Story: written by Zara December 17,2025
Beyond the bustling floors of the Nigerian Exchange (NGX), Nigeria’s unlisted securities market has delivered impressive returns in 2025. These securities trade on the NASD Over-the-Counter (OTC) platform, a quieter but increasingly active segment of the capital market.

As of December 15, the NASD Share Index had risen by 19.9 percent, while total market capitalisation increased by ₦109 billion to ₦2.15 trillion. Analysts attribute this growth largely to fresh listings during the year, including MRS Oil Nigeria, Infrastructure Credit Guarantee Company and Paintcom.

Below are 10 standout unlisted equities on the NASD OTC market that posted exceptional gains in 2025:

Okitipupa Oil Palm Company (+551.8%)
Okitipupa Oil Palm Company emerged as the strongest performer, riding the palm oil rally beyond the NGX. Its share price jumped from ₦35.99 to ₦234.60 by December 15, delivering a 551.8 percent return and outperforming listed peers such as Okomu Oil and Presco.
The Ondo-based producer recorded ₦2.39 billion in revenue in H1 2025, up 45 percent year-on-year, while net profit nearly doubled to ₦992.5 million.

NASD Plc (+275.9%)
Shares of NASD Plc surged by 275.9 percent, rising from ₦15.50 to ₦58.30. The company, which has 268 shareholders, posted a profit of ₦408.8 million in 2024, up sharply from ₦69.6 million a year earlier. Its Q1 2025 profit of ₦212.5 million had already exceeded half of its full-year 2024 earnings.

Mixta Real Estate Plc (+225.6%)
Mixta Real Estate advanced from ₦2.15 to ₦7.00 per share. The property developer is behind major projects such as Lagos New Town, Résidence de la Paix, Beechwood Park Homes and Marula Park.

Industrial and General Insurance Plc (+175.0%)
IGI’s share price climbed from 20 kobo to 55 kobo, translating to a 175 percent year-to-date gain. Despite limited recent financial disclosures, the stock continued to attract strong investor interest on the NASD platform.

AG Mortgage Bank Plc (+147.9%)
AG Mortgage Bank recorded a 147.9 percent rise in share price, moving from 48 kobo to ₦1.19. The bank’s market capitalisation stood at ₦9.2 billion as of December 15.

Food Concepts Plc (+112.5%)
Food Concepts, owner of Chicken Republic, ChopBox and PieXpress, saw its shares rise from ₦1.60 to ₦3.40. The company, now the third-largest stock on the NASD, has a market value of ₦189.9 billion and posted ₦3.3 billion in net profit in 2024 on revenues of ₦92.3 billion.

FirstTrust Mortgage Bank Plc (+83.5%)
FirstTrust Mortgage Bank gained 83.5 percent, with its share price rising from 34 kobo to 63 kobo. Despite regulatory challenges, the bank continues to see trading activity on the NASD and has a market capitalisation of ₦2.9 billion.

Access Bank Plc (+76.1%)
Access Bank, the banking subsidiary of Access Holdings, advanced from ₦9.68 to ₦17.05 per share, valuing the bank at ₦909.1 billion. It remains the largest equity on the NASD and reported a 16 percent rise in net income to ₦749.1 billion in 2024.

CSCS Plc (+72.3%)
CSCS Plc rose from ₦23.05 to ₦39.71 in 2025. The central securities depository posted a Q1 2025 profit of ₦2.7 billion, up 29 percent year-on-year, and is the second-largest stock on the NASD with a market value of ₦198 billion.

Newrest ASL Nigeria Plc (+61.0%)
Newrest ASL Nigeria climbed from ₦28.53 to ₦45.94. The company is a key player in in-flight catering and airport services, operating modern facilities in Lagos and Abuja and serving thousands of meals daily to airline and lounge clients.