BY NKECHI NAECHE-ESEZOBOR—In a transaction that will reverberate across Nigeria’s capital markets, Norrenberger Securities Limited has acquired a strategic 4.35% stake in NASD Plc for ₦1,305,708,600, executing what market insiders are calling the most significant institutional vote of confidence in the country’s over-the-counter exchange in over a year.
The blockbuster deal saw the GTI affiliated firms comprising GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited divest 21,761,810 shares at ₦60 per share, a staggering 111.7% premium to NASD’s current trading price of approximately ₦28.35.
GTI’s Exit:
• GTI Securities Limited: 17,190,179 shares (₦1.03bn)
• GTI Capital Limited: 3,395,432 shares (₦203.7m)
• GTI Asset Management & Trust: 1,176,199 shares (₦70.6m)
The Premium Question: Why would Norrenberger pay ₦60 when the market trades at ₦28? The answer lies in what sophisticated investors know but the market hasn’t fully priced in yet.
NASD: The ₦1.30 to ₦29.98 Miracle
When NASD Plc listed on its own platform in 2013 at ₦1.50, it looked like just another financial infrastructure play. Fast forward twelve years: that share price hit ₦29.98 by July 2025, a mind-bending 28.35% compound annual growth rate that turned ₦100,000 into ₦1.99 million.
Even in 2025’s turbulent market, NASD equity has surged 93.29% year-to-date, rocketing from ₦15.51 in January to current levels.
This is a stock that has consistently made millionaires while most Nigerian equities have struggled with inflation and currency headwinds.
The operational story is equally explosive:
• H1 2025 Revenue: Up 308% to ₦657 million
• Q2 2025 Profit: ₦129.3 million (vs. prior year losses), a 646% turnaround
• Trading Income: Jumped 264% to ₦1.07 billion
• First-Ever Cash Dividend: 20 kobo per share paid in 2025.
Under the MD/CEO Eguarekhide Longe’s leadership, NASD has transformed from a sleepy OTC platform into a profit-printing machine, even as its broader market capitalization weathered storms from Aradel Holdings’ high-profile 2024 exit to NGX.
Why Norrenberger’s Move Changes Everything
This heavyweight action by Norrenberger an integrated financial services group established in 2017, led by Group MD/CEO Tony Edeh, spanning eight business verticals from securities dealing to private equity to investment banking requires the market to pay attention.
The Strategic Calculus:
Owning 4.35% of Nigeria’s premier OTC exchange isn’t just an equity investment, it’s positioning at the command center of alternative capital raising. As NASD pivots toward digital securities, tokenization, and SME-focused listings, this is not speculative money. Norrenberger, an integrated financial services group spanning securities dealing to investment banking, doesn’t deploy ₦1.3 billion on a whim. Market watchers are drawing their own conclusions:
Some analysts point to the infrastructure angle: a 4.35% stake in Nigeria’s premier OTC exchange positions Norrenberger closer to deal flow and market intelligence as NASD pursues digital securities and new product categories.
Others note the valuation arbitrage: if NASD secures 2-3 credible listings in 2026 and market cap expands toward historical levels, the ₦60 price tag starts looking less generous and more calculated.
A third camp highlights geography: Norrenberger’s Abuja headquarters represents a departure from Lagos-dominated capital markets dealmaking.
GTI’s Exit: Reading the Tea Leaves
GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited have completely divested their NASD holdings—21,761,810 shares at ₦60 per share, representing a total exit of ₦1.31 billion in institutional holdings.
The divestment removes a major institutional shareholder from NASD’s register, even as the firms continue to operate as registered participating institutions on the platform. The timing, coming as NASD rebounds from Aradel’s 2024 departure—makes this one of the largest institutional exits from the exchange operator in recent memory.
Four Reasons This Transaction Rewrites the Narrative
1. Liquidity Proof: A ₦1.3 billion block trade at premium pricing obliterates the “NASD is illiquid” narrative. When institutional appetite exists, the platform delivers.
2. Valuation Reset: The ₦60 transaction price establishes a new reference point. Markets may take 6-12 months to converge, but the anchor is set.
3. Governance Wildcards: Does Norrenberger seek board representation? If yes, expect aggressive advocacy for digital securities, geographic expansion beyond Lagos, and SME-focused initiatives.
4. Competitive Dynamics: A competing securities firm now owns 4.35% of the exchange infrastructure. This could supercharge cooperation (Norrenberger becoming NASD’s most prolific listing sponsor) or create fascinating governance tensions.
Time will tell if Norrenberger is a visionary or a victim. But make no mistake: Nigeria’s capital markets just got their most interesting plot twist of 2025.
