Norrenberger Securities Limited has acquired a 4.35% equity stake in NASD Plc, marking one of the most significant institutional investments in Nigeria’s over-the-counter (OTC) market in more than a year.

The transaction—valued at N1.306 billion—saw Norrenberger purchase 21.76 million NASD shares at N60 per share, a 111.7% premium over the exchange’s current trading price of about N28.35. The shares were divested by GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited.

Analysts: A Vote of Confidence in NASD

Market analysts say the premium pricing reflects Norrenberger’s long-term confidence in NASD’s valuation and growth trajectory. They note that sophisticated investors are typically willing to move early—before a market fully prices in the underlying value.

Since NASD listed itself on its platform in 2013 at N1.50 per share, the stock has surged, reaching N29.98 by July 2025—a 28.35% compound annual growth rate that turned a N100,000 investment into nearly N2 million. NASD shares have also risen 93.29% in 2025 alone.

Under Managing Director Eguarekhide Longe, NASD has transformed from a quiet OTC platform into a highly profitable exchange operator, despite challenges such as Aradel Holdings’ high-profile 2024 exit to the NGX.

Why Norrenberger’s Move Matters

Analysts describe Norrenberger’s acquisition as a strategic play by a rapidly expanding financial services group with operations in securities dealing, private equity, asset management, and investment banking.

“Owning 4.35% of Nigeria’s premier OTC exchange is not just an investment—it is positioning at the command centre of alternative capital raising,” one analyst noted.

With NASD focusing on digital securities, tokenization, and SME listings, analysts say the investment strengthens Norrenberger’s access to emerging deal flows and market intelligence. The firm’s Abuja headquarters also represents a geographical shift away from Lagos-centric capital market dominance.

NASD’s Strong 2025 Financials

NASD’s half-year 2025 report showed:

• 308% revenue growth to N657 million
• N129.3 million profit, reversing previous losses
• 264% rise in trading income to N1.07 billion
• First-ever cash dividend: 20 kobo per share

The robust performance helped rebuild market confidence after the turbulence caused by Aradel’s exit.

Implications of the GTI Divestment

While the GTI companies have exited as major shareholders, they will remain registered participating institutions on the NASD platform. Market watchers say the timing of the sale—coming during NASD’s recovery—makes it one of the most significant shareholder changes in recent years.

Four Reasons the Deal Is a Game-Changer

Analysts highlight four key impacts:

1. Liquidity signal:
   A N1.3bn block trade counters the narrative that NASD is illiquid.
2. New price anchor:
   The N60 deal sets a fresh benchmark likely to influence market pricing in the coming months.
3. Potential board influence:
   If Norrenberger seeks board representation, NASD could see strong advocacy for digital securities, nationwide expansion, and SME-focused reforms.
4. Competitive dynamics:
   With a securities firm now owning 4.35% of the exchange infrastructure, collaboration—and possibly governance tension—could reshape NASD’s strategic direction.