NASD Goes Composite: N12 Billion Rights Issue Fuels Nigeria's OTC Exchange Tech Transformation

NASD, Nigeria's over-the-counter securities exchange, has launched a N12 billion rights issue to fund its leap from a niche OTC platform to a full composite exchange — and the tech build-out is the centrepiece. The offer comprises 480 million ordinary shares at N25 each (four new shares for every five held), and if fully subscribed will generate net proceeds of approximately N11.724 billion after transaction costs. The deployment plan tells the story: **N8.174 billion...