Nigeria’s leading over-the-counter securities exchange, NASD Plc., has projected a net income of N400 million by the end of 2024, signaling a remarkable turnaround from its N69.6 million loss at the close of 2023.
This was revealed by NASD’s Chairman, Mr. Kayode Falowo, during the company’s 11th Annual General Meeting (AGM) held in Lagos. Falowo highlighted that as of September 20, 2024, the NASD Securities Index had surged by 140%, reaching 2,227.73, a significant rise from 927.47 in December 2023. During the same period, NASD’s market capitalization also jumped by 143%, growing from N1.26 trillion to over N3 trillion.
Additionally, Falowo noted that the value of traded securities saw a 42.5% increase, rising from N37.58 billion to N53.5 billion within 38 weeks. The volume of transactions also grew, with 5,821 deals executed, compared to 3,838 deals throughout the entirety of 2023.f 2
In response to concerns from shareholders about improving NASD’s financial performance, Falowo outlined several strategic initiatives. “We have introduced new products and services, and I am pleased to announce that the Securities and Exchange Commission (SEC) has approved our digital securities solutions initiative. This will enable participants to trade digital securities on NASD, attracting younger investors from Nigeria and around the globe,” he stated.
He also emphasized NASD’s ongoing digital transformation, noting the successful deployment of its mobile app, which grants users full digital access to the platform’s services. Additionally, NASD received regulatory approval to trade commercial papers on its platform, an achievement Falowo described as a “game changer” that came about through collaborative efforts between the SEC and NASD management.
Mr. Eguarekhide Longe, NASD’s Managing Director, emphasized that the exchange’s market diversification efforts, initiated in 2022, were beginning to yield positive results. He highlighted the growing importance of digital platforms, noting that many investors had embraced the flexibility these platforms offer for market access.
In a statement, Mr. Chibuzor Eke, General Secretary of the Independent Shareholders Association of Nigeria, urged NASD’s management to continue driving profitability and increase dividends for shareholders by the end of 2024.
With these strategic measures in place, NASD is positioned to expand its market presence and deliver on its growth objectives, benefiting MSMEs and investors across Africa.
