Fund Management Products Rules and Regulations in Nigeria Released by SEC

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Wednesday, January 27, 2021 / 2:37 PM / By SEC / Header Image Credit: Financial Regulation


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The RULE on FUND MANAGEMENT PRODUCTS in Nigeria

New Rules and Sundry Amendments as at January 21, 2021 (PDF)


  1. No person or entity shall operate any product that pools investors' monies, including discretionary or non-discretionary portfolios/funds except such person or entity is registered as a fund/portfolio manager.
  2. No fund/portfolio manager shall develop and operate any product, discretionary or nondiscretionary portfolio/fund without the Commission's prior approval or 'no objection'. 
  3. No fund/portfolio manager shall advertise, market, or attract investors to the existence of any product, discretionary or non-discretionary portfolio/fund other than registered collective investment schemes.
  4. Every fund/portfolio manager shall submit quarterly returns and annual reports in respect of all products, discretionary or non-discretionary portfolios/funds, in a form as determined by the Commission.
  5. Any person or entity that contravenes this rule shall be liable to any one or more of the following sanctions -

  • A penalty of not less than N500,000 (Five hundred thousand naira) and a further sum of N10,000 (Ten thousand naira) for every day the violation continues in respect of each product, discretionary or non-discretionary fund/portfolio under management;
  • Suspension of registration;
  • Withdrawal of registration;
  • Disgorgement of proceeds/income from the product, discretionary or nondiscretionary portfolio/fund;
  • Any other sanction the Commission deems fit in the circumstance.


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