Nigeria’s foremost over-the-counter exchange, NASD Plc, has projected a net income of N400 million by the end of 2024, marking a substantial turnaround from the N69.6 million loss recorded as of December 31, 2023. NASD Chairman, Kayode Falowo, revealed this during the company’s 11th Annual General Meeting (AGM) held in Lagos on Tuesday.
Falowo reported that the NASD Securities Index had surged by 140%, rising from 927.47 in December 2023 to 2,227.73 as of September 20, 2024. Similarly, NASD’s market capitalisation increased by 143%, reaching over N3 trillion from N1.26 trillion in the same period.
The value of traded securities rose by 42.5%, from N37.58 billion to N53.5 billion within 38 weeks, with the number of deals executed increasing from 3,838 in 2023 to 5,821 so far in 2024.
Falowo also shared that the Securities and Exchange Commission (SEC) had approved NASD’s digital securities solution, allowing for digital trading and aiming to attract younger investors. Additionally, he announced that NASD had received regulatory approval to trade commercial papers on its platform, a move he described as a “game changer.”
NASD Managing Director, Eguarekhide Longe, noted that the company’s diversification efforts, launched in 2022, were beginning to pay off, with digital platforms offering more flexibility for investors. Meanwhile, Independent Shareholders Association of Nigeria’s General Secretary, Chibuzor Eke, called for improved profitability and dividends by the end of 2024.
Credit: NAN (Text Excluding Headline)
