Economy
FBN Capital Asset Mgt Becomes 3rd Largest Mutual Fund Manager in Nigeria
By Quantitative Financial Analytics
In one of our earlier analysis, we did warn that unless FBN Capital Asset Management found a way to stem the trend in redemptions taking place in its flagship fund, the FBN Money Market Fund, that the fund manager would lose their position as the second largest mutual fund manager in Nigeria.
True to our prediction, that has just happened.
Analysts at Quantitative Financial Analytics have determined that going by the data just released by the Security and Exchange Commission (SEC), FBN Capital Asset Management is now in the third position in the ranking of mutual fund managers by AUM.
The second position has been taken over by FSDH Asset Management.
FBN Capital Asset Management lost that enviable position not due to lack of performance as our analysis reveals that all the funds under its management made profits in 2016 except FBN Fixed Income Fund.
Then and Now
Per available records, on December 31, 2015, FBN Capital Asset Management was solidly at the second position with 30.83% of the total mutual funds AUM under its management, only 0.41% shy of Stanbic IBTC Asset Management’s 31.24% AUM share as the industry leader and 17.8% more than the 13.03% AUM share held by FSDH Asset Management in the 3rd place. That was then, this is now.
As at December 30th 2016, FBN Capital Asset Management controlled 14.43% of mutual funds AUM, down 16.6% from previous year.
FSDH Asset Management now holds 15.52%, up 2.49% when compared with last year’s.
The positional loss was due to redemptions from FBN Money Market fund which recorded an estimated N48 billion in net outflow.
Unfortunately, the three new funds launched by the fund manager (FBN Nigeria Smart Beta Fund, FBN Nigeria Eurobond USD Fund Retail and Institutional) could not change the dynamics.
On the other hand, FSDH Asset Management assumed the second position because of a combination of marginal performance and an estimated net inflow of about N120 million.
Blame it on Yield Hungry Investors
As noted in our earlier analysis, of the three largest money market mutual funds (FBN, ARM and Stanbic IBTC), FBN money market fund boasts of the lowest yield.
One thing about yield hunting Nigerian investors is that they love their yield and they go after it wherever it may be found.
Around October 2015, when FBN Money market fund offered the highest yield among money market funds and instruments, it became the largest fund in the industry by value. It was then valued at about N54 billion, but as its yield took a dive, so did its value and that of the Fund manager.
Diversification and Vulnerabilities
FBN Capital Asset Management currently manages 6 mutual funds which together represent about 14.4% of total mutual funds’ assets. 10.9% of the 14.4% is in the money market fund while FSDH Asset Management has 3 mutual funds whose total value represent 15.5% of total mutual fund asset. 13.8% of the 15.5% is in the UPDC Real Estate Investment fund. These two fund managers are therefore very vulnerable to the fortunes or otherwise of the single funds that make up a considerable portion of their AUM.
Reversal in Sight
The “tug of war” between FBN Capital Asset Management and FSDH Asset Management is not new. History has it that on March 27th 2015, FSDH was at the second position with 18.61% of mutual funds’ Assets while FBN held the 3rd position with 17.58% but by April 30th 2015, FBN had taken the second position.
It will not be a thing of surprise if FBN Capital Asset Management regains its second position in no distant time. We are watching.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has introduced a comprehensive revision of minimum capital requirements for nearly all capital market operators, marking the most significant overhaul since 2015.
The changes, outlined in a circular issued on January 16, 2026, obtained from its website on Friday, replace the previous regime. Operators have been given until June 30, 2027, to comply.
The SEC stated that the reforms aim to strengthen market resilience, enhance investor protection, discourage undercapitalised operators, and align capital adequacy with the evolving risk profile of market activities.
According to the circular, “The revised framework applies to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers.”
Some of the key highlights of the new reforms include increment of minimum capital for brokers from N200 million to N600 million while for dealers, it was raised to N1 billion from N100 million.
For broker-dealers, they are to get N2 billion instead of the previous N300 million, reflecting multi-role exposure across trading, execution, and margin lending.
The agency said fund and portfolio managers with assets above N20 billion must hold N5 billion, while mid-tier managers must maintain N2 billion with private equity and venture capital firms to have N500 million and N200 million, respectively.
There was also dynamic rule as firms managing assets above N100 billion must hold at least 10 per cent of assets under management as capital.
“Digital asset firms, previously in a regulatory grey area, are now fully covered: digital exchanges and custodians must maintain N2 billion each, while tokenisation platforms and intermediaries face thresholds of N500 million to N1 billion. Robo-advisers must hold N100 million.
“Other segments are also affected: issuing houses offering full underwriting services must hold N7 billion, advisory-only firms N2 billion, registrars N2.5 billion, trustees N2 billion, underwriters N5 billion, and individual investment advisers N10 million. Market infrastructure providers carry some of the highest obligations, with composite exchanges and central counterparties required to maintain N10 billion each, and clearinghouses N5 billion,” the SEC added.
By Aduragbemi Omiyale
The founder and chief executive of Austin Laz and Company Plc, Mr Asimonye Austin Lazarus Azubuike, has sold off about 52.24 million shares of the organisation.
The stocks were offloaded in 11 tranches at an average price of N4.36 per unit, amounting to about N227.8 million.
The transactions occurred between December 2025 and January 2026, according to a notice filed by the company to the Nigerian Exchange (NGX) Limited on Friday.
Business Post reports that Austin Laz is known for producing ice block machines, aluminium roofing, thermoplastics coolers, PVC windows and doors, ice cream machines, and disposable plates.
The firm evolved from refrigeration sales to diverse manufacturing since its incorporation in 1982 in Benin City, Edo State, though facing recent operational halts.
According to the statement signed by company secretary, Ifeanyi Offor & Associates, Mr Azubuike first sold 1.5 million units of the equities at N2.42, and then offloaded 2.4 million units at N2.65, and 2.0 million units at N2.65.
In another tranche, he sold another 2.0 million units at a unit price of N2.91, and then 5.0 million units at N3.52, as well as about 4.5 million at N3.87 per share.
It was further disclosed that the owner of the company also sold 9.0 million shares at N4.25, and offloaded another 368,411 units at N4.66, then in another transaction sold about 6.9 million units at N4.67.
In the last two transactions he carried out, Mr Azubuike first traded 10.0 million units equities at N5.13, with the last being 8.5 million stocks sold at N5.64 per unit.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
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