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The First Ally Money Market Fund topped Nigeria’s money market fund rankings for the first time in 2026, displacing Coronation Money Market Fund, which had led the segment in August, as the broader segment expanded its net asset value to N6.56 trillion as of September 25, 2026.
Securities and Exchange Commission (SEC) data reviewed by Nairametrics Research reveals that the segment now comprises 49 funds, following the addition of Samtl Money Market Income Fund as a new entrant, and accounts for 67.97% of Nigeria’s total mutual fund assets, which stood at N9.66 trillion as of the reference date.
Investor demand for relatively safe and stable returns continues to shape the market, with capital flowing steadily into instruments that prioritize preservation and reliability.
Money market funds, which focus on short-term, high-quality securities, remain a favored choice for both retail and institutional investors seeking liquidity while earning competitive returns.
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Interest in the segment has grown further as attractive yields persist in the fixed-income space, encouraging investors to maintain liquidity while benefiting from favorable short-term returns.
What the data is saying
Money market funds continue to draw strong participation from both retail and institutional investors, highlighting their appeal as stable, relatively low-risk and liquid investment vehicles.
The segment now serves 910,126 unitholders, reflecting an increase of 31,713 unitholders or 3.61% from 878,413 recorded in August, continuing the steady growth in participation recorded in recent months.
Despite the size of the segment, the top 10 performing money market funds collectively manage N220.26 billion, representing 3.36% of total money market fund assets and 2.28% of the overall mutual fund industry.
Top 10 performing money market funds by YTD yield
10. Myrtle Nest Money Market Fund (19.01%)
The Myrtle Nest Money Market Fund, managed by Myrtle Asset Management Limited, recorded a YTD yield of 19.01%, slipping seven places from third in August to tenth in September, the steepest ranking decline among all funds in the top 10 this month.
Myrtle Asset Management Limited is headed by Chief Executive Officer Oluwaseun Adesoye. The fund has N836.71 million in assets, serving 426 unitholders at a unit price of N1.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N950,500 in returns, bringing their total to N5,950,500.
9. Apel Wealth Money Market Fund (19.20%)
The Apel Wealth Money Market Fund, managed by Apel Wealth Management Limited, recorded a YTD yield of 19.20%, rising one place from tenth in August to ninth in September.
The fund is part of Apel Group, headed by Group Chief Executive Officer Peter Aletor, while its manager, Apel Wealth Management Limited, is led by Managing Director Oluwatosin Ayokunle-Olubunmi. The fund has N2.01 billion in assets, with 229 unitholders and a unit price of N100.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N960,000 in returns, bringing their total to N5,960,000.
8. Greenwich Plus Money Market Fund (19.29%)
The Greenwich Plus Money Market Fund, managed by Greenwich Asset Management Limited, recorded a YTD yield of 19.29%, slipping three places from fifth in August to eighth in September.
Greenwich Asset Management Limited operates within Greenwich Holdings Limited, headed by Group Managing Director Samson Oyewale Ariyibi. The fund has N17.41 billion in assets, serving 1,168 unitholders at a unit price of N100.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N964,500 in returns, bringing their total to N5,964,500.
Greenwich Plus has appeared in every top 10 ranking from January through September 2026, one of only three funds to achieve this across all nine months tracked this year.
7. CardinalStone Money Market Fund (19.31%)
The CardinalStone Money Market Fund, managed by CardinalStone Asset Management Limited, recorded a YTD yield of 19.31%, slipping one place from sixth in August to seventh in September.
The fund is part of CardinalStone Group, led by Group Managing Director Michael Nzewi, while its manager, CardinalStone Asset Management Limited, is headed by Managing Director Oluwaseyi Osunlalu. The fund has N42.33 billion in assets, serving 2,800 unitholders at a unit price of N1.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N965,500 in returns, bringing their total to N5,965,500.
CardinalStone has featured in the top 10 in seven of the nine months tracked in 2026, missing only March and April.
6. Comercio Partners Money Market Fund (19.33%)
The Comercio Partners Money Market Fund, managed by Comercio Partners Asset Management Limited, recorded a YTD yield of 19.33%, making a new entry into the top 10 in September 2026.
Comercio Partners Asset Management Limited, the asset management arm of Comercio Partners Limited, is headed by Chief Executive Officer Tosin Osunkoya, who also serves as a Co-Managing Partner of the wider group. The fund has N3.46 billion in assets, serving 928 unitholders at a unit price of N1.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N966,500 in returns, bringing their total to N5,966,500.
5. STL Money Market Fund (19.39%)
The STL Money Market Fund, managed by STL Asset Management Limited, recorded a YTD yield of 19.39%, rising two places from seventh in August to fifth in September.
The fund is managed by STL Asset Management Limited, headed by Managing Director Ahmed Olaitan Banu. The company is affiliated with STL Trustees Limited, led by Managing Director and Chief Executive Officer Funmi Ekundayo. The fund has N20.76 billion in assets, serving 2,199 unitholders at a unit price of N100.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N969,500 in returns, bringing their total to N5,969,500.
STL has featured in every top 10 ranking from January through September 2026, one of only three funds with a perfect nine-month appearance record.
4. RT Briscoe Savings & Investment Fund (20.53%)
The RT Briscoe Savings & Investment Fund, managed by DLM Asset Management Limited, recorded a YTD yield of 20.53%, retaining its fourth position from August.
The fund is sponsored by RT Briscoe Nigeria Plc, headed by Group Managing Director Seyi Onajide, and managed by DLM Asset Management Limited, led by Managing Director Kelechi Eke. The fund has N564.94 million in assets, serving 72 unitholders at a unit price of N1,000, making it the smallest among the top ten by assets and investor participation.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,026,500 in returns, bringing their total to N6,026,500.
RT Briscoe has appeared in eight of the nine monthly top 10 rankings in 2026, missing only March.
3. DLM Money Market Fund (20.54%)
The DLM Money Market Fund, managed by DLM Asset Management Limited, recorded a YTD yield of 20.54%, slipping one place from second in August to third in September.
The fund is part of DLM Capital Group, headed by Group Chief Executive Officer Sonnie Ayere, while its manager, DLM Asset Management Limited, is led by Managing Director Kelechi Eke. The fund has N3.25 billion in assets, serving 460 unitholders at a unit price of N1,000.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,027,000 in returns, bringing their total to N6,027,000.
DLM Money Market Fund is one of only three funds to have appeared in every top 10 ranking from January through September 2026, one of only three funds alongside STL Money Market Fund and Greenwich Plus Money Market Fund to maintain a perfect nine-month appearance record in 2026.
2. Coronation Money Market Fund (21.11%)
The Coronation Money Market Fund, managed by Coronation Asset Management Limited, recorded a YTD yield of 21.11%, slipping one place from first in August to second in September.
The fund sits within Coronation Asset Management, under the leadership of Managing Director Aigbovbioise Aig-Imoukhuede. It manages N113.29 billion in assets across 23,249 unitholders at a unit price of N1.00, making it the largest fund in this ranking by assets under management and the most widely held among the top 10.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,055,500 in returns, bringing their total to N6,055,500.
1. First Ally Money Market Fund (21.43%)
Leading the September 2026 ranking is the First Ally Money Market Fund, managed by First Ally Asset Management Limited, with a YTD yield of 21.43%, marking the fund’s first appearance at the top of the monthly ranking and the highest return recorded among the top 10 funds in September.
- The fund is part of First Ally Capital Group, led by Group Managing Director and Chief Executive Officer Ebenezer Olufowose, while its manager, First Ally Asset Management Limited, is headed by Managing Director Olumayowa Ogunwemimo. The fund has N16.36 billion in assets, serving 3,036 unitholders at a unit price of N1.00.
- An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,071,500 in returns, bringing their total to N6,071,500, the highest return among the ten funds in this ranking.
First Ally previously featured in the top 10 in April and June 2026, making September its third top 10 appearance of the year and its first at rank one.
What you should know
A review of the money market fund segment in August 2026 revealed several trends that set the stage for the performance recorded in September.
The money market fund category managed a combined N6.44 trillion, accounting for 67.78% of total industry assets, serving 878,413 unitholders.
The top 10 performing funds in August collectively accounted for N205.94 billion, representing 3.20% of the money market category and 2.17% of total mutual fund assets.
The top three funds in August, the Coronation Money Market Fund, the DLM Money Market Fund, and the Myrtle Nest Money Market Fund, delivered YTD yields of 21.11%, 20.51% and 20.29% respectively.
