Nigeria's Equity Mutual Funds See NAV Drop Amid Growth

As of August 28, 2026, Nigeria's equity mutual fund segment reported a net asset value (NAV) of N230.50 billion, reflecting a decrease of 4.51% from N241.38 billion at the end of July 2026. This decline was attributed to renewed market volatility affecting previous gains.

According to Nairametrics Research's analysis of Securities and Exchange Commission data, the segment now includes 22 funds, up from 21 in July, and represents 2.41% of Nigeria's total mutual fund assets, down from 2.57% in July. The top 10 performing equity mutual funds achieved year-to-date returns between 46.64% and 82.36%.

Notably, the Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, had a YTD return of 46.64%, while the AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, recorded a YTD return of 47.41%. The ARM Aggressive Growth Fund, managed by ARM Investment Managers Limited, debuted in the top 10 with a YTD return of 52.10%.

The total number of unitholders in the equity mutual fund segment rose to 127,837 in August, marking a 5.38% increase.