Business

NIGERIA: NASD OTC for Launch Today, Commences Trading Tomorrow

 Holders of unlisted securities will have cause to cheer from tomorrow as a platform for them to trade those securities, the NASD Plc over-the-counter (OTC) market will become operational.

The platform will be launched today in Lagos while trading will commence tomorrow.

The special guests expected at the launch include:  Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala; Minister of Industry, Trade and Investment, Olusegun  Aganga, and Governor of  the Central Bank of Nigeria(CBN),  Mallam Sanusi Lamido Sanusi,  while the keynote address would be delivered by  , Chairman of Securities and Exchange Commission (SEC), Suleyman  Ndanusa.

According to the  Chief Executive Officer (CEO) of the NASD Plc, Mr. Bola Ajomale, the NASD  OTC  market is to fuel economic growth in the West African sub-region by developing and operating active markets that adhere to the highest standards of performance and principles of integrity whilst also creating value for stakeholders and the investing public.

“It will offer investors a platform from where they can obtain information on available investments that are not listed on the Nigerian Stock Exchange.  This information includes prevailing prices/or last deal price on a security that they are interested in new and exciting opportunities to invest in an expanded range of asset class to choose from. It will also provide financial performance of non-listed companies and corporate governance of companies that hitherto might not be in the public domain,” he said.

Meanwhile, Heirs Holdings, the pan-African investment company said last  Friday it had taken a strategic stake in the new NASD OTC.  
Chairman of Heirs Holdings, Tony Elumelu, said: “The NASD offers investors an alternative way of accessing capital for growth in an efficient manner. We have invested in the platform because Heirs Holdings is committed to financing projects that contribute strategically to the growth of entrepreneurs across Africa.”

The statement also quoted Ajomale as    thanking shareholders like Heirs Holdings, “who appreciate the importance and far-reaching impact of the exchange, that the NASD will commence trading shortly. Their ambition to build commodities exchanges across Africa has meant they intrinsically understand what the NASD wants to achieve. Heirs Holdings is the sort of partner we need to ensure that the NASD is supported in its mission to deliver a world class alternative trading platform for unlisted entities in Nigeria. ”

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