The 'Ghost Funds' of the NGX: Listed Investments With Prices Frozen Since 2010

The NGX Data Library contains a document most investors have never opened: the List of Memorandum Quotations.

It is a list of mutual funds, unit trusts and a few bonds that are quoted on the Nigerian Exchange but don't trade like ordinary shares. Each line shows an offer price, a bid price and a "Last Updated" date.

In the 26 October 2026 edition, some of those dates are more than a decade old.

Funds whose NGX quote hasn't changed in years

Some of these deserve a closer look:

• Intercontinental Integrity Fund carries the name of Intercontinental Bank, which was acquired by Access Bank more than a decade ago. Its NGX quote was last updated in 2012.

• Cordros Milestone Fund 2023 is still listed (last updated March 2021), even though its target year has passed.

• The list also includes a 5.50% FMN DEC 2025 bond, which is past its maturity date and still shows a 2021 quote.

Listed funds that never trade

The 30 October 2026 Daily Summary has a separate "Mutual Fund Securities" section with 20 listed funds, including FBN, FSDH Coral, Legacy, United Capital, Vantage and The Frontier Fund.

Every one of them recorded 0 trades and 0 volume that day.

There are also differences between the two NGX documents. For example, the FBN Fixed Income Fund shows ₦1,234.59 on the Daily Summary but ₦1,433.60 / ₦1,431.88 on the Memorandum Quotation list. The Coral Growth Fund shows ₦3,002.68 in one and ₦3,873.84 in the other. Neither is necessarily the fund's current value.

Why does this happen?

Memorandum quotation ≠ active trading

A memorandum quotation lets a fund be recognised on the exchange (for visibility, eligibility or regulatory reasons) without requiring active order-book trading. Investors normally buy and redeem units directly with the fund manager, so the NGX quote only changes when someone updates it.

Funds change, but the listing stays

Banks merge, fund managers rebrand, funds are restructured or wound down, and the exchange entry can remain unchanged for years.

Why this matters to you

1. Don't value your investment using an old NGX quote

If you hold units in any of these funds, your real value is the latest Net Asset Value (NAV) per unit published by the fund manager, not the NGX memorandum price.

2. Old listings can be used in scams

Fraudsters sometimes point to an exchange listing to make an investment look credible ("it's on the NGX!"). Being listed is not proof that a product is active, regulated as described, or worth the price shown.

3. If you have an old investment you've forgotten about, check it

Many Nigerians bought unit trusts in the 2000s and early 2010s through bank branches. If you or your parents hold units in any of the funds above, you may still have a claim.

How to check a Nigerian mutual fund's real value (step by step)

1. Find the current fund manager. After mergers, the manager may have a different name, so search the fund name together with "fund manager".

2. Check the SEC Nigeria weekly NAV report. The Securities and Exchange Commission publishes NAVs of registered collective investment schemes.

3. Visit the fund manager's website for the daily or weekly NAV and the latest factsheet.

4. For old or forgotten holdings, contact the fund's registrar with your name, any account number and old certificates. Ask about unclaimed balances or distributions.

5. For anything that seems wrong, contact the SEC's investor complaints channel.

Takeaways

1. The NGX memorandum list has quotes last updated as far back as 2010.

2. 20 listed mutual funds recorded zero trades on 30 October 2026.

3. NGX quotes for funds can differ between documents and from the true NAV.

4. Always use the fund manager's NAV or the SEC report for valuation.

5. An exchange listing on its own doesn't prove anything. Verify before you invest.

FAQ

What is a memorandum quotation on the NGX?

It is a listing that lets a security, usually a mutual fund, unit trust or bond, be quoted on the Nigerian Exchange without active order-book trading. Prices are updated occasionally rather than set by daily trades.

Where do I find the real price of a Nigerian mutual fund?

Use the latest Net Asset Value (NAV) per unit from the fund manager or the SEC Nigeria weekly NAV report, not the NGX memorandum price.

Can I buy listed mutual funds on the NGX through a stockbroker?

Some funds can be bought through brokers, but most investors subscribe and redeem directly with the fund manager at NAV.

Which funds on the NGX have the oldest prices?

On the 26 October 2026 memorandum list, Continental Unit Trust (last updated 30 June 2010) and Intercontinental Integrity Fund (24 October 2012) have the oldest dates.

Data source: NGX Data Library: List of Memorandum Quotations (26/10/2026) and Daily Summary (30/10/2026). "Last updated" dates refer to the NGX quote only and say nothing about whether a fund is active. Contact the fund manager or SEC Nigeria for current status. Not investment advice.