DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

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Download:DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS
SEC, Fund Managers Plan E-Transfer to Collective Investment Schemes
By Goddy Egene
As part of efforts to boost financial inclusion and ensure that more retail investors patronise the capital market through collective investment schemes, the Securities and Exchange Commission (SEC) and Fund Managers Association of Nigeria (FMAN) are working on how investors  can pay for such investment using electronic funds transfer(e-transfer) channels.
President of FMAN, Dr. Ore Sofekun disclosed this while speaking at the annual workshop of Capital Market Correspondents Association (CAMCAN) of Nigeria held in Badagry, Lagos recently.
She said that electronic transfer of funds will ensure confidence building between investors and fund managers and encourage more savings.
Speaking on “Deepening Retail Investors’ Participation in the Capital Market,  she said  increase saving will accelerate economic growth.
According to her, “If we really want to develop our country, we have to save for long term.”
Sofekun, who is also the Managing Director of Investment One VenCap, noted that in 2008 number of domestic investors who invested in the money market funds was higher than foreign investors.
She said the foreign  investors over took the domestic investors but  when the economy was down, they went away with their dollars.
“In United Kingdom, average investors save their money for six to seven years as a day a child is born, parents begin to save for his or her University education as both primary and secondary school education is free.” she said.
Also speaking, the  Vice President, Strategy and Corporate Services, FMDQ OTC Securities Exchange, Ms.Kaodi Ugoji, said people are not taking advantage of opportunities in the capital market as two per cent of retail investors participate in the capital market compared to 43 per cent in United State or 19 per cent in South Africa.
She noted that listing of state government bonds in the OTC market will forestall default as people will have opportunity to take position in the bonds.
She said that key documents of companies listed in the FMDQ market are posted in the website for investors to take good decision.
In his presentation, the National Coordinator-elect of Independent Shareholders Association of Nigeria (ISAN), Mr. Adeniyi Adebisi, who  noted that market capitalisation of equities on the Nigerian Stock Exchange has shrunk from N14 trillion to N8.6 trillion, said government needed to ensure return of confidence in the capital market.
He said:  “Confidence of the investors, especially, retail shareholders, have been jolted and severely shaken. It will require a great deal of efforts on the part of government at the highest level of authority to bring back the confidence.

“Essentially, investment is saving and not gambling. From this perspective, many investors who had their fingers badly burnt might have acted from not too altruistic motives.”