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NASD Plc is preparing for its next phase of growth by expanding beyond traditional securities trading into a broader capital-formation ecosystem, with plans to diversify its revenue base and deliver sustained value to investors.
The strategy comes as Nigerian businesses across sectors such as agriculture, energy, infrastructure, manufacturing, technology, real estate and the creative economy increasingly require private capital to support expansion and development.
NASD said its alternative-market infrastructure gives it an opportunity to connect businesses seeking funding with investors looking for new investment opportunities.
Speaking at the company’s 13th Annual General Meeting, NASD Chairman Olayimikah Bolo said the company’s priorities for 2026 would centre on market deepening, enterprise development, capital formation, digital innovation, increased investor participation and strategic partnerships.
“The company will continue to strengthen governance, enterprise risk management, and operational resilience as it builds the platform for its next stage of development,” Bolo said.
NASD market growth outpaces earnings
The company’s recent market performance provides a foundation for its expansion strategy. During the review period, market capitalisation rose by 105.83 per cent to N2.12tn, while trading volume jumped 370.81 per cent to 14.03bn shares.
The NASD Securities Index also increased by 18.02 per cent to 3,543.74, while the number of admitted securities grew from 44 to 46.
Despite the significant expansion in market activity, however, revenue remained broadly flat at N1.12bn. Profit after tax fell by 36 per cent to N263.4m, highlighting the challenge of converting increased market activity into stronger earnings.
Fees and commission income declined by 15 per cent to N915.9m. This was partly offset by a sharp 237 per cent increase in interest income, which reached N206.9m and supported overall revenue during the period.
Rights Issue to support growth strategy
Against this backdrop, NASD plans to undertake a Rights Issue to provide additional capacity for its growth plans, deepen market liquidity and create a more diversified earnings base.
In her statement contained in the company’s 2025 Annual Report, Acting Managing Director Chinwendu Ekeh said the company was developing additional channels to monetise the expanding market.
“NASD is building additional channels through which that enlarged market can be monetised, while the company is also targeting expansion in commercial paper and digital securities,” Ekeh said.
The planned expansion would move NASD further into emerging areas of the capital market while creating additional opportunities to generate income from its growing market infrastructure.
Arese Ugwu appointed Managing Director
At the AGM, NASD also announced the appointment of Arese Ugwu as its new Managing Director, subject to ratification by the Securities and Exchange Commission.
Bolo said the appointment followed an executive search process conducted by PwC, as the company seeks to strengthen its leadership and execute its next stage of growth.
Ugwu said her immediate priorities would include converting the company’s market growth into stronger commercial performance by attracting quality issuers, improving liquidity and expanding distribution.
“Nigeria has extraordinary businesses that need capital and investors searching for opportunities to create wealth. NASD has an opportunity to become one of the country’s most important platforms for connecting the two,” Ugwu said.
Board transition and shareholder approvals
Bolo also stepped down as Chairman after helping to stabilise the board during a period of transition. Dr Ore Sofekun will serve as acting Chairman.
Clarifying his continued role within the company, Bolo said: “I am still on the board. I only stepped down as the Chairman.”
He also urged shareholders to support the proposed Rights Issue as NASD moves to strengthen its capacity and execute its expansion strategy.
Shareholders subsequently ratified the appointments of four non-executive directors: Dr Ore Sofekun, Obiageli Chiki-Ijegbulem, Abiola Adediran and Zainab Sanusi Monguno.
Fatumata Soukouna Coker was also re-appointed to the board as NASD prepares to pursue its broader capital-formation and digital securities ambitions.
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