Funds Management
Q&A: Cost of ICAN form

Published
3 years agoon

Question: How much does it cost to buy ICAN form?
Answer: According to the information on The Institute of Chartered Accountants of Nigeria Website, the cost of ICAN registration form is N7000 (bank charges not included).
PROFESSIONAL EXAMINATION EXEMPTION FEES
FOUNDATION LEVEL
One paper in foundation level N17,500.00
Two papers in foundation level N18,700.00
Three papers in foundation level N19,900.00
Four papers in foundation level N21,100.00
All papers in foundation level N2,300.00
SKILL LEVEL
-One paper in skills level N26,200.00
-Two papers in skills level N30,700.00
-B.SC/HND (accounting) obtained under the mutual
co-operation agreement with tertiary institutions N66,500.00
-ATS 11 (old syllabus)(1989 – March 1999): N21,100.00
-ATSWA III (new syllabus): (September 1999 to date) N53,000.00
-B.SC/HND (accounting) obtained from
ICAN accredited institutions in Nigeria N53,000.00
-B.SC/HND accounting from recognised institutions
in Nigeria but not yet accredited by ICAN N19,900.00
-B.SC/HND (accounting) from foreign
recognised institutions N19,900.00
-M.Sc (ACCOUNTING) from ICAN accredited institutions
in addition to B.Sc in accounting N57,000.00
-M.Sc (ACCOUNTING) obtained from ICAN accredited
institutions but without B.Sc in accounting N19,900.00
-M.Sc (ACCOUNTING) obtained from recognised institutions
in addition to b.sc in any accounting related discipline:
economics; banking & finance; acturial science; insurance;
business administration; marketing N19000.00
-Ph.D (Accounting)
M.Sc (Accounting)
B.Sc (Accounting) N66,500.00
-Associate Chartered Institute Of Bankers Of Nigeria N21,100.00
-Associate chartered institute of bankers of London
(Now Institute of Financial Studies) N19,900.00
-Associate Chartered Institute of Stock brokers of Nigeria N21,100.00
-Associate Chartered Secretaries and Administrators N21,100.00
-Associate Of Chartered Institute Of Insurance Of Nigeria N19,900.00
-Associate Chartered Institute Of Taxation Of Nigeria N47,300.00
-Certified National Accountants Of Nigeria N53,000.00
-Federal Treasury Training School
(Now Federal Treasury Academy) starting from 1987 N53,000.00
-CIMA (UK) N104,250.00
-ACCA – UK
-CPA – USA
-CIPFA – UK
-ICAS – UK
-ICAEW
-ICAI, UK N109,500.0
-Association Of International Accountants (Final) 1994 to date N47,300.00
-Association Accounting Technician (UK) N47,300.00
-Association Of International Accountants (Pre – 1994) N21,100.00
Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.


Funds Management
Nigeria’s pension asset under management hits N12.3trillion in December 2020
Nigeria’s pension asset under management hits N12.3trillion in December 2020.

Published
6 days agoon
February 25, 2021
Nigeria’s pension asset under management, as of December 2020, stands at N12.3trillion which represents a modest growth of 20% year-on-year and 0.003% month-on-month (no significant change), according to the monthly report by National Pension Commission (Pencom).
According to the report, total RSA funds increased by 20% year-on-year while the funds under both existing schemes and Closed Pension Fund Administrator (CPFA) as well, grew by 21% year-on-year.
Other Key highlights
- As of December 2019, investments in FGN Securities accounted for 72% of the total pensions assets fund, out of which 73% was invested in Bonds and 26% in Treasury Bills.
- As of December 2020, investments in FGN Securities accounted for 66% of the total pensions assets fund, out of which 84% was invested in Bonds and a paltry 8% in Treasury Bills, which is not unrelated to the subsisting very low yield of TB in the money market.
- The investments in FG Bonds represent 56% of the total pension assets fund under management. The renewed and increased investments in FG Bonds can be attributed to the attractiveness of the yields of FG bonds over the Treasury Bills.
- RSA Fund II and III accounted for 89% of the total RSA funds and 69% of the total pension assets under management as of December 2020, while others – Funds I, IV and V accounted for 31%
- All the RSA funds, including existing scheme and CPFA recorded year-on-year growth as follows: Existing scheme (13%), CPFA(28%), Fund I (49%), Fund II(19%), Fund III(21%), Fund IV(18%).
- As of December 2020, only N80.54million was invested under the newest RSA fund (Fund V) – specifically created for micro pensions.
What you should know
There are 4 pension fund types, with the newest recently introduced for the micro pension scheme.
The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders, as follows:
- Fund I – This is an optional fund. Contributors must write formally to opt for this Fund.
- Fund II – This is the default fund for contributors aged 49 and below.
- Fund III – This is the default fund for contributors aged 50 and above.
- Fund IV – This is the Retiree Fund.
Exclusives
Best performing Mutual Funds in January 2021
According to data from the SEC, 49.2% of the 118 registered funds recorded positive growth in January 2021

Published
1 week agoon
February 24, 2021
Mutual funds are one of the fastest-growing asset classes in Nigeria, as data from the Security and Exchange Commission (SEC), shows that 49.2% of the 118 registered funds recorded positive growth in January 2021.
A mutual fund is a type of financial vehicle made up of a pool of money collected from various investors, with the aim of investing them in securities like stocks, bonds, money market instruments, and other assets.
According to SEC, a total of 118 mutual funds were registered as of January 29, 2021, with a net asset value of N1.57 trillion across several fund types.
Nairametrics tracked the performance of these mutual funds by comparing the fund prices as of 31st December, 2020 with the fund prices as of the last trading day of January 2021.
Below were the top-performing mutual funds in the month of January 2021. We also highlighted their performance in terms of changes in net asset value and included profiles of the funds as described on their websites.
READ: Investors pump N7 billions into New Gold ETF
Lotus Capital Halal ETF – Lotus Capital Limited (Exchange Traded Fund)
The Lotus Halal Equity Exchange Traded Fund “LHE ETF” is an open-ended fund that tracks the performance of the NSE-Lotus Islamic Index (NSELII). It is designed to enable investors obtain market exposure to the securities of the constituent companies of the NSE-Lotus Islamic Index and to replicate the price and yield performance of the index.
December 31st, 2020
Fund Price – N12.73
January 29th, 2021
Fund Price – N13.66
Return – 7.31%
Ranking – Fifth
Commentary: This is an Exchange Traded Fund by Lotus Capital Limited, which grew by 7.31% in the month of January. The fund also grew significantly by 51.7% in the year 2020, indicating that the fund is a delight to its investors. Also, the net asset value stood at N655.04 million as of 29th January, 2021, indicating 6.76% growth compared to N613.59 million recorded as of 31st December, 2020.
READ: Understanding how Mutual Funds and ETFs work in Nigeria
Stanbic IBTC Aggressive Fund – Stanbic IBTC Asset Mgt. Limited (Equity Based Funds)
The Stanbic IBTC Aggressive Fund (SIAF), which was launched in June 2012, is an open-ended fund that invests a minimum of 60% of its portfolio in equities of companies listed on the Nigerian Stock Exchange (NSE) and a maximum of 40% in fixed income securities. Notably, the expense ratio for the fund is 1.5%.
December 31st, 2020
Fund Price – N2,525.55
January 29th, 2021
Fund Price – N2,713.93
Return – 7.46%
Ranking – Fourth
Commentary: Stanbic IBTC Aggressive Fund is the second-best performing Equity-Based fund in the month of January, growing by 7.46% to stand at N2,713.93 as of 29th of January, 2021. The net asset value also grew by 7.43% to close at N340.8 million.
READ: DV Balanced Fund to become a Money Market Fund
FSDH Dollar Fund – FSDH Asset Management Ltd. (Fixed Income Funds)
This is an open-ended mutual fund that invests in US Dollar denominated Fixed Income Securities issued by Nigerian Sovereign and Corporate Entities. The objective of the fund is to provide customers with the opportunity to invest in dollar-denominated instruments. Meanwhile, the minimum amount required to invest in the fund is $1,000.
December 31st, 2020
Fund Price – N415.1
January 29th, 2021
Fund Price – N447.7
Return – 7.85%
Ranking – Third
Commentary: The fixed income fund managed by FSDH Asset Management, recorded growth of 7.85% in January from N415.1 recorded as of the end of 2020 to stand at N447.7 at the end of January. The net asset value grew by 18.41% to close at N1.002 billion.
Paramount Equity Fund – Chapel Hill Denham Mgt. Limited (Equity-based Fund)
Paramount Equity Fund is Nigeria’s oldest mutual fund, which invests in a broad range of high-quality equities and fixed income securities. The fund aims to provide an investment vehicle that will enable unit holders to achieve consistent capital appreciation over a medium-to-long term.
December 31st, 2020
Fund Price – N16.27
January 29th, 2021
Fund Price – N17.56
Return – 7.93%
Ranking – Second
Commentary: This is an Equity Based Fund managed by Chapel Hill Denham Management, which grew by 7.93% in the month of January 2021 to stand at N17.56 as of 29th of January 2021, while the net asset value grew by 8.22% to stand at N598.19 million.
Vantage Dollar Fund – Investment One Funds Management (Fixed Income Fund)
Vantage Dollar Fund is an open-ended Unit Trust Scheme by Investment One Funds. The Fund seeks to provide investors with a bias for Dollar denominated securities an access to such securities, which ordinarily would be inaccessible to them by virtue of the minimum amount typically required to make such investments.
December 31st, 2020
Fund Price – N559.87
January 29th, 2021
Fund Price – N502.9
Return – 11.33%
Ranking – First
Commentary: This is the best performing mutual fund in the month of January 2021 and the only fund with a double-figure yield in the month under review. Vantage Dollar Fund grew by 11.33% to stand at N502.9 as of 29th of January 2021 while the net asset value also grew by 10.93%. This is quite an impressive performance as the fund primarily invests in Corporate and Sovereign Eurobonds.
Bubbling under……
The following funds make up the rest of the top 10 our list in ascending order:
AXA Mansard Equity Income Fund – AXA Mansard Investments Limited (Equity Based Fund)
Return – 6.69%
VETBANK ETF – Vetiva Fund Managers Limited (Exchange Traded Fund)
Return – 6.82%
PACAM Equity Fund – PAC Asset Management Limited (Equity Based Fund)
Return – 6.86%
Legacy Equity Fund – First City Asset Management (Equity Based Fund)
Return – 7.14%
VCG ETF – Vetiva Fund Managers Limited (Exchange Traded Fund)
Return – 7.16%
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