The National Association of Securities Dealers has appointed Arese Ugwu acting managing director of its over-the-counter securities exchange.

NASD announced the appointment on Friday. Ugwu takes over from Eguarekhide Longe. The board had already named her at its annual general meeting after a search run by PwC. The job remains acting until the Securities and Exchange Commission ratifies it.

Ugwu said she wants NASD to be the market where growing Nigerian companies raise capital and investors share in the value those firms create. She said trading on the platform has expanded and that the next task is to turn that volume into stronger commercial results by bringing in more issuers, deepening liquidity and widening distribution.

NASD is the self-regulatory venue where shares of companies not listed on the Nigerian Exchange are traded. Bola Ajomale was the pioneer managing director until 2022. Longe followed him. Chinwendu Ekeh served as acting MD during the latest transition and remains chief operating officer.

At the same AGM the exchange talked up commercial paper, digital securities and a rights issue to fund growth. Chairman Bolo Olayimikah stepped down as chair but stayed on the board. Dr Ore Sofekun is acting chairman.

Ugwu’s appointment is a leadership change at a smaller market that wants a larger role in private and quasi-public capital raising. SEC approval will decide when the acting title comes off.