NASD OTC attracts more securities for trading

Riggs Ventures West African plc, Afriland Properties plc, Golden Capital plc, have joined other securities that are now trading at the NASD Over-The-Counter (OTC) market for unlisted securities.

Riggs Ventures West Africa plc is primarily engaged in the production of high quality poly-propylene sacks for packaging, cement, agricultural produce and other finished goods that are equally useful for domestic purposes.

The company (formerly Riggs Securities Limited) is a public limited liability company incorporated on August 22, 1993, and commenced operations on April 1, 1998.

Its authorised share capital is 2,000,000,000 ordinary shares of 50 kobo each (N1,000,000,000), while the fully paid up share capital is N440,197,773, made up 880,395,546 units of ordinary shares of 50 kobo each. APT Securities and Fund Limited introduced the securities of Riggs Ventures West Africa plc in the NASD OTC market.

Earlier this year, unlisted securities of no fewer than 237 public limited companies (PLCs) were identified by the National Association of Securities Dealers (NASD) plc as securities that would shape its Over-The-Counter (OTC) market in 2014. NASD OTC trades are now executed via X-GEN. Also, custodians have completed their entry verification to the market.

Trading in unlisted securities is expected to witness a major boost following recent directive by the Securities and Exchange Commission (SEC) that all public companies that are yet to register their shares should do so before June 30, 2014, or be sanctioned. By implication, such companies have approximately 53 days to comply with SEC’s instruction or be sanctioned.

Amid this development, the NASD plc admitted to trade the securities of Riggs Ventures West African plc on April 9, 2014, under Containers and Packaging sub-sector. The securities of Afriland Properties plc were introduced in the NASD OTC market by APT Securities and Fund Limited.

In addition, the NASD plc on April 9, 2014, admitted the securities of Afriland Properties plc under the Real Estate Services sub-sector. Afriland Properties plc is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

On March 18, 2014, the NASD plc admitted to trade the securities of Golden Capital plc under the Investment Services sub-sector; while on February 10, 2014, the securities of Arm Life plc (Crystalife plc) were admitted to trade on NASD OTC market under the Life Insurance sub-sector. The securities of Golden Capital plc were introduced in the OTC market by Sterling Capital Markets Limited.

ARM Life plc is the insurance subsidiary of Asset and Resource Management Company Limited. The company is one of Nigeria’s foremost Life Assurance Companies with shareholders’ funds in excess of N3 billion. Its parent company, ARM, is one of the largest non-bank financial services firm in Nigeria with a focus on asset management.

Other unlisted securities ready to trade or currently trading at the NASD OTC market are Partnership Investment Company plc, Resourcery plc, Jaiz Bank plc, BGL plc, Swap Technologies and Telecomms plc, GEO-Fluids plc, Consolidated Breweries plc, Niger Delta Exploration and Production plc, Industrial and General Insurance plc, Friesland Campina WAMCO Nigeria plc, and Food Concepts plc.

Iheanyi Nwachukwu