Transactions on NASD OTC hit N50 billion in 2015
NASD OTC Plc has announced that the value of transactions executed on the platform as at December 31, 2015, was over N50 billion.
The market also witnessed an extraordinary trade in excess of N40 billion, the first of its kind since inception and over 140 days of continuous trading up until the end of 2015 following the release of the rules on trading in unlisted public securities.
The Chairman of the company, Olutola Mobolurin, while addressing shareholders at the firm’s yearly general meeting held in Lagos at the weekend, expressed optimism that the stock market would witness more activities, even as more investors leverage the transparency and value which the platform offer.
Mobolurin, who explained that the company crossed the twenties mark in terms of the number of securities on its platform in 2015, ended the year with a total of 24 securities, however, added that the change to a new government from the last elections, had also brought on the fear of possible renewed militancy in the oil-rich Delta that may disrupt oil production and export.
“I had projected that 2015 would be a year in which the company would take a new and exciting turn. Even in the face of the many challenges, which befell the global economies including Nigeria, the company for the first time since the commencement of operations closed the year on a positive position.
“The company earned N242.8m as trading commission in the year under review in comparison with the sum of N11.6 million achieved in the preceding year. This substantial increase is principally due to the publication of the new Securities and Exchange Commission rule on trading of unlisted shares, which makes it obligatory for unlisted public companies to transact their securities on SEC registered trading platforms.
“From membership fees, the company earned N16.1million and N52.4 million from interest on bank placements representing 30 per cent and 11 per cent increase respectively over the previous year’s revenue of N12.4 million and N47.4 million.”
No comments yet