Earnings Delayed on Afrinvest’s Debt Fund

By Bashir Olanrewaju

Investors in the Nigerian International Debt Fund weren’t paid their earnings that fell due on 30 January and will have to wait some more for them, according to fund provider, Afrinvest Ltd.

“There were delays in processing regulatory approvals,” a company spokeswoman said on Friday when Nairaweb.ng called to enquire. “But it will be ready before the end of this month.”

Fintech company, Cowrywise, which offers the bond fund, better known by its acronym NIDF, to retail investors through its app, sent a note to subscribers late on Friday, informing them of the delay.

“For a while, you have invested in Afrinvest’s NIDF Fund and ought to have been rewarded on January 30, 2021. However, this hasn’t happened and here’s why:

“When a payout date is set, the fund manager seeks approval from the registrarーpart of those who help safeguard your investments. This change in date was due to some delays with that, but this is being rectified,” the company said.

NIDF was created by Afrinvest in 1997 with focus on federal government (and later, state) bonds that are considered safe bets, paying earnings to fund subscribers twice a year. It’s reputed to have paid unfailingly every year since inception 22 years ago.