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Nigeria’s premier over-the-counter exchange, National Association of Securities Dealers (NASD) Plc., has projected a net income of N400 million by the end of 2024.
The Chairman of NASD, Mr. Kayode Falowo, announced this at the company’s 11th Annual General Meeting (AGM) on Tuesday in Lagos.
Falowo said the figure indicated a significant improvement from the N69.6 million loss recorded as at Dec. 31, 2023.
He said that, as at Sept. 20, NASD Securities Index rose to 2,227.73 from 927.47 in December 2023, indicating 140 per cent growth.
According to him, the same period, NASD’s market capitalisation increased by 143 per cent from N1.26 trillion to over N3 trillion.
The value of traded securities also grew from N37.58 billion to N53.5 billion, representing 42.5 per cent increase over the period of 38 weeks, according to the official.
“In addition, the number of deals executed in the 38 weeks is 5,821 as compared to 3,838 deals throughout 2023,” he said.
The chairman said that the board and management of the organisation had taken steps to address concerns expressed by shareholders on improving financial performance and service offerings.
“I wish to inform shareholders that the board has taken steps to enhance our service offering through introduction of new products and services.
“I am pleased to note that the Securities and Exchange Commission (SEC) has approved our digital securities solutions initiative which will enable participants to trade digital securities on NASD.
“We believe this will attract the younger generation in Nigeria and other parts of the world to our market.
“We have also deployed our mobile app, and participants in the market have full digital access to our services,” he said.
He added that the organisation recently received approval from the regulator to trade commercial papers on its platform.
He described the approval as a game changer secured through diligent and purposeful engagement between SEC and NASD’s management team.
Falowo praises SEC for willingness to encourage new initiatives by NASD.
The chairman said that NASD was looking forward to getting benefits from its outstanding initiatives designed to drive volume and value of trades on its platform.
The Managing Director of NASD, Mr Eguarekhide Longe, said the management embarked on diversification of the market since 2022 and it had started bearing fruit.
Longe said that building a market platform was not as straightforward as many people would think.
He said that NASD management recognised digital platforms, adding that most investors had keyed into them.
He said that the digital platforms provided flexibility in access to the market.
The General Secretary, Independent Shareholders Association of Nigeria, Mr. Chibuzor Eke, called for improved performance on profit generation and dividend by the end of 2024.
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