•As value of securities traded rise 158.9%
By Nkiruka Nnorom
NASD Plc has disclosed that 162.5 billion units of shares representing 82.05 per cent of securities available for trade on its platform were dematerialised (transferred electronically) in 2021 compared to 109.03 billion units, representing 69 per cent of shares dematrialised in 2020.
The Exchange also revealed that the value of shares traded rose significantly by 158.87 per cent to N32.85 billion from N12.69 billion in the corresponding period in 2020, while the volume of traded securities saw a 63.3 per cent increase to 12.95 billion units from 7.93 billion units in 2020.
The outgoing Managing Director/CEO, Mr. Bola Ajomale, disclosed these at the company’s 9th Annual General Meeting (AGM) in Lagos, saying that the company would continue to encourage securities to register with the Securities and Exchange Commission (SEC) so that they could be dematerialised.
According to him, the Exchange targets 100 per cent dematrialisation of the public shares.
He disclosed that the company issued new rules to introduce new products as well as expand its existing services.
He noted that NASD strengthened its structures during the year, saying: “In 2021, we leveraged on technology to improve our service offering, our market surveillance and monitoring. The trading platform currently in use (N-ETS) has embedded protocols which we believe will improve market confidence. The annual surveillance and monitoring exercise is also carried out using virtual data rooms, thereby allowing NASD to continue its oversight functions over participating institutions.”
Speaking earlier, the Chairman, Olutola Mobolurin, assured that the company would continue to embrace the frontiers in technology, innovation, and product development in conjunction with all the stakeholders.