Nigeria’s money market mutual fund industry sustained its strong growth momentum in the first quarter of 2026, as investors continued to channel funds into low-risk, high-yield investment products amid elevated interest rates and lingering macroeconomic uncertainty.
Data as of March 2026 shows that the total Net Asset Value (NAV) of all money market mutual funds climbed to N5.45 trillion, spread across 46 funds with a combined 702,711 unitholders.
The category also delivered an average year-to-date (YTD) yield of 16.45%, reinforcing its position as one of the most attractive fixed-income investment vehicles in Nigeria in Q1 2026.
Within the broader industry, the top 10 money market funds accounted for N145.42 billion in NAV, with combined unitholders of 31,830 and an average YTD yield of 18.54%, significantly outperforming the industry average.
Money market fund yields generally track Nigerian Treasury bill (T-bill) rates because T-bills are the main risk-free benchmark in the market. Other short-term instruments like commercial papers and bank placements are usually priced slightly above T-bills, depending on credit risk and market conditions.
However, the size of this extra return varies across fund managers because of differences in portfolio strategy, credit appetite, liquidity management, and access to quality instruments. More active managers are often able to generate slightly higher yields by selecting stronger commercial papers and positioning their portfolios in better-paying short-term assets.
Commercial papers offer higher yield but greater credit risk while T-bills provide safety and liquidity stability. The stop rate for the last T-bill auction in March 2026 was 15.95% for the 91-day tenor.
Behind the strong returns are fund asset managers who have spent years building expertise across investment management, banking, treasury operations, portfolio strategy, and capital markets leadership.
What the data is saying
The performance rankings as of March 2026 reflected strong investor appetite for money market funds, particularly among firms delivering competitive double-digit returns.
- Several medium-sized and smaller funds also outperformed larger peers, showing that active portfolio allocation and yield management are becoming key differentiators in the market. Smaller money market funds outperform larger peers in high-rate environments
- From long-serving industry veterans to newer executives driving operational transformation, these CEOs and managing directors are shaping the competitive landscape of Nigeria’s fast-growing asset management industry.
- The executives leading the top-performing fund management firms bring extensive experience across investment banking, treasury management, portfolio strategy, wealth management, and capital market operations.
Top MDs/CEOs of money market mutual fund managers in Nigeria as of Q1 2026
SCM Capital Limited completed the top 10 rankings through the SCM Capital Money Market Fund, which delivered a 17.72% YTD yield.
The fund recorded a NAV of N1.87 billion with 345 unitholders.
The company is led by Omololu Ajediran, a financial services executive with more than 20 years of experience in investment banking, portfolio and asset management, and capital markets, overseeing various investment vehicles including mutual funds and institutional portfolios.
His consistency over the years has helped maintain competitive yields, even as newer entrants disrupt the market. His long tenure of more than 10 years highlights stability and institutional knowledge.
His skill set focuses on strategic asset allocation, cost re-engineering, and navigating macroeconomic headwinds to deliver portfolio stability and asset growth.
Under his leadership, the firm actively manages institutional and retail funds such as the SCM Capital Money Market Fund, the Frontier Fund, and the Nigeria Energy Sector Fund. The parent firm, SCM Capital Limited (formerly Sterling Capital Markets Limited), has operated in the Nigerian market since its registration in 2006.
