Methodology

Every figure on AfriRadar comes from the weekly valuation report that the Securities and Exchange Commission (SEC), Nigeria, publishes for collective investment schemes. This page explains how we read it and what the numbers mean.

The source

SEC publishes one Excel report a week on its website. Each report lists the collective investment schemes it covers, grouped by category, with the fund manager, net asset value, bid and offer prices, number of unitholders and two yield figures.

How we read it

A script checks SEC's page every day. When a new report appears, it downloads it, keeps an exact copy and reads the current week's columns by their headings. Before anything is published, it checks that:

  • the date in the report's title matches the date on the current week's columns;
  • the funds in each category add up to the sub-total SEC prints for that category;
  • each category total matches SEC's own category summary sheet;
  • the money market section is made up of money market funds.

If any check fails, nothing from that report is published, the site keeps the last report that passed, and we read the report by hand. When SEC uploads a corrected report for a week it has already published, we use its latest upload.

What the numbers mean

  • Fund size is the net asset value SEC reports for the fund, in naira, and in dollars where SEC gives a dollar figure.
  • Unitholders is the number of investors SEC reports for the fund.
  • Manager is the fund manager as SEC names it, tidied so each manager appears under one name: we leave out "Limited" and "Ltd", write "Mgt." in full and fix plain typing slips. The CSV download keeps SEC's spelling in its manager_as_printed column.
  • Yield: SEC's report has a week-to-date and a year-to-date yield column, filled in by each fund manager. For money market funds we show the year-to-date column as the reported yield. For other categories we show both columns as reported, and a blank means SEC printed no figure.
  • Change is the difference from the previous week's reported yield, in percentage points.
  • Not reported means the manager sent no money market yield, or a zero, for that week.
  • †: a few managers type a yield as a whole number, such as 17.5 instead of 0.175. For money market, bond and dollar funds we treat any yield above 150% as such a slip, divide it by 100 and mark that column.
  • ‡: we do not show a figure that cannot be a real yield. That means anything still above 150% for money market, bond and dollar funds after the step above, anything above 500% for other funds, and any negative money market yield. The cell reads "Not shown", and the figure SEC printed stays in the CSV download.

What we do not do

We do not rate funds, recommend funds or accept payment to change any figure. Sorting a table by yield shows what managers reported and nothing more. A fund's past yield does not promise its future yield.

History

Our archive starts with SEC's report for the week ended 3 January 2025 and grows every week. Every category page has the full history as a CSV download.

Corrections

If you spot an error, email hello@afriradar.com with the page and the figure. We check it against SEC's report and fix it.