The Nigerian Stock Exchange (NSE), on Tuesday, held a digital Closing Gong Ceremony to commemorate the election of Mrs. Tope Omojokun as President, Fund Managers Association of Nigeria (FMAN).
Speaking at the ceremony, the Divisional Head, Listings Business of the NSE, Olumide Bolumole congratulated Mrs. Omojokun on her election on behalf of the National Council and Management of the NSE, commending the association for its continuous collaboration or increased efficiency and investor participation in the Nigerian mutual funds market.
As of February 19, 2021, the number of registered mutual funds with the Securities and Exchange Commission (SEC), the NSE said in a statement, has grown from 76 in 2019 with Net Asset Value (NAV) in excess of N600bn, to 102 mutual funds with NAV of over N1.43tr.
Of this, the statement added, 56 are listed on the NSE with NAV of over N1.24tr, representing 88.3% of total NAV, confirming the NSE as the preferred listing destination for this asset class.
“We will continue to strategically position ourselves to support the growth of our fund managers and our stakeholders,” he added.
On her part, Mrs. Omojokun expressed gratitude to the NSE for the honour, noting that the “FMAN was established to promote the operations of fund managers registered with the SEC and its objectives include self-regulation and supervision of its members; the enforcement of global best practices in its members’ operations, and most importantly, the education of the public on investments.”
Working with the NSE, she continued, has brought about the trading of listed funds on The Exchange, following which the group is “working towards the display of mutual funds prices on the ticker tape of the NSE. Furthermore, we are collaborating with the X-Academy to train our members and the public on adopting best investment practices and we look forward to other avenues to work together for the development of the capital market.”
Last year, The Exchange said it admitted two mutual funds; (₦500,000,000) ARM Fixed Income Fund and ($1,000,000) ARM Eurobond Fund on its memorandum listing platform.
It “has also achieved all-round increased efficiency in terms of competitive pricing structures, improved turnaround time, and enhanced customer experience. As such, market participants continue to look forward to more listings in the coming months.”