SFS Capital Nigeria Limited says it has inaugurated a collective investment scheme aimed at giving investors a minimum return of 12 per cent per annum.

The company, a member of the Skye Financial Services Group, said in a statement on Friday that based on the SFS Fixed Income Fund’s prospectus, “the fund has a target to give all investors a minimum return of 12 per cent p.a. irrespective of the time of entry and exit. Provided funds remain with the fund manager for at least one month. Exit from the investment takes maximum of five days after a request is made.”

It explained that the fund invests exclusively in fixed income products such as Federal Government Bonds and Central Bank of Nigeria Treasury Bills (with ‘AAA’ rating) and blue chip corporate bonds and commercial papers with a minimum of ‘A’ rating.

“Other parties to the fund include: Skye Trustees (trustees), Skye Bank Plc (receiving bank), Securities Africa Financial Services (stockbroker) and Stanbic IBTC Plc (custodian),” it added.

According to the statement, the investment product utilises the NIBSS standing instruction platform, which enables both local and international investors participate in the investment process through standing instructions from any Nigerian bank with as low as N10,000.

Meanwhile, equities on the Nigerian Stock Exchange edged higher on Friday sending major market indicators up.

The NSE All-Share Index rose by 0.70 per cent to close at 39,831.83 basis points, as against the 1.15 per cent appreciation it recorded the previous day, which saw it close at 39,553.00 basis points on Thursday.

Similarly, the market capitalisation of the listed equities rose by N92bn to close at N13.152tn, up from N13.060tn the previous day.

A review of the sectoral indices showed that the NSE Oil and Gas Index rose the highest. It gained 7.27 per cent to close at 374.17 basis points, from 143.15 basis points.

On the other hand, the NSE Banking Index, which declined marginally by 0.07 per cent to close at 412.17 basis points, was the worst hit.

A total of 33 equities recorded price appreciation on Friday, while 19 stocks recorded price depreciation.

Forte Oil Plc and Oando Plc led the gainers’ table, rising by 10.25 per cent and 9.41 per cent to close at 186.54 and N20 per share, respectively.

On the other hand, Caverton Offshore Support Group Plc and Courtville Business Solutions Plc led the gainers after they shed 9.54 per cent and 9.52 per cent to close at N7.02 and 57 kobo per share in that order.

Source: Punch (by Simon Ejembi)