Onome Amuge
Norrenberger Securities Limited has shaken up Nigeria’s capital markets with a N1.305 billion purchase of a 4.35 per cent stake in NASD Plc, the country’s over-the-counter (OTC) securities exchange. In a market often constrained by caution and limited liquidity, the Abuja-based investment firm’s move stands out as one of the clearest expressions of institutional confidence in Nigeria’s alternative trading ecosystem in recent years.
The purchase involved 21.76 million shares at N60 each, representing a 111.7 per cent premium to NASD’s last traded price of N28.35. The sellers, GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited, have fully exited their positions, bringing an end to GTI’s significant presence on NASD’s shareholder register.
Founded in 2017, Norrenberger Group operates eight business lines across securities dealing, asset management, investment banking, private equity, pensions, and trusteeship. Its growing base in Abuja positions it uniquely, bridging regulatory proximity with access to emerging private-sector capital.
Under the leadership Managing Director and CEO, Tony Edeh, the exchange has delivered remarkable growth figures:
- Revenue up 308% in H1 2025 to N657 million
- Profit rebound of 646% to N129.3 million in Q2 2025
- Trading income surged 264% to N1.07 billion
- First-ever dividend of 20 kobo per share in 2025
These fundamentals have driven NASD’s share price from N1.50 at listing in 2013 to N29.98 by mid-2025, a compound annual growth rate (CAGR) of 28.35 per cent. The stock has gained over 93 per cent this year alone.
According to analysts, Norrenberger’s N60 valuation likely reflects a forward-looking bet on NASD’s next growth phase, its planned expansion into digital securities, tokenized assets, and SME-focused listings, which could significantly enhance the exchange’s relevance over the next five years.
For GTI Securities Limited and its affiliates; GTI Capital Limited and GTI Asset Management & Trust, the sale represents both an exit and a reallocation. The three firms sold their combined 21.76 million shares for N1.31 billion, exiting completely from NASD’s share register even as they remain operationally active as participating institutions.
GTI Securities offloaded 17.19 million shares worth N1.03 billion, GTI Capital sold 3.39 million shares worth N203.7 million, while GTI Asset Management & Trust sold 1.17 million shares for N70.6 million.
Their divestment comes at a time when NASD has regained stability following the 2024 migration of Aradel Holdings Plc to the NGX; a move that initially dented confidence but ultimately forced the exchange to sharpen its business model and diversify income sources.
Norrenberger’s 4.35 per cent stake in NASD may seem modest, but in an exchange operator with a closely held ownership structure, it holds significant influence. The investment gives Norrenberger a front-row seat in Nigeria’s expanding alternative capital market, where unlisted firms increasingly seek transparent trading and liquidity solutions.
This position offers early access to deal flow, listings, and advisory opportunities. It also allows the firm to shape the future of market infrastructure, as analysts expect Norrenberger to advocate for faster digitization, broader SME financing, and the integration of tokenised assets if it secures board representation. In addition, owning part of a market infrastructure operator creates room for both collaboration and competition. As a registered dealing member, Norrenberger could become one of NASD’s most active listing sponsors, though its dual role as shareholder and operator could test the exchange’s governance framework.
Market participants agree that the transaction’s impact is transformative. The N1.3 billion block trade executed at a premium has dispelled the long-held belief that NASD lacks liquidity, proving that when investor conviction aligns with opportunity, substantial deals can be achieved.
The N60 transaction price now serves as a new benchmark for valuation, setting a psychological anchor that will guide future market assessments even if secondary trading adjusts gradually. For an exchange once regarded as niche, NASD’s ability to attract billion-naira institutional transactions is seen as reflecting its growth into a credible market platform capable of drawing long-term investment interest.
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