Nigeria's mutual funds reach ₦9.78 trillion in September as unitholders reach 1.56 million
Money market funds hold two-thirds of the industry, while dollar funds keep losing share.
Key findings
- Mutual fund assets rose 1.87% in September to ₦9.78 trillion, from ₦9.57 trillion in August.
- Assets were about 43.0% higher than the ₦6.84 trillion of September 2025.
- Money market funds held ₦6.58 trillion, 67.26% of the total.
- Dollar funds' share fell to 17.84% from 28.22% a year earlier.
- Unitholders reached 1,563,980, up from 960,403 a year before.
Nigeria's registered collective investment schemes held ₦9.78 trillion of net assets at the end of September 2026, up 1.87% from ₦9.57 trillion in August, according to the Securities and Exchange Commission's monthly net asset value report, as compiled in Dataminal's mutual funds data. It is the highest total in the series, and about 43.0% above the ₦6.84 trillion of September 2025.
The SEC's September report lists 228 funds, up from 210 in August, and 1,563,980 unitholders, against 960,403 a year earlier.
- Mutual fund net assets
- ₦9.78 trillion
- Unitholders
- 1,563,980
Where the money sits
Money market funds remain the core of the industry. They held ₦6.58 trillion in September, 2.03% more than in August and 67.26% of all assets. Their appeal rests on short-term naira yields, which have stayed high since the Monetary Policy Committee's October cut: the CBN's six-month Treasury bill still cleared at 15.79% on 11 November.
Dollar funds moved the other way in relative terms. They held ₦1.75 trillion, and their share of the industry fell to 17.84% from 28.22% a year earlier, as naira funds grew much faster. Equity funds, still small, rose 4.21% in the month to ₦243.57 billion.
| Class | Net assets | Share of total |
|---|---|---|
| Money market | ₦6.58 trillion | 67.26% |
| Dollar | ₦1.75 trillion | 17.84% |
| Equity | ₦243.57 billion | 2.49% |
| All funds | ₦9.78 trillion | 100.0% |
Why it matters
Mutual funds have become one of the main routes by which Nigerian households and firms reach government and money-market yields. The concentration in money market funds means the industry's growth is closely tied to where short-term rates go next, and a sustained fall in bill rates would test whether investors stay or move to other classes.
What to watch
- The SEC's October report, the first full month after the MPC cut.
- Whether money market funds keep their share as Treasury bill rates move.
- Flows into equity funds alongside listed companies' nine-month results.
- Dollar fund assets as the naira's official rate moves.
Methodology
All figures come from Dataminal's mutual funds dataset, built from the Securities and Exchange Commission's monthly net asset value reports for collective investment schemes, using the class totals as filed. The year-on-year change is Dataminal's calculation from the September 2025 and September 2026 totals, rounded to trillions of naira.