In one of the boldest market moves of 2025, Norrenberger Securities Limited has acquired a 4.35 percent stake in NASD Plc for N1.31 billion, marking the single largest institutional transaction on Nigeria’s over-the-counter (OTC) securities platform this year.

The deal, completed on November 12, saw Norrenberger purchase 21.76 million shares from GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited at N60 per share, a staggering 111.7 percent premium over NASD’s market price of about N28.35.

Market analysts have described the acquisition as a “vote of confidence” in NASD’s performance and growth potential, particularly at a time when the exchange has shown remarkable resilience in Nigeria’s volatile capital market.

Industry observers say Norrenberger’s decision to pay such a steep premium underscores its long-term conviction in NASD’s growth trajectory and strategic relevance.

Tony Edeh, Group Managing Director/CEO of Norrenberger Group, said the acquisition aligns with the firm’s mission to deepen Nigeria’s financial markets and expand access to capital for businesses.

“This investment aligns with Norrenberger’s long-term vision to strengthen market infrastructure and enhance access to alternative capital. NASD has demonstrated innovation and resilience, and we are confident in its future,” Edeh said.

Norrenberger, an integrated financial services group headquartered in Abuja, operates across securities trading, asset management, private equity, and investment banking. The transaction positions the firm as a key stakeholder in the infrastructure driving Nigeria’s unlisted securities market.

NASD Plc, which operates Nigeria’s OTC market for unlisted securities, has been one of the market’s most consistent growth stories. Since listing on its own platform in 2013 at N1.50 per share, the company’s stock has surged to nearly N30, representing a compound annual growth rate of 28.35 percent.

In 2025 alone, NASD shares have risen 93.3 percent year-to-date, outpacing most equities listed on the Nigerian Exchange (NGX). The company’s financials have also turned sharply positive, with profit in Q2 at N129.3 million, marking a 646 percent turnaround from a loss the previous year.

The firm also paid its first-ever cash dividend of N0.20 per share earlier this year.
Under Eguarekhide Longe, Managing Director/CEO, NASD has transformed from a niche trading platform into a profitable, innovation-driven institution, with digital securities, SME listings, and investor diversification among its next frontiers.

“We welcome Norrenberger as a significant institutional investor,” Longe said. “This transaction reflects growing market confidence in NASD’s direction and reinforces our mission to expand financial access and efficiency.”

The transaction also marks the complete exit of the GTI Group from NASD’s shareholding structure. Collectively, GTI Securities, GTI Capital, and GTI Asset Management sold their entire 21.76 million shares for N1.31 billion.

Market watchers note that while GTI remains an active participant on the NASD platform, its divestment clears the way for new institutional investors and potentially new governance dynamics at the exchange.

Analysts see the N1.3 billion transaction as a watershed moment for Nigeria’s OTC market.

They noted that the deal signals liquidity, dispeling concerns about illiquidity on the NASD platform, showing that large transactions can clear at premium valuations.

At N60 per share, analysts noted that Norrenberger’s entry resets market valuation expectations for NASD Plc, adding that a major financial player holding 4.35 percent may influence NASD’s direction toward digital asset markets and regional expansion.

It is believed that the investment signals growing competition, and potential collaboration between key capital market operators and infrastructure providers.

For many in Nigeria’s financial community, Norrenberger’s move is more than a portfolio play, it’s a signal that institutional confidence is returning to the OTC space.

With NASD’s profitability, rising trading activity, and digital market ambitions, analysts believe the N60 price point could soon look like a calculated bargain rather than an overreach.

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