By Nkiruka Nnorom
NASD Plc, the securities exchange platform for unlisted securities, has grown its total assets by seven percent to N660.82 million for the year ended December 31, 2019 from N617.87 million in the corresponding period in 2018.
Olutola Mobolurin, Chairman, Board of Directors, disclosed this at the Exchanges first virtual Annual General Meeting, AGM, in Lagos, saying that it also generated N2.6 million from listing fees and N65.5 million investment income during the year as against N57.7 million recorded in 2018.
He stated: In a year that was not without its macroeconomic challenges, your company generated transaction fees of N139 million compared to the N167 million recorded as fees and commission Income in the corresponding period in 2018.
READ ALSO:Runsewe signs COVID-19 Support Register
Total Expenses amounted to N196.7 million compared to the N163 million recorded in the corresponding period of 2018. The volume of shares traded on NASD OTC Securities Exchange decreased by 85.82 percent, while the value traded declined by65.61 percent. The bond market, on the other hand, recorded trades valued at N4.01 billion during the year under review. Market Capitalisation closed at N501.14 billion compared to the market value of N514.77 billion. As at 31 December 2019, the value of transactions executed on the Market was N10.45 billion.
Mobolurin, however, said that NASD has reassessed its strategy and redefined its focus to facilitate its becoming the hub of first call for capital formation in West Africa.
We are expanding our product offerings and services to cater to the new business and capital raising environment. We have embarked on a material technology overhaul that will improve our scope, efficiency and effectiveness as an Over-the-Counter market. We shall continue to deliver our objectives to all stakeholders in NASD Plc, he said.
He stated that the Exchange exposed some draft rules to the public in 2019 in furtherance of its efforts to ensure an orderly market and expand service offerings.
In his remarks, Bola Ajomale, Managing Director/CEO, NASD Plc, said: Looking into the year 2020 and beyond, it is important to take account of the uncertainty created by the outbreak of the novel coronavirus pandemic. Not only has the outbreak threatened the world economy; it has also created a significant structural shift in business conduct and practice. Its sudden, rapid and sustained escalation has led to a suspension of all normal activity in all spheres of life.
NASD has since inception been committed to providing innovative solutions that are reliable, resilient and functional.