Friday, April 20, 2018 /06:27 PM / NASD Plc
This week, NASD Plc. formally launched the NASD Enterprise Portal (NASDeP).
The launch was well attended by key stakeholders from the Federal Government, Economy, Business and Capital Markets community. We received addresses and remarks from the Representative of the Director-General, Securities and Exchange Commission, the Honorable Minister of Industry, Trade & Investments, Dr. Okechukwu Enelamah and the Chairman, House Committee on Capital Markets & Other Institutions, Honorable Tajudeen Yusuf.
Other speakers at the event were Mr. Ayo Bajowmo (representing the Managing Director, Bank of Industry), Mr. Adeshina Emmanuel (representing Nigerian Investment Promotion Council), Mrs. Ayotunde Owoigbe (representing Banwo & Ighodalo), Mr. Kunle Amida (representing PwC), Ifeyinwa Ugochukwu (representing Tony Elumelu Foundation), Mr. Dipo Davies (representing Fate Foundation).
All our speakers noted the timeliness of this portal, and its relevance in driving economic growth and entrepreneurship in Nigeria. Our theme for the launch was "Taking the Capital Market Upstream" because we believe that with NASDeP, we provide growth enterprises with first contact to the Nigerian capital market - both to industry professionals and an opportunity to raise capital.
We believe that this service will also improve the overall representativeness of capital flows in Nigeria, by promoting financial reporting, transparency, and corporate governance across board. It will also ease the often prolonged due diligence process of private equity investors.
We thank our portal sponsors - Bank of Industry (BOI), PricewaterhouseCoopers (PwC) Nigeria, Banwo & Ighodalo and Verod Capital Management - for their support and contributions in making our event a success.
The Week in Review: NASD USI gains 3.4% WoW!
The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 3.4%, closing at 688.31 points (as against665.79 points last Friday). Consequently, total market capitalisation gained 3.4% this week, closing higher at ₦465.80 billion compared to₦450.56 billion last Friday.
First Review of NASD OTC Securities To Hold In April 2018
Last year, we commenced a classification of NASD OTC admitted securities into categories that reflect the level of financial disclosure, adherence to corporate governance standards, dematerialisation of shares and liquidity of the 36 securities trading on the OTC Market. At the end of this exercise, Twelve (12) Securities were ranked in the Blue Category, Eight (8) in the Pink Category, and Fifteen (15) were in the Red Category.
In line with efforts to promote transparency, NASD will conduct a first review of all securities on the OTC Market on Friday, 27 April 2018. This review will update the categorisation rankings in response to changes in compliance levels.
We believe that this service will enhance transparency on the inherent value in such companies, improve levels of investor confidence and also, improve activities on the OTC Market.
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