L-R : Chief Operating Officer, NASD PLC; Chinwendu Ekeh; Non-Executive Director, Obiageli Chiki-Ijegbulem; Acting Managing Director, Arese Ugwu; Chairman , Bolo Olayimikah; Company Secretary, Lola Ikwuagwu; Non-Executive Director, Kenechi Ezezika; Mrs. Non-Executive Director, Abiola Adediran and Dr. Non-Executive Director, Oreoluwa Sofekun during 13th Annual General Meeting (AGM) of NASD PLC in Lagos yesterday
NASD Plc is positioning for its next phase of growth by expanding beyond traditional securities trading into a broader capital-formation ecosystem, with the ambition of creating diversified and recurring revenue streams while delivering sustainable long-term value to investors.
The strategy reflects a growing need for private capital to finance Nigeria’s next phase of economic development across critical sectors including agriculture, energy, infrastructure, manufacturing, technology, real estate and the creative economy.
NASD believes its alternative-market infrastructure places the Company in a strong position to play a larger role in connecting businesses seeking capital with investors seeking new opportunities.
Speaking at the Company’s 13th Annual General Meeting, Chairman Olayimikah Bolo said NASD’s 2026 priorities would focus on market deepening, enterprise development, capital formation, digital innovation, increased investor participation and strategic partnerships.
“ The Company would continue to strengthen governance, enterprise risk management and operational resilience as it builds the platform for its next stage of development,” Bolo said.
The Company’s recent market performance provides a strong foundation for this strategy. During the review period, market capitalisation increased by 105.83% to N2.12 trillion, while trading volume surged 370.81% to 14.03 billion shares. The NASD Securities Index also gained 18.02% to 3,543.74, while admitted securities increased from 44 to 46.
However, revenue remained broadly flat at N1.12 billion, while profit after tax declined by 36% to N263.4 million, reflecting the need to translate the significant expansion in market activity into stronger and more diversified earnings. Fees and commission income declined by 15% to N915.9 million, although interest income rose sharply by 237% to N206.9 million, providing support to overall revenue.
Against this backdrop, NASD is pursuing initiatives designed to strengthen its earnings base and capture greater value from the expanding market. The Company is also preparing to undertake a Rights Issue, which is expected to provide additional capacity to execute its growth strategy, deepen market liquidity and support the development of a more diversified business model.
In her statement in the 2025 Annual Report, Acting Managing Director Chinwendu Ekeh said, “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.”
The Company’s growth agenda is therefore centred on converting market expansion into sustainable commercial opportunities. By broadening its product offering and strengthening its role across different stages of the capital-raising cycle, NASD aims to reduce its reliance on traditional transaction-based income and build a more resilient and scalable earnings model.
Shareholders at the AGM expressed confidence in the ability of the Board and Management to execute the strategy, grow the Company’s revenue base and position NASD for sustainable profitability.
In the course of the meeting NASD also announced the appointment of a Managing Director, who would operate in an acting capacity until the approval of her appointment by the Securities and Exchange Commission (SEC). Bolo noted that the appointment followed a rigorous and competitive executive search process conducted by PwC, as part of the Board’s commitment to strengthening NASD’s leadership for its next phase of growth.
Following the conclusion of the process, Arese Ugwu was announced as the new Managing Director of NASD Plc, subject to ratification by the Securities and Exchange Commission (SEC). Ugwu said her immediate focus would be on translating NASD’s significant market growth into stronger commercial performance by attracting quality issuers, deepening liquidity, expanding distribution and increasing investor participation.
“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. Our market has grown significantly; our job now is to ensure that the economics of NASD grow with it,” Ugwu said.
Bolo, who stepped down as Chairman after helping to stabilise the Board during the stipulated transition period, encouraged shareholders to participate in the forthcoming Rights Issue and support the new leadership as NASD enters its next phase of development.
“ I am still on the Board. I only stepped down as the Chairman,” Bolo said, while announcing Dr. Ore Sofekun as acting Chairman.
Shareholders ratified the appointments of four Non-Executive Directors: Dr Ore Sofekun, Obiageli Chiki-Ijegbulem, Abiola Adediran and Zainab Sanusi Monguno, while Fatumata Soukouna Coker was re-appointed.
“With a significantly deeper market, strong growth in trading activity and expanding opportunities across new products, NASD is well positioned to evolve beyond its traditional securities-trading role and become a more diversified capital-formation platform. If effectively executed, the strategy has the potential to unlock new and recurring revenue streams, strengthen profitability and create sustainable long-term value for shareholders,” a Market Analyst said.
