One of Nigeria’s leading independent investment banking firm, Afrinvest, has introduced Dollar Fund, wooing investors with dollars or its equivalent in naira sitting in their bank accounts to put in as little as $1000.
According to Ike Chioke, the Managing Director of Afrinvest, the fund is for a short to medium term (1 to 3 years) with capital appreciation, competitive returns, diversified portfolio and regular and steady income stream as benefits.
He explained, “The fund is an open-ended mutual fund which invests in dollar-denominated fixed income securities of the Nigerian government and corporate issuers.
“The objective of the fund is to achieve income generation and capital appreciation in the short to medium term (1-3 years).”
He added that the fund was open to both individual and institutional investors (local and foreign), noting that those with upcoming dollar obligations in form of school fees, medical treatment, business and personal travel, and training can take advantage of the opportunity to store up value.
“For investors with dollars liquidity sitting in the bank accounts, the fund is designed to deliver significantly higher returns that what is presently obtainable from a commercial bank.
“Importantly, while the amount required for access into the Eurobond market is $200,000, investors can now through the fund enjoy most of the benefits of a thriving international fixed income market with as little as $1000,” said Chioke.
According to Afrinvest, interest on the fund will be paid twice a year with a minimum holding period of 180 days.
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