Two years after the inauguration of the NASD Over-the-Counter market for unlisted securities, stakeholders in the market will meet in Lagos to discuss the state of the OTC market.
The chief executive officers of all participating institutions in the NASD OTC would meet at the first edition of the NASD CEOs’ Breakfast Forum to discuss key issues in the market.
According to the NASD, the forum, which is scheduled to take place on October 13, will focus on the current state of the OTC market and developmental initiatives.
Since its inauguration, the NASD has inaugurated several initiatives to create liquidity and transparency in the OTC market and to ensure that investors are protected from the abuse and exploitation that they suffered in the past.
Currently, the NASD OTC has 177 registered brokers and 107 participating institutions. Its market capitalisation stands at N476.95bn, while its total share capital is N106.34bn.
Year-to-date 819 million shares worth N46.93bn have been traded in 1,521 deals on the platform.
In August, the NASD Plc had expressed satisfaction at the level of corporate governance in the OTC market.
The company had also said it was pleased with the progress made in the OTC markets since it commenced operations, expressing the hope that investors would get greater returns as more securities get traded on the platform.
It said, “We are delighted with the level of corporate governance and management of companies whose securities are trading on the OTC market.”
At the time, it noted that out of 22 companies admitted to trade on the NASD OTC market, eight had held Annual General Meetings and six went further to declare dividends.
“We expect that as more securities are introduced to the OTC market we shall continue to see great performance and increased investor returns,” it added.
Of the companies being traded then, FrieslandCampina WAMCO Plc paid the highest dividend, N8.24. Cappa and D’Alberto Plc declared a dividend of N1.2 per share, while Afriland Properties Plc and the Central Securities Clearing Systems Plc paid N0.4 and N0.27, respectively.
In recent times, the NASD had also joined calls on President Muhammadu Buhari to plug revenue leakages in the country if he must make headway in his anti-corruption crusade.
The NASD Plc is the promoter of a trading network that eases secondary market trading of all securities of unquoted public companies primarily in Nigeria but with a focus on the West African region.
According to it, its intention is to stimulate growth by easing the capital raising process.
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Source : Punch