Norrenberger Acquires 4.35% Stake In NASD For ₦1.3bn

……GTI Exits As Institutional Investor

Norrenberger Securities Limited has acquired a 4.35 per cent equity stake in NASD Plc in a transaction valued at ₦1.31bn, representing the largest single institutional investment in Nigeria’s over-the-counter (OTC) market this year.

The deal, which involved the purchase of 21,761,810 shares at ₦60 per share, was executed at an extraordinary 111.7 per cent premium to NASD’s prevailing market price of ₦28.35 per share.

Market observers described the move as a major vote of confidence in the OTC exchange and a significant validation of its long-term growth trajectory.

The acquisition marks the exit of GTI Group affiliates, GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited, which divested their combined holdings for a total consideration of ₦1.31bn.

The sale effectively removes GTI entities as major institutional shareholders in NASD, though they remain registered participating institutions on the platform.

Established in 2017, Norrenberger is an integrated financial services group led by Group Managing Director and Chief Executive Officer, Tony Edeh, with operations spanning securities trading, investment banking, private equity, and asset management.

The acquisition is seen as a strategic positioning by the Abuja-based firm within the country’s capital market infrastructure, giving it a foothold in Nigeria’s primary alternative securities trading ecosystem.

Analysts have noted that Norrenberger’s willingness to pay a significant premium underscores strong institutional belief in NASD’s future prospects.

The exchange, under the leadership of Managing Director and Chief Executive Officer, Eguarekhide Longe, has undergone a remarkable transformation from a modest OTC platform into a profitable and expanding market operator.

NASD’s performance metrics have reinforced investor optimism.

The company’s revenue rose by 308 per cent to ₦657m in the first half of 2025, while second-quarter profit surged to ₦129.3m, marking a 646 per cent turnaround from a prior year loss. Trading income jumped 264 per cent to ₦1.07bn, and the firm paid its first-ever cash dividend of 20 kobo per share earlier this year.

Since its listing on its own platform in 2013 at ₦1.50 per share, NASD’s stock has delivered exceptional capital appreciation, climbing as high as ₦29.98 in 2025 equivalent to a compound annual growth rate of 28.35 per cent. Year-to-date, the stock has appreciated by 93.29 per cent, outperforming most listed equities amid persistent macroeconomic headwinds.

Market experts believe the Norrenberger deal could set a new valuation benchmark for NASD Plc and reshape perceptions about liquidity and institutional participation in the OTC market.

The ₦60 transaction price, they argue, will likely serve as a new reference point for future trades and valuations on the platform.

Analysts further suggest that Norrenberger’s entry could influence NASD’s governance and strategic direction, with possible implications for digital securities, SME listings, and geographic expansion beyond Lagos. The transaction also underscores growing competition among investment firms seeking strategic control and access to alternative capital market infrastructure.

The ₦1.3bn trade, completed on November 12, 2025, marks one of the most consequential shifts in ownership structure within Nigeria’s capital market in recent years.