By Modupe Gbadeyanka
Fifty million units of Abacus Money Market Fund have been admitted by the Nigerian Stock Exchange (NSE).
The Abacus Money Market Fund was listed last week on the NSE at the unit price of N100 by way of memorandum listing.
The fund is open-ended tailored for investors seeking preservation of capital and short-term competitive return.
“The Abacus Unit Trust Scheme was one of the oldest mutual funds in Nigeria and after the successful EGM in December 2016, we obtained approval from unit holders to convert to a money market fund, which is being listed at the exchange today,” Managing Director of Investment One Funds Management Limited, Mrs Tope Omojokun, said at the listing last Tuesday.
She stressed the need for increased retail investors’ participation in mutual funds, noting that the Abacus Money Market Fund invests in asset classes that offer investors steady income.
The Abacus Money Market Fund was authorised and registered by the Securities and Exchange Commission (SEC) on November 28, 1990 as Abacus Unit Trust Scheme.
Investment One Funds Management Limited was later appointed by the trustee and approved by SEC in 2014 to act as fund manager to the fund.
At the event were Dr Ore Sofekun, Managing Director of Vencap Limited; Mrs Tope Omojokun, Managing Director, Investment-one Funds Management Limited; Mr Bola Adeeko, Head, Shared Services at the NSE; and Mrs Adejoke Chukwuma, Chairperson, Investment-one Funds Management Limited.
Others were Mr Tony Ibeziako, Acting Head, Listings Business Division, NSE; Mr Azubuike Okonkwo, Director, Investment-One Funds Management Limited; and Mrs Gbemi Adelekan, Director, Investment-One Funds Management Limited.
Aduragbemi Omiyale 
Dipo Olowookere