NASD Plc Plans N12 Billion Rights Issue for Growth

NASD Plc is seeking to raise N12 billion through a Rights Issue to enhance its capital base and prepare for its next growth phase. The initiative will support regulatory recapitalisation requirements and provide financial capacity for technology infrastructure, working capital, and market development.

NASD plans to issue 480 million ordinary shares at N25 each, based on a subscription ratio of four new shares for every five existing shares held by shareholders as of the qualification date. If fully subscribed, the Rights Issue will generate N12 billion in gross proceeds.

At the signing ceremony, NASD Chairman Kenechi Ezezika stated that this transaction is crucial for enhancing the Exchange's capacity to meet the evolving needs of Nigeria's capital market. Acting Managing Director and Chief Executive Officer Arese Ugwu emphasized that the capital raise is not just a regulatory requirement but an investment in NASD's ability to finance Nigerian enterprises and strengthen market efficiency.