Norrenberger Lists Islamic, Turbo Funds On Nigerian Exchange

Norrenberger, a leading asset management firm, has listed its Islamic Fund (NIF) and the Norrenberger Turbo Fund (NTF) on the Nigerian Exchange Limited (NGX).

Both funds, which are collective investment schemes (CIS) registered with the Securities and Exchange Commission (SEC), aim to provide investors with structured options within fixed-income investments.

The Norrenberger Islamic Fund, launched in May 2021, is structured for investors with a preference for Shariah-compliant investments. Targeting individuals with a conservative risk appetite, the NIF offers returns above traditional Shariah-compliant fixed deposits. Approximately 75 percent of the fund is allocated to Sukuk bonds, while the rest is diversified across other Shariah-compliant fixed-income assets. To invest in the NIF, individuals need a minimum of 50 units, with additional investments possible in multiples of 10 units. By July 2024, the fund had reached a total asset size of ₦1.04 billion, and it is benchmarked against Nigeria’s 3-year federal government bond (FGN bond).

The fund’s breakdown includes 19 percent invested in Mudarabah, a financing model where investors entrust funds to skilled managers to yield non-interest returns, and four percent in Ijarah, which allows asset leasing with periodic rental payments. Another two percent is held in cash, while the remainder is invested in Murabaha, a model that allows agreed-upon profit margins to provide investment transparency.

Norrenberger’s Turbo Fund (NTF), launched in November 2023, focuses primarily on fixed-income securities, including bonds and money market instruments. As of September 2023, the NTF managed assets totalling ₦1.68 billion, with an investment entry of ₦5,000 and additional investments of ₦1,000. Like the NIF, the Turbo Fund is also benchmarked against the 3-year FGN bond, recording a year-to-date yield of 13.66 percent as of September, though this was 5.35 percent below its benchmark.

With the listing of these two funds, Norrenberger’s offerings bring the total number of mutual fund securities on the NGX to 22, providing Nigerian investors broader access to Shariah-compliant and fixed-income-focused investment opportunities.