Norrenberger Securities Limited has acquired a 4.35% strategic stake in NASD Plc for a stunning N1.3 billion, in what industry watchers described as the most significant institutional vote of confidence in the over-the-counter (OTC) market this year.
The huge transaction, executed at N60 per share, represents an eye-popping 111.7% premium over NASD’s current trading price of N28.35.
The sellers, a trio of GTI Group affiliates (GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited), offloaded 21.76 million shares, marking one of the largest secondary market exits in recent OTC trading history.
For Norrenberger, the deal is far more than a purchase; it is a bold bet on the next frontier of Nigeria’s capital market infrastructure.
By paying more than double the prevailing price, the firm has signaled its conviction that NASD’s value proposition is only beginning to be appreciated — a view supported by the exchange’s stunning financial performance and soaring share trajectory in recent years.
GTI’s exit, Norrenberger’s entry: A generational shift
GTI’s divestment underscores a strategic reshuffle within Nigeria’s financial ecosystem.
- GTI Securities Limited: 17,190,179 shares sold for N1.03 billion
- GTI Capital Limited: 3,395,432 shares sold for N203.7 million
- GTI Asset Management & Trust: 1,176,199 shares sold for N70.6 million
While GTI exits after years of building exposure in NASD, Norrenberger’s aggressive entry points to a fresh wave of institutional belief in the long-term strength of the OTC exchange, a market segment that has quietly evolved from obscurity to significance in Nigeria’s broader capital formation landscape.
The N1.30-to-N29.98 NASD miracle
When NASD Plc listed its own shares on its trading platform in 2013 at N1.50, few anticipated the meteoric rise that would follow. By July 2025, the stock had reached N29.98, translating to a compound annual growth rate of 28.35% — enough to turn N100,000 into nearly N2 million.
Even in a year defined by market turbulence, NASD shares have gained 93.3% year-to-date, climbing from N15.51 in January to current levels. The exchange’s fundamentals have powered that growth:
- H1 2025 revenue: Up 308% to N657 million
- Q2 2025 Profit: N129.3 million — a 646% turnaround from losses a year earlier
- Trading income: Jumped 264% to N1.07 billion
- First-ever dividend: 20 kobo per share paid in 2025
Why Pay N60 for a N28 stock? To the casual investor, Norrenberger’s 111% premium may look excessive. But to sophisticated market players, it reflects an insider conviction about the exchange’s expanding role in Nigeria’s financial future — from facilitating private market liquidity to positioning for the next phase of digital securities trading.
