Shares of unquoted public companies in Nigeria traded on NASD OTC are admitted in two ways;

1) Admission of Securities
2) Admission of Companies

Admission of Securities:
This option allows individual investor’s access to trade their holdings of public companies through a broker on the NASD OTC market.

Investors who have certificates of public companies not listed on any other traditional exchange and wishes to trade on them can introduce the “security for trading” through a registered broker. We refer to such security as Admitted Security. An Admitted Security is any security introduced by a Trading Institution and admitted to trade on the Market.

A Trading Institution (broker) who wishes to trade a security that is not currently being traded on the Market, may apply to admit such security to trade.

Please note that where a security is already being traded on the Market, Trading Institutions who wish to trade on that security need not apply again to admit the security to trade.

Register a new security to trade by completing NASD Form 3 - Admitting a New Security to Trade

Admission of Companies:
Company Admission to the NASD OTC Securities Exchange implies that a company has agreed to adhere to the rules and listing requirements of the NASD OTC.
Admitted companies are classified into the Blue or Pink categories depending on their level of compliance with our reporting requirements.
• The Blue tier implies a high performing company with a history of good corporate governance and financial reporting standards.
• The Pink tier companies with great growth potential but do not fully meet our full listing requirements.

Find more details here on NASD OTC Security Categorization

Issuers/ Companies, through a Trading Institution can be admitted on the OTC market by completing Application form - NASD Form 2 - Admitted Companies. Please find admission requirements here and here.