Economy
NASD OTC Exchange Unveils Guidelines for Rights Issue
By Adedapo Adesanya
The management of NASD Over-the-Counter (OTC) Securities Exchange has published a draft document contain rules for admission of right issues by companies trading their securities on its platform.
In a notice released on Thursday, the regulator said firms on its platform intending to raise fresh capital via rights issue must adhere to the guidelines, including receiving approvals from the necessary organs, shareholders inclusive.
Business Post reports that rights issue allows existing shareholders to purchase additional shares in proportion to their existing holdings, which will help raise supplementary capital for the company.
In the circular analysed by Business Post, NASD said any company seeking to conduct rights issue must be registered with the Corporate Affairs Commission (CAC) as a public liability company and also have its securities registered with the Securities Exchange Commission (SEC) and admitted on NASD trading platform.
It further said the process of admission of a rights issue shall be sponsored by a participating institution and the subscription offer shall remain open for a maximum period of 28 working days.
Furthermore, the issuing firm must present an application letter as well as a letter of Indemnity,which must be duly executed by authorized representatives of the company and notarized in favor of NASD PLC followed by a General Undertaking to abide by the Rules and Regulations of the NASD Securities Exchange.
The company is also required to complete the NASD Form 3 which can be accessed via: https://nasdng.com/wpcontent/uploads/2018/11/NASD_Form_3_Admission_to_trade_a_new_security_v4.pdf
Also, the SEC must give approval for the company’s proposed rights issue and shareholders must give consent to the approval of rights issue, with a notice of the general meeting approving the proposed exercise as published in two national dailies attached to the application.
Among other documents required are the audited financial statements of the preceding full year alongside the unaudited or interim financial statements for the current fiscal year in which the application was brought.
The issuer was also asked to get consent letters duly executed by each Director, Company Secretary and Professional Advisers to the issue and notarized with a copy of the rights poster to be circulated to the public upon SEC’s final approval.
NASD stated in the draft that for the application procedure and trading notification, it would review and advise the participating institution on its compliance status and give its conditional approval to the proposed rights issue which will be then be subjected to a final approval by he SEC and holding of the signing ceremony.
The participating institutions are required to forward to NASD the final approval of SEC for the Rights Issue and other outstanding documents which it may request not later than 48 hours after the signing ceremony.
The NASD said that it would then notify the participating institution in writing within 48 hours of its decision following receipt of the aforementioned documents and then notify the OTC Market of the open and close date of the rights issue.
NASD said companies intending to do a rights issue would be required to submit all the necessary documents in electronic and hard copy formats.
Concluding, the agency said, “The above requirements are not exhaustive and NASD reserves the right to request additional information.”
CLICK THIS LINK TO VIEW THE NASD DRAFT RULES FOR ADMISSION OF RIGHTS ISSUES
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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