As part of a list of short-term investment options, Money Market funds are a popular choice for investors seeking stability and liquidity.

They typically offer higher interest rates compared to regular savings accounts and often provide easy access to your funds.  

These funds invest in short-term debt securities such as Treasury bills, commercial papers, government-issued bonds, fixed deposit accounts, and other bank placements. 

While they aim to maintain a stable net asset value (NAV), it’s essential to note that they aren’t entirely risk-free and may still be subject to some market fluctuations.  

Nairametrics has tracked 10 of the money market funds in Nigeria to look out for in 2024, based on their fund sizes, most available yield data, and ratings from reputable credit rating agencies.  

Note that all the funds listed here are all registered with the Securities and Exchanges Commission.

AIICO Money Market Fund 

AIICO Money Market Fund is managed by AIICO Capital Limited with UBA serving as the fund custodian. The fund is rated A+(NG)f with a stable outlook by GCR Ratings. 

As of December 22, 2023, the fund reached a size of N4.71 billion, with a whopping yield of 14.24%. The AIICO MMF features a portfolio of 37% fixed deposits, 25% treasury bills, and 24% commercial papers.  

The minimum investment amount allowed in AIICO MMF is N10,000.  

ARM Money Market Fund 

ARM Money Market Fund (ARM MMF) is managed by ARM Investment Managers, with the custodian being Citibank Nigeria Limited. The fund has a rating of A+(f) from Agusto & Co.  

As of January 7, 2024, the effective yield of the fund was put at 10.52% per annum, with the fund size being N79.94 billion.  

ARM MMF portfolio features only government securities and money market instruments (certificate of deposits, commercial papers, and treasury bills, among others).  

The minimum investment allowed in the ARM Money Market Fund is N1,000. 

AXA Mansard Money Market Fund 

Managed by AXA Mansard Investments Limited, the AXA Mansard MMF was launched in 2016, with fund custodians being RMB Nominees. The fund has a rating of A+(f) by Agusto & Co.   

As of January 8, the fund currently has a net yield of 11.66% per annum, with the fund size being about N43.71 billion.  

AXA Mansard MMF invests in a portfolio of assets which includes 67.18% fixed deposits, 25.59% treasury bills, and 6.65% commercial paper. The minimum investment amount allowed in AXA Mansard MMF is N2000. 

Chapel Hill Denham Money Market Fund 

Chapel Hill Denham Money Market Fund is managed by Chapel Hill Denham Management Limited, with UBA serving as custodians. The fund has a rating of A(F) from Agusto & Co. and AA- from GCR Ratings.  

As of December 22, 2023, the fund had a size of N7.3 billion with a yield of 10.38%. The fund has a minimum investment amount of N5000 with a minimum holding period of 30 days. 

Its portfolio boasts short-term investment securities, bank placements, and other money-market instruments.  

FBN Money Market Fund 

FBN Money Market Fund is managed by FBNQuest Asset Management, a subsidiary of FBN Holdings Plc. It was launched in 2012, and it presently has a rating of Aa-(f) assigned by Agusto & Co. 

The FBN MMF as of December 22, 2023, had a size of N195.78 billion. And, as of January 4, 2024, it had an effective yield of 12.15%.  

The fund’s portfolio features 7% commercial papers, 15% treasury bills, and 78% bank placements.  

Stanbic IBTC Money Market Fund 

Stanbic IBTC MMF is the largest money market fund in Nigeria, in terms of fund size, placed at about N375.7 billion.  

The fund was launched in 2010 by Stanbic IBTC Asset Management Limited, and it presently has a rating of Aa-(f) rating from Agusto & Co. As of December 22, 2023, it had a yield of 13.25%.  

The minimum investment amount in Stanbic IBTC MMF is N5000, and the income distribution is quarterly. The Stanbic IBTC MMF features an asset class of 27.98% Bonds, 3.77% Equity, 67.74% Money Market, and 0.51% cash.  

United Capital Money Market Fund 

United Capital Money Market Fund is managed by United Capital Asset Management Limited. The fund has a rating of A(f) by Agusto & Co.  

The fund had a size of N44.26 billion, with a yield of 11.70% as of December 22, 2023. The minimum investment amount allowed is N10,000.  

The fund’s portfolio features 26.1% treasury bills, 59.0% fixed deposits, and 15.0% commercial papers.   

Zenith Money Market Fund 

Quantum Zenith Asset Management and Investments Limited manages the Zenith MMF, which was launched in 2017 and relies on Stanbic Nominees Limited for custodian services. The fund has a rating of A-(f) by Agusto & Co.   

As of December 22, 2023, the fund had a size of N27.19 billion with a yield of 11.91%. And the minimum investment amount allowed is N10,000 

Its diverse portfolio encompasses cash equivalents, bank placements, short-term government securities, and other money market instruments.  

Meristem Money Market Fund 

Meristem Money Market Fund is managed by Meristem Wealth Management Limited, with Standard Chartered Bank serving as the custodian.

The fund has a rating of A(f) from Agusto & Co.  

As of December 22, 2023, the fund had a size of N3.63 billion with a yield of 12.73%. Meristem MMF has a minimum entry amount of N10,000.  

The fund’s portfolio features about 48.3% treasury bills, 17.14% commercial papers, 32.7% fixed deposits, and 1.8% cash.  

Norrenberger Money Market Fund 

Norrenberger Money Market Fund is managed by Norrenberger Investment and Capital Management Limited, with UBA serving as the custodian.

The fund has a rating of Bbb+(f) from Agusto & Co.  

The fund has a size of N4.71 billion with a yield of 12.54% as of December 22, 2023.

The minimum subscription amount allowed in Norrenberger MMF is N5,000 with subsequent investment contributions of N1000.  

Note 

Subject to potential market fluctuations, the money market funds included in this compilation have been meticulously chosen, considering their ratings provided by established credit rating agencies, their substantial fund sizes, and the most recently available yield data.  

Please note that while these factors indicate the funds’ performance and stability, market conditions can impact their future yields and overall performance.

Therefore, the information provided serves as a guide and may be subject to changes influenced by market dynamics. 

Also, each fund listed within this compilation operates under the regulatory oversight of the SEC (Securities and Exchange Commission).

Furthermore, all these funds have their assets safeguarded by esteemed banking institutions within the country.  

Nigeria’s national football team, the Super Eagles, have arrived at the Aéroport International Felix Houphouet Boigny d’Abidjan in Cote d’Ivoire ahead of the 2023 African Cup of Nation (AFCON). 

That Super Eagles stormed the West African country on Wednesday afternoon with all team members stylishly dressed in native attires. 

The players and team officials were adorned in white kaftan with green caps, showcasing Nigeria’s national colours.

The Super Eagles departed the Murtala Muhammad International Airport in Lagos around noon local time today.

Coach Jose Peseiro and his coaching crew, including his countrymen from Portugal, jointed the Nigerian players in dressing in the stylish native wear with a crown-like cap that was made to go with it.

It is with a heavy heart that President Bola Ahmed Tinubu receives the news of the passing of His Eminence, Sheikh Abdul-Hafeez Aṣhamu Abou, Baba Adinni of Lagos and Chairman of the Executive Council of Lagos Central Mosque.

President Tinubu condoles with Baba's family, the Muslim community in Lagos, as well as the Lagos State Government over this very sad loss.

The President celebrates the inspiring legacy of service, duty, and sacrifice of Baba, who passed away at 100 years old, noting his extraordinary contributions to the Muslim Ummah, Lagos State, and beyond.

"Baba dedicated his life to the service of the people. He lived a full life guided by the highest and noblest moral codes. He was a fine example for all of us. He will be sorely missed. We should take solace in Baba's legacy and uphold his values of honesty, dignity, and sacrifice," the President says.

President Tinubu prays that Almighty Allah grant Baba the highest station in Al-Jannah Firdaus.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

January 10, 2024

The Deputy Governor of Edo State, Philip Shaibu, has expressed his sense of betrayal by his principal, Godwin Obaseki, for not backing his candidature in the upcoming 2024 governorship election.

Shaibu, who claims he was persuaded to be the deputy governor to Obaseki, said he added value to Obaseki’s government in terms of political structure and his finances.

Speaking during an interview on Arise TV on Wednesday morning, Shaibu said he was hurt that Obaseki is supporting an outsider instead of him.

More details later…

The Nigerian Television Authority (NTA) has announced that it will broadcast all 52 games of the forthcoming African Cup of Nations (AFCON) live.

In a post on X on Wednesday, the federal government-owned television station said it had signed a memorandum of understanding with AfroSports TV, a cross-continental Free-To-Air (FTA) sports channel.

“NTA signs a memorandum of understanding with Afro Sports TV for transmission of 52 games of African Cup of Nations in Cote d’Ivoire,” the post read.

The announcement by NTA follows a few weeks of confusion after MultiChoice, the parent company of DStv and GOtv, disclosed that it had failed to acquire the broadcasting rights for the AFCON billed to hold Ivory Coast.

The broadcast powerhouse said its SuperSport channel would not show the competition billed to commence on January 13.

Shortly, it was revealed that Multichoice was beaten to the broadcasting rights by New World TV, a Togolese audio-visual group.

New World TV had won the rights to broadcast all CAF’s 13 competitions to the sub-Saharan African audience for two years.

The deal will hold from 2023 to 2025, encompassing the forthcoming AFCON and the tournament’s next edition.

There were concerns about the cross-continental reach of New World TV, which only has footholds in majorly French-speaking African countries.

However, StarTimes announced it had struck a sublicensing deal with New World and would air the competition on its sports channels.

The 34th edition of the AFCON will be held in Ivory Coast from January 13 to February 11.

The Super Eagles of Nigeria are in Group A alongside Ivory Coast, Equatorial Guinea and Guinea-Bissau.

Nigeria will take on Equatorial Guinea in their opening game on January 14 before facing Ivory Coast four days later and rounding off the group stage with the Guinea-Bissau tie.

The Eagles recently returned from a one-week training camp in Abu Dhabi, United Arab Emirates (UAE), where they thrashed Al Gharaib, a local club, 12-0 before losing 2-0 to Guinea a day later.

The team will proceed to Ivory Coast on Wednesday

Members of the Rivers State House of Assembly loyal to the minister of the Federal Capital Territory (FCT), Nyesom Ezenwo Wike, yesterday unanimously agreed to write Governor Siminalayi Fubara, over the delay in the presentation of the 2024 Appropriation Bill.

They also resolved to write Fubara over the delay in the presentation of the state‘s Medium Term Expenditure Framework in line with the 1999 Constitution as amended.

President Bola Ahmed Tinubu had during his intervention on the face-off between Wike and the governor, directed Fubara to present the 2024 budget to the Martins Amaewhule-led House.

The governor had on December 13, 2023, presented the 2024 Appropriation Bill of N800 billion to the Hon. Edison Ehie-led lawmakers, who are loyal to him.

The budget was passed that same day and was assented to by Fubara on December 14, 2023.

Speaker of the House, Amaewhule, had while speaking on the Order of the Day, cited relevant sections of the 1999 Constitution of the Federal Republic of Nigeria as altered, that empowered the State House of Assembly to receive report of the audited account of the state.

He therefore urged the House Committee on Public Accounts to investigate why the Auditor-General of the state has not submitted the 2022 audited account of the state to the House.

Responding, the chairman of the Public Accounts Committee, Hon. Major Jack, requested the House to give the committee more time to enable it to do further inquiry and consultation before submitting its report.

During yesterday‘s sitting, the Pro-Wike lawmakers, gave first reading to a bill which seeks to amend the Rivers State Traditional Rulers Law No. 4 of 2015.

Presenting the bill, majority leader of the House, Hon. Major Jack, averred that the bill seeks to amend some sections of the Principal Law, and when passed, will make the traditional rulers law be in tune with current realities.

In the same vein, the House gave first reading to a bill which seeks to repeal the Rivers State Advertisement and Use of State-owned Property (Prohibition) Law No.7 of 2022.

The bill was sponsored and presented by the member representing Port Harcourt Constituency II, Hon Tonye Smart Adoki.

Zenith Bank has said its appearance at the Economic and Financial Crimes Commission (EFCC), was to present documents that would help in the ongoing investigations on the financial misappropriation and fraud linked to suspended minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

The EFCC had called in the chief executives of Zenith, Provides and Jaiz banks in connection with the N44.5 billion fraud uncovered in the ministry involving Edu, Umar-Farouk and Halima Shehu.

Zenith Bank clarified that the helmsman of the bank had gone to present documents relating to accounts operated by the Ministry of Humanitarian Affairs to help the agency in its investigations of the Ministry.

EFCC sources, who confirmed the report, said they are being questioned over the matter.

“The CEOs and MDs of Zenith Bank, Providus Bank, and Jaiz Bank are currently being grilled by our interrogators here at the headquarters.

“They were invited and are being probed in connection with the uncovered ₦44bn fraud and the ₦585million involving Halima Shehu and Betta Edu.

“The suspended minister and the coordinator have both made new revelations during their interrogations, and the investigation is still ongoing,” the source said.

While Edu is also still being quizzed at the EFCC, Umar-Farouk and Halima Shehu were the early birds there.

Shehu was the suspended co-ordinator and chief executive officer of the National Social Investment Programme Agency domiciled in the ministry of Humanitarian Affairs and Poverty Alleviation, who is being probed by the EFCC over an alleged N44 billion fraud.

The banking executives, who have been under stealth scrutiny since the public outcry over the unscrupulous diversion of public funds into private accounts, are now in EFCC custody, presidential sources also stated.

The anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by Edu and Farouq using their position as ministers.

Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management and Social Development under the previous administration, is under investigation for the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer programme of then-President Muhammadu Buhari.

EFCC spokesman, Dele Oyewale did not confirm or refute the story.

The World Bank has revised upwards its 2024 growth projections for Nigeria from 2.9 per cent projected in October last year to 3.3 per cent for this year and 3.7 per cent for 2025, in its January 2024 Global Growth Prospects.

The global economy is set to rack up a sorry record by the end of 2024 – the slowest half-decade of GDP growth in 30 years, according to the World Bank’s latest Global Economic Prospects report.

The World Bank is basing its upward review on the expectation that reforms in the country would begin to yield fruits. This is as it expects global growth to slow for a third year in a row to 2.4 per cent before ticking up to 2.7 percent in 2025.

According to report, growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent in 2025, up 0.3 and 0.6 percentage point, respectively, since June as macro-fiscal reforms gradually bear fruits.

“The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025. Growth is expected to be driven mainly by agriculture, construction, services, and trade. Inflation should gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade.

“These structural reforms are expected to boost fiscal revenue over the forecast period.”

Meanwhile the report projected a rebound in growth in Sub-Saharan Africa (SSA) to 3.8 percent in 2024 and 4.1 percent in 2025.

It noted that the growth is due to country-specific factors that have temporarily weighed on growth, including reduced fiscal support and metal exporting economies’ adjusting to lower prices, gradually ease.

“Nevertheless, elevated costs of living continue to limit consumption growth, and political instability has increased in parts of the region.

“High debt burdens and interest rates have narrowed fiscal space and heightened financing needs. Despite the projected pickup in growth, increases in per capita incomes will remain inadequate to enable the region’s economies make significant progress in reducing extreme poverty. Risks to the baseline growth forecast remain tilted to the downside.

“They include a further rise in global or regional instability, such as the possible escalation of the conflict in the Middle East, which could drive up global energy and food prices; a sharper-than-expected global economic slowdown; increased frequency and intensity of adverse weather events; and increased defaults if attempts to reduce elevated public debt burdens were to fail. Materialisation of these risks would also exacerbate poverty and limit the ability of many countries to cope with climate change,” it stressed.

Growth in Sub Sahara Africa, according to the report, decelerated to an estimated 2.9 percent in 2023, which is 0.3 percentage point lower than projected in June, with higher input prices for businesses in Nigeria and an energy crisis in South Africa, contributing to a slowdown in the region’s economic activity during 2023.

Growth in the region’s three largest economies, Nigeria, South Africa and Angola, slowed to an average of 1.8 percent in 2023. In Nigeria, the region’s largest economy, growth softened to an estimated 2.9 percent in 2023.

While services growth weakened markedly in 2023, partly driven by a disruptive currency demonetisation policy in the first quarter of 2023, annual oil production increased after a notable decline in previous years

By one measure, the global economy is in a better place than it was a year ago: the risk of a global recession has receded, largely because of the strength of the U.S. economy. But mounting geopolitical tensions could create fresh near-term hazards for the world economy.

Meanwhile, the medium-term outlook has darkened for many developing economies amid slowing growth in most major economies, sluggish global trade, and the tightest financial conditions in decades. Global trade growth in 2024 is expected to be only half the average in the decade before the pandemic.

Borrowing costs for developing economies – especially those with poor credit ratings – are likely to remain steep with global interest rates stuck at four-decade highs in inflation-adjusted terms, the World Bank said.

Global growth is projected to slow for the third year in a row—from 2.6 percent last year to 2.4 percent in 2024, almost three-quarters of a percentage point below the average of the 2010s. Developing economies are projected to grow just 3.9 percent, more than one percentage point below the average of the previous decade.

After a disappointing performance last year, low-income countries should grow 5.5 percent, weaker than previously expected. By the end of 2024, people in about one out of every four developing countries and about 40 percent of low-income countries will still be poorer than they were on the eve of the COVID pandemic in 2019. In advanced economies, meanwhile, growth is set to slow to 1.2% this year from 1.5% in 2023.

The Economic and Financial Crimes Commission (EFCC) on Tuesday said there is no hiding place for corrupt persons amid the recent arrest suspension and probe of government officials over corruption allegations.

Last Tuesday, President Bola Tinubu ordered the immediate suspension and investigation of Ms Halima Shehu, the National Coordinator and CEO of the National Social Investment Program Agency over alleged financial malfeasance.

The EFCC also grilled the former Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar-Farouk over an alleged N37.1 billion fraud, as well as her predecessor in office, Betta Edu over alleged Fraud.

“We believe that with the kind of President we have, who is ready and willing to do the right thing, and from what we have seen in recent times and the last 48 hours, it is clear that he has provided the political will and leadership and created the atmosphere for us to work,” the EFCC chairman, Ola Olukoyede, said when he received the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Abuja.

“So, there is no hiding place for the corrupt. We must give our best, we must be committed and give the President the support he needs. Nobody is too big to be investigated in this country. Once you are not playing according to the rules, we will investigate you.”

He further noted that the engagement with the ICPC was sending the right signals to the entire country that the anti-corruption agencies are coming together and extending hands of comradeship and fellowship to each other with a mind to work together.

He recalled that there was a subsisting Memorandum of Understanding, MoU between both agencies.