Norrenberger Securities Limited has acquired 4.35 percent equity stake in NASD Plc in a deal value at N1.305 billion.
The strategic acquisition from GTI, which is the market’s biggest bet this year also signals game-changing confidence in Nigeria’s OTC market future.
The transaction was completed on Wednesday November 12 as GTI Securities, GTI Capital, GTI Asset Management & Trust divested their stakes.
The acquisition is the most significant institutional vote of confidence in the country’s over-the-counter (OTC) 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 N60 per share, a staggering 111.7 percent premium to NASD’s current trading price of approximately N28.35.
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Details of the transaction show that 17,190,179 shares were acquired from
GTI Securities Limited in deal worth N1.03billion; GTI Capital Limited (3,395,432 shares N203.7million); and GTI Asset Management & Trust (1,176,199 shares (N70.6million).
This answer lies in what sophisticated investors know but the market hasn’t fully priced in yet. Recall that when NASD Plc listed on its own platform in 2013 at N1.50, it was like just another financial infrastructure play, but twelve years after the share price rose to N29.98 in July 2025, a huge 28.35 percent compound annual growth rate that turned N100,000 into N1.99 million.
Despite 2025’s turbulent market, NASD equity has surged 93.29 percent year-to-date (YtD), rocketing from N15.51 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.
Under the leadership of Eguarekhide Longe as MD/CEO, NASD has transformed from what looked like a sleepy OTC platform into a profit-printing machine, even as its broader market capitalisation weathered storms from Aradel Holdings’ high-profile 2024 exit to NGX.
In H1 2025, NASD revenue was up 308 percent to N657 million. In Q2’25, its profit rose to N129.3 million (as against prior year losses), representing a 646 percent turnaround. Its trading income jumped 264 percent to N1.07 billion. The company also paid first-ever cash dividend of 20 kobo per share in 2025.
Norrenberger, an integrated financial services group spanning securities dealing to investment banking, doesn’t deploy N1.3 billion on a whim.
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.
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Owning 4.35 percent of Nigeria’s premier OTC exchange is not 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.
Analysts point to the infrastructure angle: a 4.35 percent 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 also note the valuation arbitrage, for instance if NASD secures 2-3 credible listings in 2026 and market cap expands toward historical levels, the N60 price tag starts looking less generous and more calculated.
Norrenberger’s Abuja headquarters represents a departure from Lagos-dominated capital markets dealmaking.
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.
Time will tell if Norrenberger is a visionary or a victim, but make no mistake because Nigeria’s capital markets just got their most interesting plot twist of 2025. These four points are key:
Liquidity Proof: A N1.3 billion block trade at premium pricing obliterates the “NASD is illiquid” narrative. When institutional appetite exists, the platform delivers.
Valuation Reset: The N60 transaction price establishes a new reference point. Markets may take 6-12 months to converge, but the anchor is set.
Governance Wildcards: Does Norrenberger seek board representation? If yes, expect aggressive advocacy for digital securities, geographic expansion beyond Lagos, and SME-focused initiatives.
Competitive Dynamics: A competing securities firm now owns 4.35 percent of the exchange infrastructure. This could supercharge cooperation (Norrenberger becoming NASD’s most prolific listing sponsor) or create fascinating governance tensions.