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2022: the board for the year

92 funds ranked on the return made over calendar 2022 — the last filing of 2021 against the last filing of 2022. Every fund that filed with the Commission that year is here, including the ones that have since closed. Led by Stanbic IBTC ETF 30 Fund at +52.1%.

Return over calendar 2022. A fund that holds its unit price flat and files an annualised yield is measured by compounding that yield; every other fund by its unit price. The same arithmetic the board uses for its calendar-year column.
#	Fund	2022
1	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	+52.1%
2	VI ETFVetiva Fund Managers Limited · ETF	+19.2%
3	PACAM Eurobond FundPAC Asset Management Limited · Dollar	+17.5%
4	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Dollar	+17.0%
5	FSDH Dollar FundFSDH Asset Management Ltd · Dollar	+15.7%
6	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	+15.5%
7	Lotus Halal Investment FundLotus Capital Limited · Shari'ah	+15.3%
8	Legacy Equity Fund (now FCMBAM Equity Fund)First City Asset Management Limited · Equity	+15.1%
9	Afrinvest Equity FundAfrinvest Asset Mgt Ltd. · Equity	+14.8%
10	FBN Balanced Fund (now First Asset Balanced Fund)FBNQuest Asset Management Limited · Balanced	+13.9%
11	ARM Eurobond FundAsset & Resources Mgt. Co. Ltd · Dollar	+13.7%
12	United Capital Eurobond Fund (now United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Dollar	+13.5%
13	SFS Real Estate Investment Trust FundSFS Capital Nigeria Ltd · Real Estate	+13.4%
14	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	+12.6%
15	Lotus Capital Halal ETF (no longer filing)Lotus Capital Limited · ETF	+11.3%
16	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+11.2%
17	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	+10.9%
18	ARM Ethical Fund (now ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+10.7%
19	Cordros Dollar FundCordros Asset Management Limited · Dollar	+10.5%
20	FBN Nigeria Smart Beta Equity Fund (now First Asset Nigeria Smart Beta Equity Fund)FBNQuest Asset Management Limited · Equity	+10.3%
21	ARM Discovery Balanced FundAsset & Resources Mgt. Co. Ltd · Balanced	+10.0%
22	ARM Fixed Income FundAsset & Resources Mgt. Co. Ltd · Fixed Income	+9.7%
23	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+9.3%
24	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	+8.9%
25	Emerging Africa Eurobond FundEmerging Africa Asset Management Limited · Dollar	+8.9%
26	Legacy USD Bond Fund (now FCMBAM USD Bond Fund)First City Asset Management Limited · Dollar	+8.6%
27	Vantage Balanced Fund (now Guaranty Trust Balanced Fund)Guaranty Trust Fund Managers · Balanced	+8.4%
28	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	+8.2%
29	Coral Balanced Fund (Coral Growth Fund)FSDH Asset Management Ltd · Balanced	+8.2%
30	Stanbic IBTC Enhanced Short-Term Fixed Income FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+8.1%
31	Nova Hybrid Balanced FundNovambl Asset Management · Balanced	+7.8%
32	AIICO Balanced FundAIICO Capital Ltd · Balanced	+7.6%
33	Anchoria Fixed Income FundAnchoria Asset Management Limited · Fixed Income	+7.4%
34	Stanbic IBTC Absolute Fund (Sub Fund) (no longer filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+7.4%
35	GDL Canary Growth FundGrowth & Development Asset Management Limited · Balanced	+7.2%
36	ESG Impact FundZenith Asset Management Ltd. · Specialist	+7.1%
37	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+7.0%
38	Lead Balanced FundLead Asset Management Limited · Balanced	+6.9%
39	FBN Dollar Fund (Retail) (now First Asset Dollar Fund (Retail))FBNQuest Asset Management Limited · Dollar	+6.8%
40	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+6.6%
41	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+6.5%
42	Capital Express Balanced FundCapital Express Asset and Trust Limited · Balanced	+6.3%
43	FBN Halal Fund (now First Asset Halal Fund)FBNQuest Asset Management Limited · Shari'ah	+6.2%
44	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.2%
45	VG 30 ETFVetiva Fund Managers Limited · ETF	+5.6%
46	FBN Bond Fund (FBN Fixed Income Fund) (now First Asset Bond Fund)FBNQuest Asset Management Limited · Fixed Income	+5.4%
47	Balanced Strategy Fund (now Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	+4.6%
48	Futureview Equity FundFutureview Asset Management Limited · Equity	+4.5%
49	Cordros Milestone FundCordros Asset Management Limited · Balanced	+4.3%
50	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+4.3%
51	VETBANK ETFVetiva Fund Managers Limited · ETF	+4.2%
52	Anchoria Equity FundAnchoria Asset Management Limited · Equity	+4.1%
53	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+4.0%
54	Stanbic IBTC Infrastructure Fund (no longer filing)Stanbic IBTC Asset Mgt.Limited · Real Estate	+4.0%
55	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+3.5%
56	Stanbic IBTC Shariah Fixed Income FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+3.5%
57	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	+2.8%
58	United Capital Sukuk FundUnited Capital Asset Mgt. Ltd · Shari'ah	+2.8%
59	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+2.6%
60	Core Value Mixed Fund (no longer filing)Core Asset Management Limited · Balanced	+2.4%
61	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	+2.3%
62	Emerging Africa Bond FundEmerging Africa Asset Management Limited · Fixed Income	+2.2%
63	Lotus Capital Fixed Income Fund (now Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+1.9%
64	PACAM Equity FundPAC Asset Management Limited · Equity	+1.9%
65	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	+1.9%
66	Norrenberger Islamic FundNorrenberger Investment & Capital Mgt. Ltd. · Shari'ah	+1.8%
67	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	+1.7%
68	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+1.6%
69	Kedari Investment Fund (KIF) (no longer filing)Guaranty Trust Fund Managers · Fixed Income	+1.3%
70	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+1.2%
71	VCG ETFVetiva Fund Managers Limited · ETF	+0.9%
72	PACAM Balanced FundPAC Asset Management Limited · Balanced	+0.7%
73	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	+0.7%
74	Nigeria Infrastructure Debt Fund (NIDF)Chapel Hill Denham Management Limited · Real Estate	+0.3%
75	CardinalStone Fixed Income Alpha FundCardinalStone Asset Mgt. Limited · Fixed Income	−0.2%
76	United Capital Fixed Income FundUnited Capital Asset Mgt. Ltd · Fixed Income	−0.3%
77	Nova Dollar Fixed Income FundNovambl Asset Management · Dollar	−0.4%
78	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	−0.8%
79	Greenwich ALPHA ETFGreenwich Asset Management Limited · ETF	−1.2%
80	Vantage Equity Income Fund (now Guaranty Trust Equity Income Fund)Guaranty Trust Fund Managers · Equity	−1.6%
81	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	−2.0%
82	Emerging Africa Balanced-Diversity Fund (Gender/Diversity) (no longer filing)Emerging Africa Asset Management Limited · Balanced	−3.6%
83	Frontier FundSCM Capital Limited · Equity	−3.7%
84	Coronation Balanced FundCoronation Asset Management · Balanced	−4.3%
85	Zenith Income FundZenith Asset Management Ltd · Fixed Income	−5.4%
86	GDL Income FundGrowth & Development Asset Management Limited · Fixed Income	−9.0%
87	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	−9.1%
88	Legacy Debt Fund (now FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	−10.8%
89	UPDC Real Estate Investment TrustStanbic IBTC Asset Mgt. Limited · Real Estate	−14.9%
90	Meristem Value ETFMeristem Wealth Management Limited · ETF	−19.4%
91	Meristem Growth ETFMeristem Wealth Management Limited · ETF	−20.5%
92	Greenwich Balanced Fund (Nigeria Entertainment)Greenwich Asset Management Limited · Balanced	−23.5%

Filed in 2022, not ranked

57 funds with no figure for the whole year. A dash needs a reason, so each one says why. 33 of them are money market and other flat-price funds, whose return is the yield they file rather than a price move; the Commission’s return only began carrying a yield column in March 2023, so those funds have no honest figure for 2022, and a flat price is not a return of zero.

AIICO Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
ARM Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
ARM Short Term Bond Fund started filing during the year
AVA GAM Fixed Income Dollar Fund a break in its filings spans the year
AVA GAM Fixed Income Fund a break in its filings spans the year
AXA Mansard Dollar Bond Fund started filing during the year
AXA Mansard Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Abacus Money Market Fund (now Guaranty Trust Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Afrinvest Dollar Fund a break in its filings spans the year
Afrinvest Plutus Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Anchoria Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
CapitalTrust Halal Fixed Income Fund started filing during the year
Chapel Hill Denham Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Coral Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Cordros Fixed Income Fund started filing during the year
Cordros Halal Fixed Income Fund started filing during the year
Cordros Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Core Investment Money Market Fund (no longer filing) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Coronation Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
DLM Fixed Income Fund started filing during the year
EDC Balanced Fund started filing during the year
EDC Halal Fund started filing during the year
EDC Money Market Fund Class A held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
EDC Money Market Fund Class B held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Emerging Africa Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
FAAM Money Market Fund (now First Ally Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
FBN Dollar Fund (FBN Eurobond ) - Institutional (no longer filing) a filing is missing at one edge of the year
FBN Money Market Fund (now First Asset Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Futureview Dollar Fund started filing during the year
GDL Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Greenwich Plus Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Legacy Money Market Fund (now FCMBAM Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Meristem Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
New Gold ETF a break in its filings spans the year
Nigeria Bond Fund started filing during the year
Nigeria Dollar Income Fund a break in its filings spans the year
Nigeria Energy Sector Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Nigeria Real Estate Investment Trust held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Norrenberger Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Nova Prime Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
PACAM Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Stanbic IBTC Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Trustbanc Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
UBA Nom-Cowry Balanced Fund (now Cowry Balanced Fund) started filing during the year
UBA Nom-Cowry Equity Fund (now Cowry Equity Fund) started filing during the year
UBA Nom-Cowry Fixed Income Fund (now Cowry Fixed Income Fund) started filing during the year
Union Homes REITS held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
United Capital Infrastructure Fund started filing during the year
United Capital Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
United Capital Wealth for Women Fund a filing is missing at one edge of the year
United Capital Wealth for Women Fund (Gender/Diversity) (no longer filing) a filing is missing at one edge of the year
ValuAlliance Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Vantage Dollar Fund (no longer filing) a break in its filings spans the year
Vantage Guaranteed Income Fund (now Guaranty Trust Fixed Income Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Vetiva Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Women's Balanced Fund (no longer filing) a break in its filings spans the year
Zenith Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023

Built from the weekly return the SEC publishes, as it stood at the 2026-08-14 filing. A fund that changed its name is ranked once, under the name it filed in 2022.