FMAN, CFA Society Partner to Create Financial Literacy Awareness

Chinazor Megbolu

The Fund Managers Association of Nigeria (FMAN) recently partnered   CFA Society Nigeria  to create awareness  financial literacy in Lagos.   Both bodies organised  a fund raising event tagged  “Five kilometer   Walk /Run for Financial Literacy”   that saw members come out with full  support.

Speaking at the event,  Mrs.  Eno Atoyebi of FMAN said the early morning exercise was a way of awareness creation on financial literacy.

She stated that some charity organisations have  been selected where the  association  would  assist them on financial literacy.

According to her, the event was in line with association’s objectives. She explained that  FMAN is  an independent, non-governmental, non-political and non-profit making body established  to promote the operations of fund managers registered with the Securities and Exchange Commission in Nigeria.

“FMAN  provides for self-regulation and supervision of SEC registered fund managers and ensure the observance of global best practices relating to the operations of such fund managers. The aim of the association is to address all the issues affecting the industry’s development and represent its members at national and international levels in ongoing discussion about the future regulatory framework for the industry,” she said.

Atoyebi added that the association’s focus is on education, regulation, policy development and international best practices for the benefit of its members, institutional investors, policy makers and other stakeholders.

 “Some of its objectives are: identify, discuss and articulate reviews and updates of rules and regulations governing the operations of fund managers; organise seminars, workshops and other fora aimed at discussing the conduct of fund managers with regard to the management of Collective Investment Schemes(CIS) in order to promote the highest level of ethics and professionalism amongst fund managers; disseminate information to the public on the theory and practice of fund management through the most appropriate media; undertake activities aimed at improving awareness of the fund management sub-sector; interact with regulators, government, society and other organisations to advance the practice of fund management in Nigeria,” she said.

Before now, the President of FMAN, Dr. Ore Sokefun  had in an interview with   THISDAY, advised   CIS investors to   always invest their funds through  fund managers that are registered by the SEC. While investing through collective investment schemes in the nation’s capital market has many advantages, some investors are still discouraged due to their past experiences of losing their funds to fund managers.But  Sokefun said the situation has changed significantly given the efforts by SEC and operators to reposition  and develop the industry.