The Nigerian business environment witnessed a lot of events in 2018. As always, major deals were signed; some of which facilitated growth and others, not so much. There were also some scandals and controversies, some litigations, as well as some corporate governance breaches which resulted in various forms of sanctions. A couple of companies even voluntarily or were forcefully delisted from the Nigerian Stock Exchange — Seven-Up Bottling Company was part of the former. Most importantly, some companies made profits while others ran at losses.
All of these made for an interesting 2018 indeed. And as the new year begins in earnest, Nairametrics looks back at some of these events, focusing on the Chief Executive Officers under whose watch the events unfolded. These CEOs shaped the Nigerian business environment in 2018, both negatively and positively.
Behold the Nairametrics 2018 CEOs/business executives of the year.
MTN Nigeria’s Chief Executive Officer, Mr Ferdinand Moolman
Recall that Nigeria’s leading telecom carrier, MTN Nigeria, was rocked by fresh controversy last year which threatened to wreck the company. The said controversy centred on the alleged illegal remittance of profits and dividends (valued at $8.134 billion) to South Africa. The money was said to have been illegally repatriated, thanks to the use of irregular Certificates of Capital Importation (CCIs).
To this end, the Central Bank of Nigeria (CBN) demanded that the money be immediately returned to Nigeria. Meanwhile, as though to worsen the matter, the company was also accused by the Nigerian authorities of owing the sum of $2 billion in back taxes; money it was asked to pay.
Although Mr Moolman’s name was hardly centre stage in the course of these developments, the truth remains that he played an important role towards ensuring a resolution of the matter. As a matter of fact, he was on top of most of the litigations and negotiations that ultimately resulted in the potential resolution of the matter as reported by Nairametrics.
Here is what you should know about Mr Moolman: he is a 54-year old South African business executive who has been the CEO of MTN Nigeria since December 1, 2015. Prior to his current role, he functioned in several other executive positions in MTN Group Limited, the parent company of the Nigerian subsidiary. He is an alumnus of the University of Pretoria, having graduated with a degree in Finance in 1987.
Sterling Bank’s Abubakar Suleiman
Last year, Sterling Bank Plc offered a rather radical approach to banking, which most people probably never thought was possible. The so called “bank wars” is part of this approach, in that it was a controversial marketing tactic that really shook the industry. Needless to say, this paid off eventually by helping to increase Sterling Bank’s customer base as well as facilitating positive financial performance.
More on the company’s financial performance, Sterling Bank has been able to record impressive growth this past year. Information obtained from its financial statement for the third quarter of 2018 shows that revenue grew by as much as 21.09% to N115 billion. This is a sharp increase compared to the N95 billion that was recorded during the same period in 2017. Profit after tax also increased by 38.1% from N5.9 billion in 2017 to N8.2 billion.
Note that Mr Suleiman was appointed Sterling Bank’s CEO in April last year, and within this very short period, he has already performed incredibly well.
Born on August 19th 1973, Mr Abubakar Suleiman is a 45-year old Nigerian business executive who is one of the youngest CEOs of major Nigerian companies today.
He holds a degree in Economics from the University of Abuja, as well as a master’s degree in Major Programmes Management from the University of Oxford.
Prior to his current position, he has worked other high profile jobs in such organisations as Citibank and Equatorial Trust Bank, among others.
Aliko Dangote, the President of Dangote Group
Alhaji Aliko Dangote topped the list of Africa’s richest billionaires, according to the annual ratings published by Forbes. Agreed, his net worth reduced by $2 billion down to $10 billion. But this should never have come as a surprise to many people. After all, the man has been expending millions of dollars on the construction of the Dangote Refineries, which is being projected to be one of the biggest refineries in the entire world.
Indeed, Mr Dangote made several business moves in 2018. Asides the refinery which witnessed intensified construction/installation works throughout the year, he was also granted a franchise by the Peugeot to construct and operate an assembly plant in Nigeria.
One of Dangote’s companies – Dangote Cement Plc – retained status as the most capitalised stock on the Nigerian Stock Exchange throughout the year. This is despite the fact that Dangote Cement’s profit dropped in Q3 2018 to N158.2 billion compaid to N230.2 year on year. The company’s capitalisation currently stands at N3,237,696,406,950.00 according to the NSE.
It is important to note that Alhaji Aliko’s strategic directions for his other companies such as Dangote Sugar Plc and Dangote Flour Plc, also contributed towards ensuring that these companies remained relevant throughout the year. Indeed, the above-mentioned companies played key roles in the economy last year, even though they may or may not be releasing the most incredible financial statements for full year 2018.
The CEO of Nestle Nigeria Plc: Mr Mauricio Alarcon
Mr Mauricio Alarcon’s Nestle Nigeria Plc can arguably be ranked as the company with the highest share price in 2018. Although the share price was not stable all through the year, hovering between N1330 and N1600, it never declined beyond N1300. The stock began 2018 at N1500 and ended at N1475. Now, this is good news for investors because their investments were relatively secured throughout much of the year.
In terms of financial performance, information obtained from the company’s third quarter 2018 financial report shows that revenue increased from N185 billion in Q3 2017 to N203 billion in Q3 2018. This represents a 9.72% increase year on year. Profit after tax also rose from N22.9 billion in 2017 to N33.1 billion in 2018, representing a 44.5% increase year on year.
Mr Alarcon is a Mexican national who was born in 1973. He studied Engineering, Manufacturing and Management at Manchester University, graduating in 1997. He also underwent the Programme for Executive Development at IMD Business School, graduating in 2015.
Prior to his current role, which he took up on October 1st 2016, Mr Alarcon also worked in different capacities at Nestle’s headquarters in Switzerland, as well as other operations across the world.
GTBank’s Segun Agbaje
The Chief Executive Officer of Guaranty Trust Bank Plc, Mr Segun Agbaje, is one of those business executives who operate beneath the hype— literally. The man is hardly in the news. But in the background, he is doing incredible things.
Under his leadership, the company was able to manage the dispute between it and Innoson Motors. Recall that at the height of the controversy, it initially appeared that Innoson Motors was the victim while GTBank was the villain. As a matter of fact, public opinion was against the bank, especially on Twitter where many people threatened to close down their GTBank accounts.
Through it all, GTBank was able to manage the crisis by mostly remaining quiet and only issuing press statements when necessary. And the interesting thing is that it emerged from that crisis remaining one of the strongest banks in the country.
According to GTBank’s Q3 2018 financial statement, profit after tax increased by 13.6% to N142 billion, up from N125 billion during the same period in 2017. This increase in PAT is despite the fact that the company’s revenue declined by 4.4% from N248 billion in 2017 to N237 billion in 2018.
Mr Agbaje is a graduate of Accountancy from the University of San Francisco, in the United States. He also earned an MBA degree from the same school. Prior to becoming the CEO of GTBank in July 2011, he worked in various capacities in different companies both within and outside Nigeria.
Austin Avuru, the CEO of Seplat Petroleum Development Company Plc
Austin Avuru’s Seplat Petroleum was a dominant player in the Nigerian oil and gas sector in 2018. The company reported N173.7 billion in revenues for the third quarter period ended September 30th, 2018. This is more than the N85.1 billion worth of revenue reported in Q3 2017.
It should be recalled that in August last year, the company listed some $350 million worth of senior notes for trading on the International Securities Market of the London Stock Exchange.
A 2018 Nairametrics’ analysis showed that Mr Avuru is among the wealthiest billionaires on the Nigerian Stock Exchange, with the total worth of his shares estimated at ₦49.5 billion
Indeed, Mr Avuru is one of Nigeria’s most accomplished businessmen. The story of how he went from an employee to a billionaire inspires many young and aspiring entrepreneurs both within and outside of Nigeria.
Unity Bank’s Tomi Somefun
Unity Bank Plc had a relatively rough 2018, no thanks to the Milost Global scandal, some unpleasant media reports, and a corporate governance issue which resulted in an NSE sanction.
Recall that Milost had initially entered into discussions with the bank’s top management (which is headed by Mrs Somefun) over the possibility of investing the sum of $1 billion in the bank. But mid-way into the discussion, Milost announced that it would be “terminating the transaction” — a situation that prompted Unity Bank to clarify that no transaction had begun in the first place.
Unfortunately, the unfavourable press that followed this development invariably impacted on the company’s share price, albeit negatively.
Towards the end of 2018, the Nigerian Stock Exchange temporarily placed a suspension on the bank’s shares due to its failure to release financial statements. The suspension was lifted some three days later, after the said results were eventually released.
But throughout the issues, Unity Bank continued to push through. Mrs Somefun even told reporters in November that the bank was on the verge of finalising a different deal with a foreign investor. The bank also ended the year as one of the companies with best performing stocks, seeing as the stock opened at N0.53 and closed at N1.07, indicating a 101.89% appreciation.
Unity Bank’s Mrs Somefun is a graduate of the Obafemi Awolowo University, where she bagged a Bachelor of Education in English language. Even though she was not a trained accountant nor economist, she went on to acquire some professional certifications, including a Fellowship at the Institute of Chartered Accountants of Nigeria (ICAN).
She garnered many years of experience in the banking and financial services sector before assuming her current position on August 12th, 2015.
The CEO of United Bank for Africa: Mr Kennedy Uzoka
United Bank for Africa (UBA) remained one of the most profitable banks in 2018. Revenue grew from N238 billion in Q3 2017 to N268 billion in Q3 2018, marking a 12.6% increase year on year. Profit after tax also increased by 1.14% to N61.6 billion, up from N60.9 billion.
This could only have been possible thanks to the hard work of the staff and strategic leadership of the Chief Executive Officer.
Mr Uzoka holds a degree in Mechanical Engineering from the University of Benin, as well as Master’s in Business Administration from the University of Lagos. He also has an AMP from Harvard Business School. He held different important positions in UBA before his appointment as CEO in 2016.
Zenith Bank Plc’s CEO: Peter Amangbo
Checks by Nairametrics show that for the third quarter period ended September 31st 2018, Zenith Bank Plc made the highest profit in the banking sector. The company made a profit after tax of N144 billion, an 11.6% increase compared to the company’s N129 PAT in Q3 2017.
The company’s gross earnings, however, decreased from N531 billion in 2017 to N474 billion in 2018, indicating a 10.7% decline year on year. Zenith Bank’s CEO is Mr Peter Amangbo who studied Electrical and Electronics Engineering at the University of Benin. He also holds an MBA from the University of Warwick, Coventry. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), and has had many years of work experience in the financial services sector.
Note that many other business leaders shaped the business environment in 2018. Some notable mentions include Alhaji Aliko Dangote, Africa’s richest man. There is also Mr Tony Elumelu, who is doing incredible things whilst empowering hundreds of future business leaders through his Tony Elumelu Foundation.
Meanwhile, Zenith Bank’s Chairman, Mr Jim Ovia launched his highly-praised memoire, which arguably served as a manual for many aspiring entrepreneurs. Mrs Ibukun Awosika of First Bank also inspired lots of women to embrace business.
As a new year begins, Nairametrics will be watching to see the next move these business executives will be making.
COVID-19 Update in Nigeria
On the 13th of July 2020, 595 new confirmed cases and 4 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 33,153 confirmed cases.
On the 13th of July 2020, 595 new confirmed cases and 4 deaths were recorded in Nigeria, having carried out a total daily test of 2,046 samples across the country.
To date, 33,153 cases have been confirmed, 13,671 cases have been discharged and 744 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 183,294 tests have been carried out as of July 13th, 2020 compared to 181,248 tests a day earlier.
COVID-19 Case Updates- 13th July 2020,
- Total Number of Cases – 33,153
- Total Number Discharged – 13,671
- Total Deaths – 744
- Total Tests Carried out – 183,294
According to the NCDC, the 595 new cases were reported from 20 states- Lagos (156), Oyo (141), FCT (99), Edo (47), Kaduna (27), Ondo (22), Rivers (20), Osun (17), Imo (13), Plateau (10), Nasarawa (8), Anambra (8), Kano (5), Benue (5), Borno (5), Ogun (4), Taraba (3), Gombe (3), Kebbi (1), Cross River (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,583, followed by Abuja (2,675), Oyo (1,867), Edo (1,778), Rivers (1,388), Delta (1,359), Kano (1,314), Ogun (1,091), Kaduna (1,016), Ondo (738), Katsina (669), Ebonyi (616), Borno (591), Plateau (543), Gombe (533), Bauchi (521), Enugu (476), Abia (405), Imo (399), Kwara (330).
Jigawa state has recorded 321 cases, Bayelsa (313), Osun (262), Nasarawa (252), Sokoto (153), Akwa Ibom and Niger (145), Benue (126), Adamawa (110), Anambra (101), Kebbi (87), Zamfara (76), Ekiti (63), Yobe (62), Taraba (30), Cross River (10) while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 13, 2020||33153||595||744||4||13671||18738||7|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Best Mutual Funds in Nigeria
These are the best mutual funds in Nigeria to invest in based on performance.
Mutual Funds are a great form of investing especially if you are a passive investor. According to data from the Security and Exchange Commission, Nigeria has about 107 Mutual Funds cut across several Fund Types. Here is a breakdown of the Fund Types available for investors according to SEC.
|EQUITY BASED FUNDS||13|
|EXCHANGE TRADED FUNDS||10|
|FIXED INCOME FUNDS||21|
|MONEY MARKET FUNDS||23|
|REAL ESTATE FUNDS||3|
To determine the best performing Funds, we looked at the Fund Prices as of the last business day in December 2019 and compared to the fund prices as of the last trading day of June 2020. These are the top 5. We also included profiles of the funds as described in their websites.
New Gold ETF
Vetiva’s The NewGold Exchange Traded Fund (NewGold) is an Exchange Traded Fund that was listed on The Nigerian Stock Exchange (NSE) in December 2011. It tracks the price of gold and offers institutional and retail investors the opportunity to invest in a listed instrument (structured as a debenture) that is fully backed by gold bullion. Each NewGold security is equivalent to approximately 1/100 ounces of real gold bullion held in a secured stockpile of gold bullion. All gold is kept in the form of London Gold Delivery Bars and Good Delivery Standards are prescribed by LBMA.
Fund Price – N5,220
Fund Price – N8,000
Return – 53.3%
Ranking – First
Commentary: Gold prices have been on the up since the Covid-19 pandemic took hold of the global economy. Investors are uncertain and as history shows gold prices are always up during market uncertainty. If you are looking for protective investment in times of uncertainty then this is the best performing fund so far.
FBN Nigeria Smart Beta Equity Fund
FBNH owned The FBN Nigeria Smart Beta Equity Fund is a pure equity fund that invests money predominantly in a portfolio of Nigerian companies, using a rigorous, research-based and tested evaluation system.
The fund provides long-term capital preservation by investing at least 75% of the fund’s assets (excluding cash and cash equivalents) in a diversified portfolio of high-quality companies listed on the Nigerian Stock Exchange. In order to manage liquidity, the fund may also invest up to 25% in short-term money market instruments and deposits with financial institutions.
Fund Price – N129.17
Fund Price – N197.29
Return – 52.7%
Ranking – Second
Commentary: For a fund that is predominantly focused on equities, this a pretty much impressive performance by all standards. For example, the NSE All-Share Index is down 9.8% year to date. If you are worried about investing in stocks and don’t have the heart for it and you are looking for a mutual fund, then this is the best performing fund out there.
Vantage Balanced Fund
Investment One’s Vantage Balance Fund (launched in 2002) is a fund focused on long term capital appreciation, which is achieved by maintaining a flexible diversified portfolio of equities, fixed income, money market, and real estate investments. Assets are high-quality equity instruments quoted on The NSE while the bond issuers have an investment-grade rating from a credit rating agency registered by SEC.
Fund Price – N2.21
Fund Price – N2.87
Return – 29.9%
Ranking – Third
Commentary: This is a Mixed fund as it invests in a diverse pool of assets. Interesting to note that the managers of this fund also have an Equity-Based Fund, a Dollar Fund, and a Fixed Income Fund. But none of them come close to the Balanced Fund. If you are looking for a portfolio with a good mix of investment assets then this is the best performing as of June 2020.
Legacy USD Bond Fund
FCMB Asset Management Owned Legacy USD Bond Fund (launched in 2018) is a SEC-registered US Dollar-denominated Collective Investment Scheme, structured as a high-yield mutual fund. The Fund seeks to generate stable income over the long-term. Legacy USD Bond Fund invests in credit-rated US Dollar-denominated fixed income securities issued by the Nigerian Government, Supranational bodies, and Corporate entities.
Fund Price – N306.5
Fund Price – N360.5
Return – 24.4%
Ranking – Fourth
Commentary: The Legacy Bond Fund is the best performing mutual fund if you are looking for dollar-denominated fixed-income debt securities like Eurobonds. At 24.4% they seem to be holding bonds with good yields and market values respectively. Apart from the Bond Fund, managers of the Legacy Bond Fund also manage a Fixed Income Fund, a Money Market Fund and an Equity Fund. If you are looking to invest in Eurobonds then this mutual fund is the best performing.
Vantage Dollar Fund
Investment One’s Vantage Dollar Fund (launched in 2018) is a SEC registered open-ended Unit Trust Scheme in Nigeria. The Fund seeks to provide investors with a bias for Dollar-denominated securities access to such securities, which ordinarily would be inaccessible to them by virtue of the minimum amount typically required to make such investments. It will invest primarily in Corporate and Sovereign Eurobonds.
Fund Price – N401.02
Fund Price – N469.2
Return – 17.0%
Ranking – Fifth
Commentary: This is the second dollar mutual fund on the list and the second from Investment One to make the list of best 5. It appears they have a hang on fund management. Dollar Mutual funds are a great source of investments and it is great to see another in the top 5. Thus, if you want another option, then this is one you can also go for.
Bubbling Under: The following funds make up the rest of the top 5 on our list and in descending order.
6. AIICO Balanced Fund
7. VI ETF
8. Coronation Fixed Income Fund
9. CEAT Fixed Income Fund
10. United Capital Euro Bond Fund
How to become a successful Bitcoin trader
Major steps that are needed if you want to become a successful BTC trader.
A BTC trader is simply an individual who seeks gains from differential changes in the market price of BTCs. The main objective the BTC trader has in mind is buying prices at low and selling when the flagship currency gains higher. BTC trading can thus be very lucrative and has become one of the fastest-growing careers in the financial spectrum.
Data obtained from a leading BTC analytic firm, Coinmarketcap showed that the market capitalization of BTC currently stands at over $170 billion. This further illustrates that in 2013 BTC moved from $13.30 to its present-day value of over $9000, meaning that early bird BTC traders had gained over 67,600% since it began.
Consequently, this article will show major steps that are needed if you want to become a successful BTC trader.
Self-Control & Discipline
Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, explaining in detail the need for a BTC trader to be very disciplined and have a security-conscious mindset. He said;
“Firstly I must note that trading is not for everyone, to be a successful crypto trader, self-discipline is a prerequisite to achieving one’s goal. The crypto market is very much volatile than what the traditional traders are used to, hence more risk and reward.
“A crypto trader must be security conscious; you’re responsible for your account security in the crypto ecosystem, as hackers are preying on whose account is less secured.”
A successful BTC trader must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time.
Adebayo Juwon, FTX consultant for Africa also added vital points on why a BTC trader should never ignore risk management. He said;
“Also, to be a successful crypto trader, one must have good risk management in place, in a highly volatile market your profits can be zapped away in minutes. Risk comes in different ways in the crypto market, there are lots of scam projects with the good marketing team, they tend to attract investors also, it’s very important to do your own research in the crypto space, and rely less on market sentiment.”
Recall that some days ago Nairametrics, revealed the best time many BTC traders prefer to take their trading positions in the BTC market, thus preferring to trade around the American trading session because of the high price swings that occur at the start of New York stock market trading time -about 2.30 pm GMT. This means there were higher chances of making more money at the start of American trading sessions than other trading sessions (London and Asian trading session).
Basic fundamental and Technical analysis skills
Every successful BTC trader must keep track of macro fundamentals going around the BTC community because such information more often determines the market price of Bitcoin. Either rumours or news have exponential effects on the BTC market and often create lucrative trading opportunities.
Chris Ani, a professional BTC trader in a phone chat interview explained to Nairametrics in detail, the major attribute every successful BTC trader must possess, including the need to have basic trading skills. He said;
“To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one.
“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan. You must also master technical and fundamental analysis and most importantly the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.”
Finally, it’s very important to understand that no matter how good you get at BTC trading, you will often make mistakes and lose money. Always remember, trades that go bad are part of what will make you successful in the long term. Success in BTC trading simply means you are winning more relatively than losing.