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By Chukwuma Umeorah
Norrenberger Securities Limited has acquired a 4.35 per cent stake in NASD Plc for N1.305 billion, marking one of the largest institutional transactions on Nigeria’s over-the-counter market this year.
The strategic purchase, completed on November 12, involved the divestment of 21,761,810 NASD shares previously held by GTI Securities Limited, GTI Capital Limited and GTI Asset Management & Trust Limited at N60 per share.
The deal represents a 111.7 per cent premium to NASD’s prevailing market price of about N28.35 and immediately positions Norrenberger among the most significant shareholders of the OTC exchange operator.
Market analysts view the execution of a high-value block trade at more than double the current price as a strong signal of institutional confidence in NASD’s long-term prospects.
GTI’s exit from the NASD register marks one of the largest withdrawals by an institutional shareholder in recent years, even though its affiliated firms remain active as participating institutions on the platform.
The divestment comes at a time when NASD is recovering from the impact of Aradel Holdings’ 2024 migration to the Nigerian Exchange.
NASD has sustained one of the strongest performance runs in the equities market in 2025, gaining 93.29 per cent year-to-date after rising from N15.51 in January.
The company’s long-term trajectory has also drawn attention, with its share price climbing from its 2013 listing price of N1.50 to as high as N29.98 in July 2025.
The growth has been supported by a sharp turnaround in earnings, including a 308 per cent rise in half-year 2025 revenue to N657 million, a second-quarter profit of N129.3 million after prior-year losses, and a 264 per cent surge in trading income to N1.07 billion.
The exchange also paid its first cash dividend of 20 kobo per share in 2025.
The latest transaction reinforces expectations of a valuation reset for the company, with market participants observing that the N60 pricing may influence sentiment in the months ahead.
Some analysts suggest Norrenberger’s move reflects a long-term infrastructure play as NASD accelerates work on digital securities, tokenisation and SME-focused capital-raising products.
Others point to potential governance implications, given that a securities dealing firm now holds a sizeable stake in the exchange operator.
Norrenberger, founded in 2017 and operating across several investment and advisory verticals, is expected to deepen its involvement in alternative market development following the acquisition.
Whether the firm will seek board representation at NASD remains a subject of industry speculation.
The transaction, regarded by traders as a liquidity milestone for the OTC market, is expected to influence both valuation benchmarks and competitive dynamics as NASD pursues its next phase of growth.
