By Dipo Olowookere
The NASD OTC Securities Exchange has assured the investing public and stakeholders that efforts would be made to create liquidity in the OTC market for public securities.
The trading platform for over-the-counter market as well as unlisted companies also promised to continue to support transparency so as to encourage growth in the Nigerian economy.
On Wednesday, the NASD held its 6th Annual General Meeting (AGM) at the Westwood Hotel, Ikoyi, Lagos, with different persons in attendance.
Speaking at the event, Chairman of the agency, Mr Olutola Mobolurin, expressed delight at the performance of NASD Plc in the 2018 financial period.
He noted that NASD earned N134.4 million as trading commission in 2018 with comparison to N23.1 million achieved in the preceding year 2017, representing 481.32 percent increase over the previous year performance.
According to him, this was due to increase activities carried out by respective participating institutions.
Mr Mobolurin also noted that during the year under reassessment, the exchange reconfigured its proprietary Bilateral Inter-dealer Trading System platform which resulted in a significant reduction of the company’s trading platform cost from N63 million in 2017 to N1.4 million in 2018.
He said going into the incoming year, there is assurance that the increased awareness of the OTC market and the support of Securities and Exchange Commission (SEC) to provide the regulatory framework required to grow the OTC space would in no distant time yield the much awaited results.
Adedapo Adesanya