raise funds from the capital market within a short period of time, either through a public offer or a private placement. â€œAfter listing on the NSE, we will utilise a major chunk of our finances to invest in infrastructures and our people. This is because we have come to the realisation that it is important to acquire the latest technologies and machineries in the deployment of our functions and also to equip our human resources to be able to tackle the challenges presented in the discharge of their duties and to move the company to greater heights,â€ he noted.
He disclosed that the over the years, the company has emerged the major provider of forklift leasing services in the country and is currently considering expanding its services to more cities across the country.
Opeodu noted that the incursion of banks into the business necessitated its change of focus, from a core consumer-based leasing company to operating leasing, providing its services to major manufacturing concerns across the country.
He said, â€œWe have been around for twenty years and as they say, a lot of company do not even survive beyond the first five years. Therefore, when we look back, the first thing is to thank God, also we are using this to re-launch ourselves, because we have changed focus. In the course of our business over the years, we went quiet, going after the customer we want. This also is to help re-launch ourselves, creating awareness on our activities.
â€œWe were consumer-based before, now the focus of the business has changed, we are thanking God, we are thanking all our customers, past and present, our shareholders, and we are also using this medium to tell our prospective customers that we are still here and this is what we can offer.
â€œTwenty years ago, we were the pioneer in the small leasing business, through individuals. Before us, there was no one doing it large scale. We pioneer that, and that was what people knew us for. This is because we were meeting the needs of the average business.
â€œOver the years, the banks have started to move into the business, they have far bigger pockets and they can do longer tenure of financing and transactions than we could. About six, seven years ago, we discovered that very soon, we will be squeezed out of that area of the business. So we repositioned, and are focus is now more of operating leasing to the bigger customers.
â€œOur number one product, is on forklift trucks. When we went into operating leasing, we discovered that in cars and buses, there were many players, so we looked for an area where we can carve a niche for ourselves, and we chose forklift trucks. We approached the major manufacturing companies and we tried convincing them that forklift trucks is an essential part of their business and it is not core to their business, hence, the need for us to do it for them.
â€œPresently we have a fleet of about 200 forklift trucks and we are targeting major manufacturers in the country. Slowly, we have become the biggest players in the forklift trucks industry.â€