Best performing money market funds in Nigeria as of October 2026

The First Ally Money Market Fund retained the top spot in Nigeria’s money market fund rankings in October 2026 with a YTD yield of 21.17%, as the broader segment expanded its net asset value to N6.90 trillion as of October 30, 2026, up 5.05% from N6.56 trillion recorded in September.

Securities and Exchange Commission (SEC) data reviewed by Nairametrics Research reveals that the segment now comprises 50 funds, following the addition of Custodian Money Market Fund as a new entrant, and accounts for 68.31% of Nigeria’s total mutual fund assets, which stood at N10.09 trillion as of the reference date.

Nigerian investors continue to turn to money market funds for stability, with capital flowing into instruments that prioritize capital preservation and offer relatively dependable returns.

By investing in short-term, high-quality securities, these funds provide retail and institutional investors with relatively easy access to their money while offering competitive yields.

Even as fixed-income yields have moderated, partly reflecting the Central Bank of Nigeria’s decision to reduce the Monetary Policy Rate from 26.5% to 23% in September 2026, money market funds continue to offer attractive returns, sustaining investor interest in low-risk, liquid investment options.

Money market funds continue to draw strong participation from both retail and institutional investors, highlighting their appeal as stable, relatively low-risk and liquid investment vehicles.

Yields at the top of the table eased during the month. Six of the seven funds that remained in the top 10 recorded lower YTD yields than in September, and the entry threshold for the top 10 slipped to 18.93% from 19.01%.

The STL Money Market Fund, managed by STL Asset Management Limited, recorded a YTD yield of 18.93%, slipping five places from fifth in September to tenth in October, the steepest ranking decline among the funds that remained in the top 10.

The fund is managed by STL Asset Management Limited, headed by Managing Director Ahmed Olaitan Banu. The company is affiliated with STL Trustees Limited, led by Managing Director and Chief Executive Officer Funmi Ekundayo. The fund has N23.87 billion in assets, serving 2,352 unitholders at a unit price of N100.

STL narrowly held its place, finishing 0.01 percentage point ahead of Comercio Partners Money Market Fund, which ranked 11th with 18.92%.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N946,645 in returns, bringing their total to N5,946,645.

STL has now featured in all ten monthly top 10 rankings in 2026.

The Apel Wealth Money Market Fund, managed by Apel Wealth Management Limited, recorded a YTD yield of 18.98%, retaining its ninth position from September.

The fund is part of Apel Group, headed by Group Chief Executive Officer Peter Aletor, while its manager, Apel Wealth Management Limited, is led by Managing Director Oluwatosin Ayokunle-Olubunmi. The fund has N1.89 billion in assets, with 246 unitholders and a unit price of N100.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N948,980 in returns, bringing their total to N5,948,980.

Apel Wealth has featured in the top 10 for three consecutive months since entering the ranking in August.

The Zedcrest Money Market Fund, managed by Zedcrest Investment Managers Limited, recorded a YTD yield of 19.12%, returning to the top 10 in October after last featuring in July.

The fund is part of Zedcrest Group, headed by Group Managing Director and Chief Executive Officer Adedayo Amzat, while its manager, Zedcrest Investment Managers Limited, is led by Managing Director Renah Osiemi.

The fund has N24.51 billion in assets, serving 11,978 unitholders at a unit price of N1.00, making it the second most widely held fund in the top 10 after Coronation.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N956,000 in returns, bringing their total to N5,956,000.

Zedcrest has featured in five of the ten monthly top 10 rankings in 2026.

The CardinalStone Money Market Fund, managed by CardinalStone Asset Management Limited, recorded a YTD yield of 19.38%, retaining its seventh position from September and rising 0.07 percentage point from 19.31%, the only fund among the seven that remained in the top 10 to record a higher YTD yield than in September.

The fund is part of CardinalStone Group, led by Group Managing Director Michael Nzewi, while its manager, CardinalStone Asset Management Limited, is headed by Managing Director Oluwaseyi Osunlalu. The fund has N39.62 billion in assets, serving 3,081 unitholders at a unit price of N1.00.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N969,000 in returns, bringing their total to N5,969,000.

CardinalStone has featured in the top 10 in eight of the ten months tracked in 2026, missing only March and April.

The Custodian Money Market Fund, managed by Custodian Asset Management Limited, recorded a YTD yield of 19.52%, making its debut in the top 10 in October as a new entrant to the segment.

The fund is part of Custodian Investment Plc, headed by Group Managing Director Wole Oshin, while its manager, Custodian Asset Management Limited, is led by Managing Director and Chief Executive Officer Opeyemi Agunbiade.

The fund has N1.13 billion in assets, serving 21 unitholders at a unit price of N1.00, the fewest unitholders among the ten funds in this ranking. It finished 0.01 percentage point behind Page Money Market Fund.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N976,000 in returns, bringing their total to N5,976,000.

The Page Money Market Fund, managed by Page Asset Management Limited, recorded a YTD yield of 19.53%, returning to the top 10 in October after last featuring in August.

The fund is led by Managing Director Toyin Akinde. It has N2.47 billion in assets, serving 350 unitholders at a unit price of N1.00.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N976,500 in returns, bringing their total to N5,976,500.

Page has featured in eight of the ten monthly top 10 rankings in 2026, missing only July and September.

The RT Briscoe Savings & Investment Fund, managed by DLM Asset Management Limited, recorded a YTD yield of 20.19%, retaining its fourth position from September.

The fund is sponsored by RT Briscoe Nigeria Plc, headed by Group Managing Director Seyi Onajide, and managed by DLM Asset Management Limited, led by Managing Director Kelechi Eke. The fund has N736.06 million in assets, serving 75 unitholders at a unit price of N1,000, making it the smallest fund in the top 10 by assets.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,009,645 in returns, bringing their total to N6,009,645.

RT Briscoe has appeared in nine of the ten monthly top 10 rankings in 2026, missing only March.

The Coronation Money Market Fund, managed by Coronation Asset Management Limited, recorded a YTD yield of 20.31%, slipping one place from second in September to third in October as its yield fell 0.80 percentage point from 21.11%, the largest decline among the funds that remained in the top 10.

The fund sits within Coronation Asset Management, under the leadership of Managing Director Aigbovbioise Aig-Imoukhuede. It manages N126.28 billion in assets across 24,716 unitholders at a unit price of N1.00, making it the largest fund in this ranking by assets under management and the most widely held among the top 10.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,015,500 in returns, bringing their total to N6,015,500.

Coronation has now featured in the top 10 for seven consecutive months since April.

The DLM Money Market Fund, managed by DLM Asset Management Limited, recorded a YTD yield of 20.47%, rising one place from third in September to second in October.

The fund is part of DLM Capital Group, headed by Group Chief Executive Officer Sonnie Ayere, while its manager, DLM Asset Management Limited, is led by Managing Director Kelechi Eke. The fund has N5.59 billion in assets, serving 531 unitholders at a unit price of N1,000.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,023,296 in returns, bringing their total to N6,023,296.

DLM has appeared in every top 10 ranking from January through October 2026. Alongside STL Money Market Fund, it is now one of only two funds with a perfect ten-month record.

Leading the October 2026 ranking is the First Ally Money Market Fund, managed by First Ally Asset Management Limited, with a YTD yield of 21.17%, retaining the top spot for a second consecutive month despite a 0.26 percentage point decline from 21.43% in September.

The fund is part of First Ally Capital Group, led by Group Managing Director and Chief Executive Officer Ebenezer Olufowose, while its manager, First Ally Asset Management Limited, is headed by Managing Director Olumayowa Ogunwemimo. The fund had N15.87 billion in assets, down from N16.36 billion in September, while unitholders rose to 3,282 from 3,036, at a unit price of N1.00.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,058,500 in returns, bringing their total to N6,058,500, the highest return among the ten funds in this ranking.

First Ally led DLM, the second-placed fund, by 0.70 percentage point. It has featured in the top 10 in four of the ten months tracked in 2026, in April, June, September, and October.

A review of the money market fund segment in September 2026 revealed several trends that set the stage for the performance recorded in October.

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