FUND MANAGER FUTUREVIEW ASSET MANAGEMENT LIMITED

YOU ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE PROSPECTUS. BEFORE SUBSCRIBING,

PLEASE CONSULT YOUR STOCKBROKER, SOLICITOR, BANKER OR AN INDEPENDENT INVESTMENT ADVISER

REGISTERED BY THE SECURITIES AND EXCHANGE COMMISSION. THIS PROSPECTUS HAS BEEN SEEN AND

APPROVED BY THE DIRECTORS OF THE FUND MANAGER AS PROMOTERS OF THE UNIT TRUST AND THEY

JOINTLY AND INDIVIDUALLY ACCEPT FULL RESPONSIBILITY FOR THE ACCURACY OF ALL INFORMATION

GIVEN AND CONFIRM THAT, HAVING MADE ALL ENQUIRIES WHICH ARE REASONABLE IN THE

CIRCUMSTANCES, AND TO THE BEST OF THEIR KNOWLEDGE AND BELIEF, THERE ARE NO OTHER FACTS, THE

OMISSION OF WHICH WOULD MAKE ANY STATEMENT THEREIN MISLEADING.

FOR INFORMATION CONCERNING CERTAIN RISK FACTORS WHICH SHOULD BE CONSIDERED BY

PROSPECTIVE INVESTORS, PLEASE SEE RISK FACTORS ON PAGES 16 to 18

FUTUREVIEW DOLLAR FUND

(Authorized and Registered in Nigeria as a Unit Trust Scheme)

OFFER FOR SUBSCRIPTION

OF

15,000 UNITS OF $100.00 EACH

AT PAR

PAYABLE IN FULL ON APPLICATION

FUND MANAGER

FUTUREVIEW ASSET MANAGEMENT LIMITED

RC: 1456524

APPLICATION LIST COMMENCEMNT DATE: MONDAY, 31st MAY, 2021

This Prospectus and the Units which it offers have been registered by the Securities and Exchange Commission

(“SEC”). The Investments and Securities Act No 29 of 2007 (“the Act”) provides for civil and criminal liabilities for

the issue of a Prospectus which contains false or misleading information. Registration of this Prospectus and the Units

which it offers does not relieve the parties of any liability arising under the Act for false or misleading statements

contained or for any omission of a material fact in any Prospectus.

This Prospectus is dated 17th MAY, 2021

2 | P a g e Futureview Dollar Fund | In itia l Public Offer

TABLE OF CONTENTS

1. TERMS AND DEFINITIONS ................................................................................................................ 4

2. SUMMARY OF THE OFFER ............................................................................................................... 8

3. CORPORATE DIRECTORY OF THE FUND MANAGER ................................................................. 9

4. PROFESSIONAL PARTIES TO THE OFFER ..................................................................................... 10

5. THE FUND .......................................................................................................................................... 11

5.1 PROSPECT OF THE FUND ......................................................................................................... 11

5.2 CONSTITUTION OF THE FUND .............................................................................................. 11

5.3 OPERATION OF THE FUND ..................................................................................................... 11

5.4 INVESTMENT OBJECTIVE AND POLICY .............................................................................. 11

5.5 ASSET CLASSES AND ALLOCATION .................................................................................... 12

5.6 INVESTMENT STRATEGY ....................................................................................................... 12

5.7 INVESTMENT INCENTIVES..................................................................................................... 12

5.8 TARGET INVESTORS ............................................................................................................... 12

5.9 INVESTMENT DISCRETION ..................................................................................................... 13

5.10 INVESTMENT GUIDELINES AND RESTR ICTIONS .............................................................. 13

5.11 SUBSCRIPTION TO THE FUND................................................................................................ 13

5.12 MINIMUM INVESTMENT PER IOD ......................................................................................... 13

5.13 INCOME AND DISTR IBUTION ................................................................................................ 13

5.14 DISTR IB UTION OPTION AND PAYMENTS .......................................................................... 13

5.15 TAX CONSIDERATIONS ........................................................................................................... 13

5.16 CERTIFICATE OF UNIT HOLDINGS....................................................................................... 13

5.17 REDEMPTION OF UNITS ......................................................................................................... 14

5.18 TR ANSFER AND TR ANSMISSION OF UNITS ...................................................................... 14

5.19 VALUATION OF UNITS OF THE FUND ................................................................................. 14

5.20 FEES, CHARGES AND EXPENSES OF THE FUND................................................................ 15

5.21 RISK FACTORS .......................................................................................................................... 15

5.22 BENCHMARK OF THE FUND ................................................................................................... 16

5.23 RISK MANAGEMENT STRATEGY .......................................................................................... 17

6. INFORMATION ON THE FUND MANAGER, TRUSTEE AND CUSTODIAN.................................................... 18

6.1. BRIEF PROFILE OF THE FUND MANAGER ............................................................................... 18

6.2 DIRECTORS OF THE FUND MANAGER .................................................................................. 19

6.3 PRINCIPAL OFFICERS OF THE FUND MANAGER ................................................................. 21

6.4 BRIEF PROFILE OF THE TRUSTEE .......................................................................................... 22

6.5 DIRECTORS OF THE TRUSTEE ................................................................................................ 23


6.6 PRINCIPAL OFFICERS OF THE TRUSTEE ............................................................................... 24

6.7 BRIEF PROFILE OF THE FUND INVESTMENT COMMITTEE MEMBERS ............................ 25

7. STATUTORY AND GENERAL INFORMATION ........................................................................................... 28

AUTHORISATION ................................................................................................................................. 28

CLAIMS AND LITIGATIONS ............................................................................................................... 28

STATEMENT OF INDEBTEDNESS ...................................................................................................... 28

EXTRACTS FROM THE TRUST DEED................................................................................................. 28

Management of the Trust.......................................................................................................................... 29

Distributions ............................................................................................................................................ 30

Termination of Trust ................................................................................................................................ 30

EXTRACTS FROM THE CUSTODY AGREEMENT ............................................................................. 31

CONSENTS............................................................................................................................................. 31

8. PROCEDURE FOR APPLICATION AND ALLOTMENT ................................................................................. 33

9. RECEIVING AGENTS ........................................................................................................................ 34

10. APPLICATION FORM ........................................................................................................................ 39

11. INSTRUCTIONS FOR COMPLETING THE APPLICATION FORM ................................................. 41


1. TERMS AND DEFINITIONS

Abbreviation Definition/Explanation

“Bid Price” The price, on the most recent Valuation Day, at which a Unit shall be

sold/redeemed by an investor and shall be calculated in accordance with the

stipulated valuation methods contained in the SEC Rules and Regulations as

amended from time to time

“Business/Working

Day”

Any day other than a Saturday, Sunday or official public holiday declared by

the FGN from time to time on which commercial banks in Nigeria are open for

non-automated business

"CCI" Certificate of Capital Importation, a certificate issued by an Authorized Dealer that confirms an inflow of foreign currency in cash or goods into the Federal

Republic of Nigeria for the purpose of investment

“CBN” Central Bank of Nigeria

“Custodian” United Bank for Africa PLC (Global Investor Services Division)

“Custody Agreement” The agreement, dated 17 th May, 2021,between the Custodian and Fund

Manager and, extracts of which are set out on page 32 of this Prospectus

“Deposited Property” All assets, including cash held or deemed to be held in trust on behalf of the Fund by virtue of the Trust Deed

“Directors” or “Board” The Directors of the Fund Manager, as at the date of this Prospectus,

who comprise those persons whose names, are set out on page 10.

“Distributions” Income earned by the Fund and paid (less expenses and applicable taxes) to

Unit holders

“Dollar”,

“US$”

“USD” or The United States Dollar, the official currency of the United States of America

“FGN” Federal Government of Nigeria

“Fund Documents” This document and any other related document approved by the Commission, which disclose relevant information in respect of the Fund as required by the

ISA and the SEC Rules and Regulations for the purpose of inviting the general public to subscribe to the Fund

“Fund Manager”,

“Promoter”,

“Sponsor” or

“Manager”

Futureview Asset Management Limited

“High Net Worth

Individual” or “HNI”

This means an individual whose aggregate net worth of investment assets

exceeds 100 million Naira, in addition to: possession of evident capacity, expertise and sophistication to undertake high risk.

“Investment Advisory”

Committee”

The investment advisory committee of the Fund, as constituted pursuant to the

provisions of the Trust Deed

“ISA” or “the Act” The Investment & Securities Act, No. 29 of 2007 as may be modified or


“Minimum Investment

Period”

The lock-in period of six months (180 days) from Date of Subscription during which investors will not exit or redeem their Investment.

“Minimum Holding” 5 Units or such number of Units as may be determined from time to time by the

Fund Manager with the approval of the Trustees


“Naira”, “N” or “N” The Nigerian Naira, the official currency of the Federal Republic of Nigeria

“NEFT” Nigeria Inter-Bank Settlement System Electronic Fund Transfer, the CBN’s electronic platform for inter-bank transfer of funds

“Net Asset Value” or

“NAV”

The total value of all investments, and other assets in the Fund’s portfolio, less

all adjustments and/or deductions including fees, charges, expenses and other

liabilities accrued by the Fund

“NIBSS” Nigerian Inter-Bank Settlement System

“Related Party” Related party shall be the Trustee, Fund Manager and Custodian of such CIS.

“Related Party

Transaction ” This is a transfer of resources, service or obligations between related parties,

regardless of whether a price is charged

“Principal transaction” A transaction which, singularly or in aggregate of over a 12-month period

equals five percent (5%) or more of the Fund’s net asset value (NAV).

Offer for Subscription The Offer for Subscription of 15,000 Units of US$100 each at par, in

the Futureview Dollar Fund

“Offer Price” The price an investor will pay for one Unit when subscribing to the Fund as

computed in accordance with the applicable SEC Rules and Regulations as


“Open-ended Fund” A mutual fund that continuously creates additional units separate from its initial

offering throughout its life. Investors can redeem units of such a fund directly

from the fund manager and in line with the provisions of the Trust

Deed constituting the Fund

“Prospectus” This document, which is issued in accordance with the provisions of the ISA

and the SEC Rules and Regulations and which discloses important

information about the Fund

“Qualified Institutional Investors”

Qualified Institutional Investors means a purchaser of securities that is financially sophisticated and as defined by the Commission;

“Receiving Agents” Market operators authorized to receive Application Forms/monies from subscribers

to this Offer for relay to the Fund Manager. Note that all subscription monies

must be paid into the Fund's account opened and maintained by the Custodian.

“Register” The register of Unit holders to be maintained by the Registrar

“RTGS” Real Time Gross Settlement, the CBN’s electronic platform for inter-bank

transfer of funds

“SEC” or “The

Commission” Securities & Exchange Commission

“The Fund” or “The

Dollar Fund” Futureview Dollar Fund

“The NSE” or “The

Exchange” The Nigerian Stock Exchange

“Trust Deed” The agreement dated 17th May, 2021 (as may be amended) between the Fund

Manager and Trustees which sets out the terms and conditions of the

management and administration of the Fund, extracts of which are set out on

pages 29 to 31 of this Prospectus

“Trustee” STL Trustees Limited


“Unit(s)” The Units of participation in the Fund

“Unitholder(s)” or

“Unit Holder”

Any person(s) or company whose names appear in the Register as holder(s)

of Units of the Fund

“Valuation Day” Any day the Offer and Bid Prices are calculated


INDICATIVE TIMETABLE

The dates given above are indicative only. The timetable has been prepared on the assumption that certain key activities including, but not limited, to the receipt of regulatory approvals from the SEC for the Offer

will be achieved as stated, if not, then dates surrounding key events in the timetable may be subject to

adjustments without prior notice.

DATE ACTIVITY RESPONSIBILITY

May 18, 2021

File Application with SEC Fund Manager

May 27, 2021 Newspaper publication to be used for the marketing of

the offer

Fund Manager

May 31, 2021

Commencement Date

Fund Manager

June 21, 2021

Submission of returns to Registrar

Receiving Agents

June 22, 2021

Collection of subscription money

Custodian

June 28, 2021

Submission of Scheme Launch Report to SEC

Fund Manager

June 30, 2021

Distribution of Certificate to Unit Holders

Fund Manager


2. SUMMARY OF THE OFFER

The following is a summary of the terms and conditions of an investment in the Futureview Dollar Fund. This

summary draws attention to information contained elsewhere in the Prospectus; it does not contain all of the

information a prospective investor in the Fund should consider in making an investment decision. This

summary should be read together with the entire Prospectus. Investors are advised to seek information on

the applicable fees and charges before investing in the Fund.

Fund Manager Futureview Asset Management Limited

Trustees To The Fund STL Trustees Limited

Custodian United Bank for Africa PLC (Global Investor Services Division)

The Offer 15,000 Units of $100.00 each in the Fund

Method Of Offer Offer for Subscription

Nature Of The Fund The Fund is an Opened-ended Unit Trust Scheme constituted under the Trust

Deed which provides investor with an opportunity to invest through the Fund

manager or approved agent. The Fund will meet the needs of investors whose

main investment objective is capital preservation with return on investment

that is commensurate with the risk applied. The Fund will meet the needs of

investors with moderate-risk appetite and desire for regular income.

Futureview Dollar Fund will achieve these objectives through investments in

Dollar denominated Eurobonds, floated by the Federal Government of Nigeria

(“FGN”), and other qualifying Nigerian Top Tier Corporate Eurobonds.

Investors will be free to subscribe to its units through the Fund Manager or any

other Agents approved by the Fund Manager. Although the Fund has an initial

target of 15,000 units, the Fund Manager will issue additional units of the Fund

to subscribers on demand after the initial tranche of 15,000 units has been fully

subscribed, subject to the Commission’s registration of the additional units.

Investment Objective The Fund seeks to achieve income generation in line with the rules of the

Commission in the short to medium term for investors with USD. The Fund

is designed to provide investors access to diversify their income stream by

allocating up to 80% of the Fund’s asset to Dollar-denominated instruments

issued by Nigerian Issuers.

Target Investors/

Investor Suitability

The Fund will seek to achieve an efficient balance between capital

appreciation and income for investors with modest risk appetite who require

liquidity. The Fund welcomes participation from both resident and non-

resident Nigerian retail and institutional investors.

Units Of Sale 5 units and multiples of 5 units thereafter.

Offer Price $100.00 per unit

Offer Size $1,500,000.00

Payment Terms Payable In full on application

Mandatory

Subscription

In compliance with the rules and regulations of the SEC, which states that

promoters of Unit Trust Schemes in Nigeria must subscribe to a minimum of

5% of the initial issue of such schemes. Therefore, the Fund Manager will

subscribe to 5% of this Offer.

Commencement Date 31st May, 2021

Use Of Proceeds The Offer proceeds will be used in accordance with the Fund’s investment

objectives and policies.


Minimum Investment

Period

The minimum holding period for investment in the Fund is 180 calendar days

(6 months) from the subscription date. Investors that want to exit before six

months will suffer penalty charge of 10% on the accrued income on

the r edempt ion amount.

“Investors may confirm the clearance of the prospectus and registration of the securities with the Securities

and Exchange Commission by contacting the Commission on [email protected] or +234(0)94621100;+234(0)

94621168”

Distributions The Fund Manager intends to make distributions of the Fund’s income or

capital gains provided the Fund makes a profit in the financial year in respect

of which such distributions are made. These distributions will not however,

attract withholding tax in the hands of the Unit holders.

Redemption The Fund Manager shall effect redemptions on a continuous basis throughout

the life of the Fund at the Bid Price on any Business Day immediately

following the receipt of a valid redemption notice. Investors seeking to redeem

a part of their holdings would be required to maintain a minimum on- going

balance of 5 units or such units as may be advised by the Fund Manager from

time to time. However, in the case where an Investor wants to redeem all their

investment where their holdings will be below the minimum balance required,

this will be recognized by the Fund Manager as a purpose to close their

account, to this effect they will be required to fill and submit an account

closing form. The Fund shall make redemption payments within five (5)

business days following the receipt of the redemption notice(s). Redemption

of Units will be possible at any time after the allotment of such Units.

Quotation In order to improve liquidity and visibility of Units of the Fund, the Fund

Manager may make an application to the Nigerian Stock Exchange for the

admission of the Units of the Fund to its Memorandum List.

Status The Units qualify as securities in which Trustees may invest under the

Trustees Investment Act Cap T22 Laws of the Federation of Nigeria 2004

Sponsor The Fund is sponsored by Futureview Asset Management Limited.

Futureview Asset Management Limited is duly registered with the SEC to

carry out fund management services

Oversubscription Any oversubscribed portion would be absorbed subject to registration of

such additional units with the Commission.

Investment Risks The Risks associated with an investment in the Fund are set out in the

section titled “Risk Factors” on page 16 of this prospectus.

Governing Law The Fund will be governed by and construed in accordance with the laws of

the Federal Republic of Nigeria.

Benchmark The Fund shall be benchmarked against the yield of the prevailing five-year

Federal Government of Nigeria Eurobond with a high-water mark. The

benchmark will be relevant for 5 years and will be reviewed afterwards.

mailto:[email protected]

10 | P a g e Futureview Dollar Fund | In itial Public Offer

3. CORPORATE DIRECTORY OF THE FUND MANAGER

Chairman

ELIZABETH NGOZI EBI

22 Oju Olobun Street,

Off Idejo Street,Victoria Island,

Lagos State, Nigeria

Managing Director UGOCHI NNODI


Off Idejo Street, Victoria Island,


Director DIAMOND UJU 22 Oju Olobun Street,



APOSTLE ALEXANDER OYEWOLE BAMGBOLA




KEMDI EBI




Company Secretary TOLUWALOPE SHONOWO 22 Oju Olobun Street,



Principal Officers Of The Fund Manager Elizabeth Ngozi Ebi (Chairman)

Ugochi Nnodi (Managing Director)

Toluwalope Shonowo

Vanessa Ijeoma Amaechi (Fund Manager)

Onyebuchi-Akobi Henrietta Ngozi (Risk Management)

Emeka Osuocha

Members Of The Fund Investment

Committee

Elizabeth Ngozi Ebi (Futureview)

Winston Osuchukwu (Independent Member)

Ugochi Nnodi (Managing Director)

Vanessa Ijeoma Amaechi (Futureview)

Onyebuchi- Akobi Henrietta Ngozi (Futureview)

Chukwuemeka Ezechukwu (Futureview)

Fumilayo Ekundayo (STL Trustees Limited)

11 | P a g e Futureview Dollar Fund | In itial Public Offer

4. PROFESSIONAL PARTIES TO THE OFFER

Fund Manager Futureview Asset Management Limited

22 Oju Olobun Close



Telephone: +2349034560830

Email: [email protected]

Website: www.futureviewgroup.com

Custodian to the Fund

United Bank for Africa Plc (Global Investor Services

Division)

UBA House

57, Marina, Lagos State,

Nigeria

Solicitors to the Offer Adroit Lex & Co

4th Floor Suites, Church House

29 Marina, Lagos Island,

Lagos State,

Nigeria

Stockbroker to the Fund Futureview Securities Limited




Registrar Centurion Registrars Limited 33, Cameron Road,

Ikoyi, Lagos State, Nigeria

Trustee To The Fund

STL Trustees Limited

30 Marina (3rd Floor), Lagos State

Nigeria

mailto:[email protected]

http://www.futureviewgroup.com/

12 | P a g e

Futureview Dollar Fund | In itia l Public Offer

5. THE FUND

The Futureview Dollar Fund is an open-ended mutual fund that will be invested in Dollar denominated

Eurobonds, floated by the Federal Government of Nigeria (“FGN”), and other qualifying Nigerian Top Tier

Corporate Eurobonds as may be determined by the investment advisory committee.

The objective of which is to achieve capital appreciation in the short to medium term for investors with USD

or convertible currencies and designed to deliver relatively higher returns than what is obtainable from the

average domiciliary account in the local banks.

There is free entry and exit for investors subject to the prevailing fund price. The fund will be invested in

Eurobonds issued by The FGN, Nigerian Top Tier Banks and other qualifying Corporate Eurobonds and for

whom the Fund Manager has existing board approved trading lines.

5.1 PROSPECT OF THE FUND.

The investment outlets of the Fund will be limited to Dollar denominated Eurobonds. Units of the Fund will

be sold to investors with modest risk appetite who require liquidity. The Fund welcomes participation from

both resident and non-resident Nigerian retail and institutional investors. The objective of the Fund is to achieve

capital appreciation in the short to medium term for investor with USD or convertible currencies.

5.2 CONSTITUTION OF THE FUND

The Futureview Dollar Fund is a Unit Trust Scheme authorized by SEC in accordance with the provisions

of Section 160 of the ISA. The Fund shall be constituted under a Trust Deed executed by the Fund Manager

comprised of 15,000 units with an initial value of US$1,500,000.00; offered to the investing public.

The proceeds from sales of units of the Fund and assets of the Fund will be vested in the Trustees. The

Trustees shall enforce the provisions of the Trust Deed as well as other regulatory provisions. The assets of

the Fund shall be held by the Custodian. The Fund Manager shall make all required regulatory filings with

the SEC in accordance with the SEC Rules and Regulations. All expenses incurred in establishment and

operation of the Fund will be borne by the Fund.

5.3 OPERATION OF THE FUND

The Fund Manager shall be responsible for the operations of the Fund and shall effect such operations in

accordance with the provisions of the Trust Deed.

5.4 INVESTMENT OBJECTIVE AND POLICY

The Fund seeks to achieve income generation in line with the rules of the Commission in the short to

medium term for investors with USD. The Fund is designed to provide investors access to diversify their

income stream by allocating up to 80% of the Fund’s asset to Dollar-denominated instruments issued by

Nigerian Issuers. Determination of required returns to meet the Fund’s objective is dependent upon key

macro-economic indicators and comparable investment returns in the market. Determination of risk

parameters involves qualitative as well as quantitative analysis including comparison among the various

instruments, volatility of the available returns on these instruments and macroeconomic indicators, as per

the judgment of the Fund Manager.

In line with the investment objectives, the investment policy of the Fund is to maintain an investment mix

which optimizes the returns through active fund management. In order to achieve the parameters, set by

aforementioned policy, the Fund Manager shall determine/alter the investment mix of the portfolio from

time to time keeping in view particular sector or company developments. Investments would be made in the

best available opportunities, while considering acceptable risk parameters, the provisions of the Trust Deed

and the SEC Rules and Regulations.

13 | P a g e


Consistent with the Fund’s objectives, the Fund Manager will invest most of assets in medium to long

tenured Sovereign and Corporate Eurobonds.

The Fund Manager would monitor all exposures keenly and seek preservation of the investment ahead of

possibilities of high returns. Summarily, the Fund Manager would always seek to maximize risk-adjusted

return of the investments.

5.5 ASSET CLASSES AND ALLOCATION

The table below highlights the proposed asset allocation within the Fund:

Proposed Asset Class (Dollar Instrument) Asset Allocation (%)

Quoted FGN Eurobonds Between 20% and 80%

Corporate Eurobonds of Nigerian Banks and other quoted Corporate Eurobonds

Between 20% and 80%

US Dollar Equity Stocks Between 0% and 20%

Total 100%

5.6 INVESTMENT STRATEGY

The Fund offers an opportunity to achieve good returns (while minimizing risks), from a diversified

portfolio of investments in Eurobonds, which may not otherwise be available, in significant quantities, to

individual investors.

The Fund also offers an opportunity to subscribe for units on behalf of and in the name of minors. When

such minors reach legal maturity (i.e. 18 years) they can either continue with the investment or redeem all

of the units held in their name.

5.7 INVESTMENT INCENTIVES

Investment in the Futureview Dollar Fund will provide investors with:

Capital appreciation;

Competitive returns;

Diversified portfolio;

Regular and steady income stream not generally associated with other forms of investment.

5.8 TARGET INVESTORS

The Investment is targeted at High Networth Individuals (HNIs), Africans in Diaspora, retail investors, and Institutional Investors (both local and foreign), who desire exposure to Dollar denominated fixed income. This includes, but not restricted to

Non-Government Organisations

Multilateral Institutions

Foreign Portfolio investors

Private Entrepreneurs

Top Executives

Senior public servants

Government Agencies

Co-operative Societies

Investors with domiciliary account with Nigerian Banks and Institutions or Individual that earn USD locally

will form part of the target list. The Fund welcomes participation from institutional investors such as

Pension Fund Administrators, not-for-profit organisations, and collective investment schemes.

14 | P a g e


5.9 INVESTMENT DISCRETION

Investments of the Fund will be undertaken at the discretion of the Fund Manager, subject to the policies

instituted by the Investment Advisory Committee, pursuant to the Trust Deed with such modifications as

may be made from time to time and in accordance with the provisions of the Act and the relevant Rules and

Regulations of the SEC, as prescribed from time to time. The Fund Manager will be responsible for all

decisions regarding investment strategies, assets, size and timing of the Fund’s investments. The investment

strategy shall be reviewed periodically by the Fund Manager in light of prevailing market conditions and

reviewed accordingly in the interest of the Fund.

5.10 INVESTMENT GUIDELINES AND RESTR ICTIONS The Fund Manager shall adhere strictly to the investment objective of the Fund and shall invest only in such

instruments as are permissible under the Trust Deed and as authorized by the Investment Advisory

Committee. Any changes to this investment objective would require consent of the Unit holders and Trustee,

subject to the Commission’s approval.

5.11 SUBSCRIPTION TO THE FUND

Investors who desire to purchase Units of the Fund may do so through the Fund Manager or any of its

designated agents, representatives or any medium that may be approved and provided by the Fund Manager

from time to time. Purchase of units will be at the offer price on the Valuation Day preceding the day on

which the Fund Manager receives the investor’s funds.

The Fund Manager may also offer additional units of the Fund to subscribers on demand after 15,000 Units

has been fully subscribed, additional units will be registered with the Commission before the issuance.

5.12 MINIMUM INVESTMENT PERIOD

There will be a lock-in period of six months (180 days) from the Subscription Date during which investors

should not exit or redeem their Investment. Investors that want to exit before six months will suffer penalty

charge of 10% flat on the capital appreciation amount of their Investment.

5.13 INCOME AND DISTRIBUTION

The Fund Manager intends to distribute income (less expense) as dividend to Unit Holders on an annual

basis. The Unit-Holders shall have the option to elect to be paid dividends or to reinvest their dividends in

new Units at the Offer Price. Unit-Holders who elect to have their dividends reinvested in new Units shall

be entitled to an issue of Units that shall be equal in value to the amount they otherwise would have received

in cash as dividend.

5.14 DISTRIBUTION OPTION AND PAYMENTS

Investors may select either of the following dividend distribution methods:

Reinvestment Option: Distributions are automatically reinvested in additional Units of the Fund at the Offer price on the day the Distribution is declared by the Fund Manager

Cash Option: Distributions are paid via electronic transfer to the Unit holder’s bank account

5.15 TAX CONSIDERATIONS

Distributions of dividends to Unit Holders shall be tax exempt for companies, individuals will however be

subjected to a 10% Withholding Tax. Also, any capital gains derived by the Unit Holders from the

redemption of units in the Fund shall be tax exempt. Foreign investors should contact their respective tax

authorities for the tax treatment of income earned in Nigeria. Please note that taxation-related issues are

subject to changes in legislations. Investors are therefore advised to seek tax advice regarding an investment

in the Fund from their professional tax advisers.

5.16 CERTIFICATE OF UNIT HOLDINGS

Every unit holder shall be entitled to a Certificate, which shall be evidence of their title to the number

15 | P a g e


of units specified on such documents. Joint unit holders shall be entitled to one certificate in respect of the

units held jointly by them which shall be delivered to the joint holder whose name first appears on the

Register.

5.17 REDEMPTION OF UNITS

The Fund Manager shall effect redemptions on a continuous basis throughout the life of the Fund after 180

days from the Subscription Date at the Bid Price on any Business Day immediately following the receipt of

a valid redemption notice, fund certificate and other redemption documents.

The minimum permissible holding at any point is Five (5) Units or such number of Units as advised by the

Fund Manager subject to the written consent of the Trustees. Where a partial redemption will result in less

than the minimum permissible holding, the Unit holder will be required to redeem all the Units held.

Minimum permissible holding after partial redemption is Five (5) Units. The Fund shall make redemption

payments within five (5) business days following the receipt of the redemption notice(s).

5.18 TRANSFER AND TRANSMISSION OF UNITS

Every Unit holder shall be entitled to transfer the Units or any of the Units held through the Fund Manager

in accordance with the provisions of the Trust Deed. In the case of death of a Unit holder, the legal

representative of such deceased may apply to have the Units transferred to him/her/it or his/her/its nominee.

Every Unit holder shall be entitled to transfer its Units subject to a minimum of five (5) Units and where

the entire Units held are not being transferred, the balance Units held by such holder shall also not be less

than five Units.

The Fund Manager will not transfer or redeem Units without the production of a Certificate of Unit holding

relating to such Units, which must be surrendered before any transfer or redemption whether for the whole

or any part thereof can be registered.

Units purchased on behalf of an individual under the age of 18 years may be redeemed or transferred to by

the signatory or by the individual upon attaining the age of 18 years provided that such individual produces

a Certificate of Unit holding and a valid means of identification such as International passport, Driver’s

license, National Identity Card.

5.19 VALUATION OF UNITS OF THE FUND

The Net Asset Value of the Fund shall be estimated at the close of each Business Day. The NAV of the

Fund shall be determined on the basis of the method of calculation in line with the SEC Rules and

Regulations. The Fund Manager would publish the NAV, Bid and Offer prices on its webpage:

www.futureviewgroup.com

Offer Price:

Value per unit = (1) minus (summation of 2- 10) divided by number of units on sale rounded off.

1. Total market value of securities based on the Exchange daily official list as at the date of valuation (lowest market offer price).

2. Stamp duties;

3. Brokerage fee; 4. S.E.C. fee;

5. Other relevant approved costs 6. Actual cost of investment in unquoted securities (if applicable);

7. Estimate of capital appreciation/diminution in value for unquoted companies (if applicable);

8. Un-invested cash; 9. Undistributed income to date less expenses; 10. Total value of money market instrument;

11. Manager’s charge.

http://www.futureviewgroup.com/

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Bid Price:

Value per unit = (1) minus (summation of 2- 10) divided by number of units on sale rounded off.

1. Total market value of securities based on exchange daily official list as at date of valuation (highest market bid price).

2. Actual cost of investment in unquoted securities (if applicable). 3. Estimate of capital appreciation for unquoted companies (if applicable).

4. Un-invested cash.

5. Undistributed income to date less expenses.

6. Total value of money market instruments. 7. Stamp duties.

8. Brokerage fee. 9. S.E.C. fee.

10. Other relevant approved costs.

5.20 FEES, CHARGES AND EXPENSES OF THE FUND

Offer Expenses: The Fund shall bear all charges and fees (including VAT where relevant) for

establishing the Fund, including regulatory fees payable to the SEC, professional

fees payable to the transaction parties, brokerage commission, printing, distribution

and other related administrative expenses, amounting to and estimated at

$12,359.33 (N4.7mn) representing 0.82% of the Offer Size. These costs shall be

borne by the Fund.

Management Fee: The Fund Manager shall earn an annual management fee of 1% of the Fund’s NAV

before distribution to Unit holders. The fee will be paid quarterly in arrears. The

Manager is also entitled to an incentive fee of not more than 20% of total returns

in excess of its benchmark which is against the yield of the prevailing five-year

Federal Government of Nigeria Eurobond with a high-water mark. The

management fee will be reduced by the percentage of non-performance where the

Fund fails to meet its benchmark. The Management Fee shall be borne by the Fund.

Trustee Fee:

The Trustees shall be entitled to annual fees corresponding to not more than 0.05% of the Fund’s NAV. The Trustee Fee shall be borne by the Fund.

Custodian Fee: The Custodian shall be entitled to annual fees corresponding to not more than 0.05% of the Fund’s NAV. The Custodian Fee shall be borne by the Fund.

Registrar Fee The Registrars shall be entitled to annual fees corresponding to not more than 0.05% of the Fund’s NAV. The Registrar Fee shall be borne by the Fund.

All operating and management fees/charges incurred in connection with the management of the Fund shall not

exceed 3.5% of the Fund’s NAV.

5.21 RISK FACTORS

The value of an investment generally will fluctuate in response to market conditions, as every type of

investment involves an element of risk. A summary of the major risks that can significantly affect the

Fund’s performance, and should therefore be considered when investing in the Fund, are listed below:

i. Political Risks: Future changes in the political environment may have a material adverse effect on the

business environment. Regional instability and unrest in Nigeria, particularly in the Northern Part of

Nigeria may have material adverse effect on public safety. Emerging markets such as Nigeria are

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generally subject to greater risk than more developed markets and actual and perceived risks

associated with emerging economies could negatively impact the price of FGN and Sub-Sovereign

Eurobonds.

ii. Economic Risks: The Nigerian economy is almost solely dependent on its oil sector, and any changes

in oil production or global oil prices will have a wide reaching impact on all other sectors of the

Nigerian economy, including the Dollar earning ability of the FGN.

iii. Currency Risk: Movement in exchange rates could result in a devaluation of the Dollar, which may

affect the value of the underlying assets and in turn have a negative impact on the yields of the Fund.

iv. Interest Rate: The Fund’s performance may be impacted by adverse movement in interest rates which

can impact the value of securities which the Fund holds. Interest rate risk refers to the probability that

market interest rates will rise significantly higher than the interest rate earned on investments such as

bonds, resulting in lower market value. Interest rates have the biggest effect on debt instruments as

they are highly sensitive to changes in interest rates. Depending on the Fund’s portfolio mix, short-

term and long-term interest rates movements have a converse relationship with the value of securities

within the portfolio and ultimately, the performance of the Fund.

v. Credit Risk: There is a risk that the issuer of the securities will default or otherwise become unable

to honour a financial obligation, and as a result the value of the investment could decline. The price

and liquidity of a security can also be adversely affected as credit status deteriorates and the probability

of default rises.

vi. Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to meet short term financial

demands. This usually occurs due to the inability to convert a security or hard asset to cash without a

loss of capital and/or income in the process.

vii. Regulatory Risk: The Fund is subject to various forms of regulations. These regulations may have

an adverse effect on the Fund. The CBN may from time to time, issue new regulations and guidelines

which may have a direct or indirect impact on foreign currency domiciled securities which the Fund

will invest in. Regulations issued by the CBN to defend the currency, manage the country’s external

reserves, inflation or spur economic growth may negatively impact the Fund’s performance.

Additionally, regulators such as the SEC and The NSE may from time to time issue circulars that may

also impact the Fund’s performance. These regulations may inadvertently, lead to higher cost impact

on the Fund. This risk may arise from the possible breach of regulatory guidelines or requirements.

There is also the risk that possible amendments to the local and foreign legislation (including tax

legislation), may cause additional expenses for the Fund.

viii. Investment/Loss Risk: Investments in capital markets are generally volatile and there is no assurance

that any projected returns would be achieved. The Fund Manager shall use its skills and expertise to

invest the Funds in safe and secured investments but does not take responsibility nor provide any

assurance or guarantee that any objective or any particular returns would be achieved.

ix. Operational Risk: Operational risk is the risk of loss resulting from inadequate or failed internal

processes, people and systems or from external events such as third party fraud. Fund Manager

recognizes the significance of operational risk, which is inherent in all areas of its business. Any lapse

due to operational risk that could result in losses could affect the Fund Manager’s ability to meet its

obligations.

5.22 BENCHMARK OF THE FUND

The Fund shall be benchmarked against the yield of the prevailing five-year Federal Government of

Nigeria Eurobond with a high-water mark. The benchmark will be relevant for 5 years and will be reviewed

afterwards.

http://www.investinganswers.com/node/5890





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5.23 RISK MANAGEMENT STRATEGY

The Fund manager will adopt a robust risk management framework and will ensure that the risk factors

mentioned above are monitored on a regular basis in order to minimize their potential effect on the fund’s

value. The under-listed elements of the Risk Management Framework shall be put in place by the Fund

Manager:

I. The Fund Manager shall from time to time stress test the portfolio using various simulation scenarios

to show any potential risk that could impact the Fund. The result of the test shall be reported to the

investment committee

II. The Fund Manager shall ensure that the Fund’s assets are adequately diversified among the approved

asset classes. In the case of fixed income instruments, the credit ratings of approved Issuers will also

be monitored on an on-going basis.

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6. INFORMATION ON THE FUND MANAGER, TRUSTEE AND CUSTODIAN

6.1. BRIEF PROFILE OF THE FUND MANAGER

Futureview Asset Management Limited is an offshoot of the Wealth Management arm of Futureview Group,

which is the arm of the Company responsible for managing portfolios for individual and institutional clients.

It was incorporated in December 2017 with the aim of meeting the regulatory requirement of having a separate

entity perform the sole role of Fund Manager to a registered fund.

Futureview Group (“Futureview”) comprises of Futureview Financial Services Limited, Futureview Securities

Limited, Futureview Asset Management Limited and Futureview Bureau De Change. The company was incorporated in March 1993, commenced operations in 1996, registered by the Nigerian Stock Exchange and

licensed by the Securities and Exchange Commission to provide investment banking services.

Fashioned along the lines of the world's most prominent investment banking institutions, Futureview is managed by a team of time-tested professionals in the industry.

Supporting our management team is a Board of Directors composed of men and women of proven integrity

and excellent track records whose vast professional backgrounds serve as a rich resource base for the company's policy formulation and overall business perspective.

Our esteemed clientele include Blue Chip Corporations, Government agencies and parastatals, High Net

Worth Individuals, Institutional Investors and Retail clients.

The Vision and Mission statements of Futureview Group speak volume of its diversified and global Structure and thrusts. Futureview Asset Management Limited is located at 22, Oju Olobun Street in Victoria Island,

Lagos.

Our distinct corporate culture with its inherent set of core values is one of the things that distinguish us from our competitors:

People

Our greatest asset is our people. Whilst believing this is critical to our success, we make an unusual effort to

identify and recruit the very best person for every job, and equip them with every tool and support necessary

for them to succeed under the right working conditions.

Innovation

We apply creativity and imagination in everything business we undertake. While recognizing that the standard

approach may still be the best, we constantly strive to find a better and faster solution to client's challenges. We strive to adapt to the rapidly changing needs of our clients and develop new services to meet those needs.

Customer Experience

Our clients' interests always come first. We believe that excellent customer service is crucial to all our clients

and therefore strive to achieve more than that; a second-to-none customer experience.

Integrity & Ethical Business

Integrity and honesty are the heartbeat of our business. We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives. We believe in the professional

quality of our work because we are willing to go the extra mile. We have an uncompromising determination

to achieve excellence in everything we undertake. We believe in being the best rather than being the biggest.

Growth

Our goal is to provide superior returns to our stakeholders. Superior returns are critical to achieving profitability, building our capital, attracting and retaining the best people.

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Focus

Given the competitive nature of our business, we aggressively seek to expand our clientele relationships. We

believe strongly in the importance of delivering on our promise to clients and have thus carved out a niche for

ourselves in specific areas of the industry for the purpose of serving our clients faster and better.

VISION

Our Vision is to be a leading Fund Manager known for excellent service delivery and high Returns on Investments.

MISSION

To continually seek and provide profitable investment products and services to diversify our clients’

investments into, with a view to create and multiply wealth for our esteemed client.

To adopt most efficient technology-enabled processes that will enhance service delivery to our clients.

OUR SERVICES

Futureview Asset Management Limited manages and creates wealth for Agencies, High Net worth Individuals, High Income professionals, Cooperatives, Corporate bodies etc. We offer creative solutions that

meet the investing needs and objectives of individual and corporate investors.

We assist individuals and institutional investors manage their investments in the capital market. This is done either on discretionary or non-discretionary basis.

The value that we add in managing clients’ funds is supported by detailed research and risk management processes to guide every investment advice we give to our clients or actions we take on their behalf.

Our Wealth Management model is both unique and effective as it is tailored to meet each investor’s peculiar

investment objectives, risk tolerance threshold and time horizon.

Our services include:

Portfolio Management We manage clients’ portfolios on individual basis by first determining the appropriate asset allocation model

that is suitable for each client based on his investment objectives, preferences and risk appetite.

Fund Management

Having managed funds for corporate and individual clients for over a decade on standalone portfolio basis,

Futureview Asset Management Limited intends to create an avenue for investors to invest in Mutual Funds and enjoy the benefits of Collective Investment Schemes.

Investment advisory

We provide expert investment advisory services on investment outlets and opportunities to both local and

foreign clientele.

Retirement and Financial Planning

As part of our value added services, we provide training for our clients on how to manage their resources to

enable them maintain good living standards after retirement.

6.2 DIRECTORS OF THE FUND MANAGER

MRS. ELIZABETH NGOZI EBI (Chairman)

Mrs. Elizabeth Ngozi Ebi is a seasoned investment banker of high repute and integrity. She is the first female

stockbroker licensed on the Nigerian Stock Exchange, a Fellow of the Chartered Institute of Stockbrokers.

Mrs. Ebi has an academic foundation in Business / Management Studies with a First Class B.Sc. degree in

Business/Health Administration (Magna Cum Laude) from New York University in 1978

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and obtained an MBA (Finance and Investment) from the George Washington University, USA, in 1980. She

is a graduate of the International Banking Summer School, Cambridge University, UK and has over the years

acquired in-depth and broad knowledge as well as extensive professional experience in finance and investment

management in both the Nigerian and US money and capital markets.

Her meritorious career has taken her through reputable organizations like Chase Merchant Bank, FCH

Services Inc. Washington DC and United Mines Workers of America. Mrs. Ebi is an expert in the

structuring, documentation, securitization, marketing of capital market issues and asset & liability

management. She is also the Special Trustee in Africa to the European Economic Development Council

(EEDC).

UGOCHI NNODI (Managing Director)

Ugochi is a graduate of the Obafemi Awolowo University, Ile-Ife where she obtained a B.Sc. (Hon’s)

Degree in Chemical Engineering in 1997 and a PGD in Business Management in 2006. She has also

completed an MBA at the Nnamdi Azikiwe University Awka. She worked as part of the Process

Engineering team of the National Fertilizer Company of Nigeria (NAFCON) and has diverse experience in

Asset/ Fund Management, Research and Marketing. She has developed expertise in the packaging of Capital

Market/ Bond issues, Money Market operations, Asset/ Fund Management, Advisory services and Training.

Ms Nnodi was at various times the Group Head, Money & Capital Markets; Head, Abuja Branch and Manager,

Asset & Wealth Management at Futureview Financial Services Ltd. She was also Vice President at Santrust

Capital Ltd before returning to Futureview as Senior Vice President/ General Manager overseeing the

Northern Region. Ugochi is currently the Managing Director of Futureview Asset Management Limited. She

is an Associate of the Chartered Institute of Stockbrokers (CIS), the Certified Pensions Institute of Nigeria

(CIPN) and the Nigerian Institute of Management (NIM).

She is a Commodity Broker/ Dealing Clerk with the Nigerian Commodity Exchange (NCX) and has

been admitted as an Associate of the Commodity Brokers Association of Nigeria (CBAN). She also

has a Certificate in Strategic Management from Kensington University USA.

MR. DIAMOND P. UJU (Executive Director)

Mr. Diamond P. Uju is a fellow of the Institute of the Chartered Accountant with a wide range of experience

both in Public Practice and the banking industry. He qualified (with MERIT) as a Chartered Accountant in

1982 and also holds an HND Accounting from Auchi Polytechnic in 1979. He started his professional career

with the first indigenous firm of chartered accountants, Akintola Williams and Co. Chartered Accountants,

where he worked for 5 years. During this period, he successfully, managed a branch of the firm carrying out

accounting, audit, consulting and tax management functions for clients covering virtually every industry in

the Nigerian economy.

A chartered accountant with a high level of integrity, Mr. Uju started his banking career in 1985 with Chase

Merchant Bank (Nigeria) Limited (renamed Continental Merchant Bank Plc) and rose to the position of Senior

Manager and Head of Management Internal Control Department. During his 11-year career with Continental

Merchant Bank Plc, he acquired a wealth of experience in all the areas of the bank. He also attended several

courses during this period including attachment with America Express Bank, New York.

APOSTLE ALEXANDER OYEWOLE BAMGBOLA (Non-Executive Director)

Apostle Alexander Oyewole Bamgbola is a merchant banker of repute with an illustrious career of over 20

years. He voluntarily retired into full service of God as a clergyman and gospel minister in December 1993.

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Apostle Bamgbola obtained a Bachelor of Science with Distinction in Finance from the University of Illinois,

Chicago, USA in 1974. He later obtained another B.Sc in Marketing from the same University. He thereafter

completed an MBA in Finance and International Business from Graduate School of Business, De Paul

University, Chicago, USA. Apostle Bamgbola has an AIB Diploma of the American Institute of Banking,

USA as well as a Post Graduate Diploma in International Banking from Manchester University, United

Kingdom.

Before his voluntary retirement in 1993, Apostle Bamgbola was the Managing Director / CEO of Victory

Merchant Bank Limited. He has had an illustrious career in reputable institutions including, Bank of Boston,

USA and its Nigerian affiliate, Nigerian American Merchant Bank Limited.

Apostle Bamgbola is a member of many prestigious organizations across Nigeria and the USA. He has served

on both National and State Government committees in Nigeria over the years.

KEMDI EBI (Non-Executive Director)

Mr. Kemdi is the Co-Founder and Managing Director of Enterfive (Solution Agency). He is also the founder

of Apexfive (Tech Investment). He obtained a Bachelor of Science in Marketing from the American University

– Kogod Business School, Washington DC, USA in 2006.

He created Apexfive as a private investment holding firm with two portfolio companies registered with core

focus on the technology operating arm of the business and created Enterfive as a sibling company to Apexfive,

focused as a software technology-based product and services agency.

In Enterfive, he developed proprietary solution for small, medium and large size companies; He also provided

technology and business/Digital marketing advisory to small, medium and large size companies

6.3 PRINCIPAL OFFICERS OF THE FUND MANAGER


Ugochi is a graduate of the Obafemi Awolowo University, Ile-Ife where she obtained a B.Sc. (Hon’s) Degree

in Chemical Engineering in 1997 and a PGD in Business Management in 2006. She has also completed an

MBA at the Nnamdi Azikiwe University Awka. She worked as part of the Process Engineering team of the

National Fertilizer Company of Nigeria (NAFCON) and has diverse experience in Asset/ Fund Management,

Research and Marketing. She has developed expertise in the packaging of Capital Market/ Bond issues, Money

Market operations, Asset/ Fund Management, Advisory services and Training.

Ms Nnodi was at various times the Group Head, Money & Capital Markets; Head, Abuja Branch and Manager,

Asset & Wealth Management at Futureview Financial Services Ltd. She was also Vice President at Santrust

Capital Ltd before returning to Futureview as Senior Vice President/ General Manager overseeing the




She is a Commodity Broker/ Dealing Clerk with the Nigerian Commodity Exchange (NCX) and has been

admitted as an Associate of the Commodity Brokers Association of Nigeria (CBAN). She also has a Certificate

in Strategic Management from Kensington University USA.

TOLUWALOPE SHONOWO holds a Law degree from the Obafemi Awolowo University in 2013 and was

called to the Nigerian Bar in 2015. She is a member of the Institute of Chartered Secretaries and Administrators

in Nigeria. She started her legal career at the Lagos State Ministry of Justice as a State Counsel, thereafter

worked in Notable Law firms such as: Dambo & Co, Okunuga & Co, Tunde Abioje & Co and Victor Opara

&Co as an associate. She was also privileged to work with Wema Bank as a Branch associate. She has a wealth

of experience in Litigation, Legal Drafting and Commercial Litgation.

She is the Head, Legal Department and Company Secretary in Futureview Asset Management Limited.

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VANESSA IJEOMA AMAECHI

Vanessa is an astute fund manager with exceptional investment management skills. She is also a SEC- registered Individual and an Authorized Dealing Clerk of the Nigerian Stock Exchange.

She has over 16years experience in the Nigerian Capital Market which cuts across Investment Management,

Financial Advisory and Relationship Management. She also has trainings in Financial Risk Management;

Modern Portfolio Management Techniques; Equity Investment Techniques; and Capital Market Operations, among others.

Vanessa holds a Master’s Degree in Business Administration (Finance Specialization) from the University of

Lagos, Akoka. She also has a Bachelor of Science (B.Sc.) Degree in Microbiology from Abia State University,

Uturu in 2000.

She is currently the Fund Manager, Futureview Asset Management Limited, responsible for management of

portfolios for High Net-worth Individuals and Institutional Investors.

ONYEBUCHI-AKOBI, HENRIETTA NGOZI

Ngozi is a seasoned and versatile professional with over sixteen years’ experience in audit, stock broking,

wealth management, tax and general consultancy, financial advisory services and telecommunications. A

Certified Information System Auditor (CISA), A fellow of Institute of Chartered Accountants of

Nigeria(FCA), an Associate member of Nigeria Institute of Management(AMNIM) and Chartered Institute of

Stockbrokers(ACS). She holds a Masters degree in Banking & Finance from University of Nigeria and

graduated with honours from the department of Accountancy, Institute of Management & Technology, Enugu

in 1996. Henrietta before now had demonstrated her exceptional skills and acumen for excellence in various

functions as team lead and she presently heads the Risk Management and Compliance department of

Futureview Financial Services Limited.

CHUKWUEMEKA EZECHUKWU is a Financial Analyst and Advisor with over 7 years’ experience in the

Nigerian Capital Market, Oil & Gas, Real Estate, etc. He has undergone local and international trainings in

Capital Market Operations, Financial Analysis and Modelling, Valuation and Investment Management. He

heads the Research Unit and Corporate Finance at Futureview. Prior to Futureview, he worked as the Senior

Financial Analyst at Financial Derivatives Company Ltd (FDC Ltd) where he worked with the Corporate

Finance and Advisory Teams.

He holds an MBA from Lagos Business School in 2018. Chukwuemeka graduated from the Madonna

University Okija with a Bachelor’s Degree in Economics in 2012 and a candidate of the Institute of Chartered

Accountants of Nigeria (ICAN).

6.4 BRIEF PROFILE OF THE TRUSTEE

STL Trustee was incorporated in 1991 as EIB Trustees Limited, and later changed to Skye Trustees following

the merger of its former parent company (EIB International Bank) and 5 other Banks in 2005. It is registered

by the Securities and Exchange Commission and duly licensed to carry out the dual functions of Trusteeship

and Funds/Portfolio Management. Managed by a Team of highly skilled personnel in all relevant areas to

its functions, STL Trustees has over the past two decades built an outstanding Track

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Record and Pedigree and is currently one of the dominant players within the trusteeship industry in Nigeria

with a business size in excess of N2 Trillion. STL occupies a critical and independent role in many corporate

finance, investment banking and asset management transactions. As part of our Corporate Trust service, we

render Trusteeship services to Issuers of debt instruments such as the Federal/State Governments, Government

Parastatals and corporate entities. Other core areas of our business include Trusteeship of Mutual Funds,

Debenture Trust Issues under Consortium Finance/Loan Syndication, Project Finance and Structured Finance;

Fund/ Portfolio Management, Real Estate Trust, Custodial Services, Nominee Services, Company Secretarial

Services, Special Purpose Vehicle Trust as well as Private Trust/ Estate Planning. STL Trustees is overseen by

a Board of Trustees consisting of seasoned professional of impeccable character and who have established

themselves in their various areas of professional endeavours.

6.5 DIRECTORS OF THE TRUSTEE

The Board of STL Trustees consist of the following persons:

1) Mr. Afolabi Caxton-Martins- Chairman

2) Mr. Kayode Falowo- Director

3) Mrs. Connie Ogundare-Director

4) Mrs. Chioma Okee-Aguguo-Director

5) Mrs. Funmilayo T. Ekundayo-Managing Director

Mr. Afolabi Caxton-Martins – Chairman

Afolabi Caxton-Martins is a Founding Partner at the law firm of Adepetun, Caxton-Martins, Agbor & Segun

(ACAS). He holds a Bachelor of Law degree (LL.B) from the University of London (1983). He is a fellow of the Chartered Institute of Arbitrators (FCIArb), a member of the Nigerian Bar Association (NBA) (1985)

and the International Bar Association (IBA). He specializes in international commercial mergers and

acquisitions, corporate finance and international commercial arbitration.

Mrs. Funmi Ekundayo – Managing Director/CEO

Funmi Ekundayo is an alumna of the prestigious Harvard Business School (General Management Programme)

and a member of the Institute of Chartered Secretaries & Administrators United Kingdom, (ACIS) (2005). She holds a Bachelor of Law degree (LL.B) (1995) and Master of Laws degree from the University of Lagos

(LL.M) (1998). A member of the Nigerian Bar Association, Funmi is also a Fellow of the Institute of Chartered

Secretaries & Administrators of Nigeria (FCIS) and a Member of the Governing Council of the Institute. She

is also the Immediate Past President of the Association of Corporate Trustees of Nigeria. She joined STL Trustees (Formerly Skye Trustees Limited) as an Assistant General Manager, Business Development, from

where she rose to become the MD/CEO of the Company. Funmi has distinguished herself in her area of core

competence as a seasoned trust specialist engaging in the structuring of complex corporate finance, legal and trust instruments.

Mrs. Connie Ogundare – Non-Executive Director

Connie Ogundare holds a Bachelor of Science degree (B.SC) in Major Chemistry and Minor Psychology from

the Marymount College Tarrytown, New York, USA (1990) as well as Bachelor of Science (B.sc) degree in Pharmacy (1994) and a Master of Science (M.Sc) in Clinical Pharmacy (1997) from the St. John University,

New York, USA. She has over two decades of working experience in the United States of America and Nigeria

spanning clinical pharmacy, real estate, investment banking and consultancy. She is currently the Managing

Director of Business Objects Limited, and a partner in JASTCO Mayfair International Property Management LLC and CSS Corporate Solution LLC (both located in New York, USA). She is also on the Board Fadco

Investment Limited.

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Mrs. Chioma Jennifer Okee-Aguguo– Non-Executive Director (Independent)

Chioma Jennifer Okee-Aguguo holds a Bachelor of Law degree (LL.B) (1987) from the Abia State University

and a Master of Law degree (LL.M) (1990) from the University of Lagos with emphasis in Corporate and

Commercial Law, Secured Credit transactions and International Economic Law. She had a stint at Steelways

Limited (1991) before joining Midas Bank which later merged with other banks to become FCMB in 1992. She rose to become the Company Secretary/Legal Adviser and served in that capacity from 1997 to 2006. She

was appointed as the Head, Legal Department of Bank PHB in 2006 and in2010 she left for private law practice

in the Firm of Associated Attorneys where she is a Partner till date.

Dr. Temidayo Oshikoya - Non-Executive Director Dr. Temitope Oshikoya is a seasoned economist, chartered accountant and a banker. A commonwealth

scholar, he holds PhD Economics from McMaster University, Ontario; MBA, Finance & Strategy from the

University of Liverpool and a B.Sc. first class honours degree in Economics from Ahmadu Bello University,

Zaria. He is a member of Association of Chartered Certified Accountant (ACCA, UK), Certified Management

Accountant, (CMA, USA), and Fellow Chartered Institute of Bankers (FCIB, England and Nigeria).

He has over two decades of professional and leadership experience in the private sector, public sector,

consulting, and academia, at both national and international levels including as Director General, West African

Monetary Institute, Senior Adviser to Group CEO at Ecobank Transnational Incorporated, Chief Economist

at Africa Finance Corporation, a Director at the African Development Bank, and a consultant to the World

Bank amongst other Institutions.

Mr. Oluwatobi Edun- Non- Executive Director

Tobi Edun is a Partner at Agrolay Ventures, an avid financial advisor and investor in Africa's real-sector. Tobi

was a Technical Adviser to the Commissioner for Finance in Lagos State from 2015-2016 where he advised

on fiscal policy and debt management. He assisted on re-engineering the State’s debt portfolio as well as

various policy initiatives aimed at boosting government revenues to fund capital projects. Tobi worked as an

Associate at Travant Capital, an Investment Advisory Firm. He has also held investment banking roles at

Renaissance Capital and Standard Bank. He holds an MA (Cantab) from the University of Cambridge.

6.6 PRINCIPAL OFFICERS OF THE TRUSTEE

Mrs. Funmi Ekundayo – Managing Director/CEO

Funmi Ekundayo is an alumna of the prestigious Harvard Business School (General Management Programme) and a member of the Institute of Chartered Secretaries & Administrators United Kingdom,

(ACIS) (2005). She holds a Bachelor of Law degree (LL.B) (1995) and Master of Laws degree from the

University of Lagos (LL.M) (1998). A member of the Nigerian Bar Association, Funmi is also a Fellow of the

Institute of Chartered Secretaries & Administrators of Nigeria (FCIS) and a Member of the Governing Council

of the Institute. She is also the Immediate Past President of the Association of Corporate Trustees of Nigeria.

She joined STL Trustees (Formerly Skye Trustees Limited) as an Assistant General Manager, Business

Development, from where she rose to become the MD/CEO of the Company. Funmi has distinguished herself

in her area of core competence as a seasoned trust specialist engaging in the structuring of complex corporate

finance, legal and trust instruments.

Akinwumi Oni - Head, Trust Services/Legal

Akin holds a Bachelors degree in Law (1999) and a Masters degree in Law (2001) from the Obafemi Awolowo

University, Ile Ife. He has several years of experience in private legal practice and as in-house

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counsel to corporate organizations. He worked with Standard Alliance Insurance Plc before joining STL

Trustees Limited.

Nimi Animashaun - Head, Marketing and Business Development

Nimi holds a Bachelors degree in Accounting (1989) from the Obafemi Awolowo University, Ile-Ife. A Fellow

of the Institute of Chartered Accountants of Nigeria (ICAN), Nimi commenced her banking career in1992 and

acquired experience in various areas including Money Market Trading, International Banking Services,

Private Banking and Marketing. Prior to joining STL Trustees as the Head of Marketing & Business

Development, she worked with Express Discount Limited where she rose to the position of Head, Marketing.

Oko U. Mba - Head, Accounts & Operations

Oko attended Yaba College of Technology, Ondo State University and Lagos State University, Ojo at different

times where he graduated with HND Statistics (1990), Ondo State University; P.G.D Banking & Finance

(1998) and Masters in Business Administration (2006) respectively. An Associate member of Institute of

Chartered Accountants of Nigeria (ICAN) and Nigerian Institute of Management, he has 18 years working

experience. Before joining STLTrustees Limited, he worked with S. S. Afemikhe & Co (Chartered

Accountants). He has attended several local and international management and leadership courses.

6.7 BRIEF PROFILE OF THE FUND INVESTMENT COMMITTEE MEMBERS

MRS. ELIZABETH NGOZI EBI (Chairman)

Mrs. Elizabeth Ngozi Ebi is a seasoned investment banker of high repute and integrity. She is the first female

stockbroker licensed on the Nigerian Stock Exchange, a Fellow of the Chartered Institute of Stockbrokers.

Mrs. Ebi has an academic foundation in Business / Management Studies with a First Class B.Sc. degree in

Business/Health Administration (Magna Cum Laude) from New York University in 1978 and obtained an

MBA (Finance and Investment) from the George Washington University, USA, in 1980. She is a graduate of

the International Banking Summer School, Cambridge University, UK and has over the years acquired in-

depth and broad knowledge as well as extensive professional experience in finance and investment

management in both the Nigerian and US money and capital markets.

Her meritorious career has taken her through reputable organizations like Chase Merchant Bank, FCH Services

Inc. Washington DC and United Mines Workers of America. Mrs. Ebi is an expert in the structuring,

documentation, securitization, marketing of capital market issues and asset & liability management. She is

also the Special Trustee in Africa to the European Economic Development Council (EEDC).


Ugochi is a graduate of the Obafemi Awolowo University, Ile-Ife where she obtained a B.Sc. (Hon’s) Degree

in Chemical Engineering in 1997 and a PGD in Business Management in 2006. She has also completed an

MBA at the Nnamdi Azikiwe University Awka. She worked as part of the Process Engineering team of the

National Fertilizer Company of Nigeria (NAFCON) and has diverse experience in Asset/ Fund Management,

Research and Marketing. She has developed expertise in the packaging of Capital Market/ Bond issues, Money

Market operations, Asset/ Fund Management, Advisory services and Training.

Ms Nnodi was at various times the Group Head, Money & Capital Markets; Head, Abuja Branch and

27 | P a g e


Manager, Asset & Wealth Management at Futureview Financial Services Ltd. She was also Vice President at

Santrust Capital Ltd before returning to Futureview as Senior Vice President/ General Manager overseeing the




She is a Commodity Broker/ Dealing Clerk with the Nigerian Commodity Exchange (NCX) and has been

admitted as an Associate of the Commodity Brokers Association of Nigeria (CBAN). She also has a Certificate

in Strategic Management from Kensington University USA

VANESSA IJEOMA AMAECHI Vanessa is an astute fund manager with exceptional investment management skills. She is also a SEC- registered Individual and an Authorized Dealing Clerk of the Nigerian Stock Exchange.

She has over 16years experience in the Nigerian Capital Market which cuts across Investment Management,

Financial Advisory and Relationship Management. She also has trainings in Financial Risk Management;

Modern Portfolio Management Techniques; Equity Investment Techniques; and Capital Market Operations,

among others.

Vanessa holds a Master’s Degree in Business Administration (Finance Specialization) from the University of

Lagos, Akoka. She also has a Bachelor of Science (B.Sc.) Degree in Microbiology from Abia State University,

Uturu in 2000.

She is currently the Fund Manager, Futureview Asset Management Limited, responsible for management of portfolios for High Net-worth Individuals and Institutional Investors.

ONYEBUCHI-AKOBI, HENRIETTA NGOZI

Ngozi is a seasoned and versatile professional with over sixteen years’ experience in audit, stock broking,

wealth management, tax and general consultancy, financial advisory services and telecommunications. A

Certified Information System Auditor (CISA), A fellow of Institute of Chartered Accountants of

Nigeria(FCA), an Associate member of Nigeria Institute of Management(AMNIM) and Chartered Institute of

Stockbrokers(ACS). She holds a Masters degree in Banking & Finance from University of Nigeria and

graduated with honours from the department of Accountancy, Institute of Management & Technology, Enugu

in 1996. Henrietta before now had demonstrated her exceptional skills and acumen for excellence in various

functions as team lead and she presently heads the Risk Management and Compliance department of

Futureview Financial Services Limited.

MR. WINSTON OSUCHUKWU (Independent Member)

Mr. Osuchukwu is the pioneer Managing Director/CEO of First Ally Asset Management Limited. He joined

First Ally from Legacy Investment and Management Company (“Legacy”), where he was Director of

Investments. Prior to joining Legacy, Winston was a Group Head at Ecobank Transnational Incorporated, a

Pan African enterprise with US$200 Million Assets under Management as of 2011. In addition to his group

responsibilities, Winston spearheaded Ecobank’s acquisition of Oceanic Bank Plc in 2011. Winston was also

the Managing Director at Access Investments & Securities Limited and Head of Wealth Management with

Afrinvest (West Africa) in Nigeria. Prior to returning to Africa, He held positions with Lehman

28 | P a g e


Brothers, JP Morgan Chase and Morgan Stanley in the United States. He holds an MBA from Southern

Methodist University in Dallas, Texas (2002) and BBA in Finance from the University of Houston (1998).

MRS. FUNMI EKUNDAYO

Funmi Ekundayo is an alumna of the prestigious Harvard business school (general management programme)

and a member of the institute of chartered secretaries & administrators United Kingdom, (acis) (2005). She

holds a bachelor of law degree (ll.b) (1995) and master of laws degree from the University of Lagos (ll.m)

(1998). A member of the Nigerian bar association, Funmi is also a fellow of the institute of chartered secretaries

& administrators of Nigeria (fcis) and a member of the governing council of the institute. She is also the

immediate past president of the association of corporate trustees of Nigeria. She joined STL trustees (formerly

skye trustees limited) as an assistant general manager, business development, from where she rose to become

the MD/CEO of the company. Funmi has distinguished herself in her area of core competence as a seasoned

trust specialist engaging in the structuring of complex corporate finance, legal and trust instruments.

29 | P a g e


7. STATUTORY AND GENERAL INFORMATION

7.1 AUTHORISATION

The establishment of the Fund and the issuance of the Units are duly and properly authorised by a resolution

passed on 27 February 2020 by the Board of Directors of the Fund Manager. The Fund is also authorised

and registered in Nigeria as a Collective Investment Scheme by the SEC in accordance with Section 160 of

the ISA.

7.2 CLAIMS AND LITIGATIONS

As at the date of this circular, the Fund Manager is not involved in any litigation. The solicitor to the Fund

Manager is not aware of any pending claim or litigation against Futureview Asset Management Limited

which may be material to the offering.

7.3 STATEMENT OF INDEBTEDNESS

As at the date of this circular, the Fund Manager had no Term loans, Finance lease facilities or Redeemable

bonds in the ordinary course of business. Also, the Fund Manager has no outstanding debentures, mortgages,

charges or similar indebtedness or material contingent liabilities other than in the ordinary course of

business.

7.4 EXTRACTS FROM THE TR UST DEED

Declaration of Trust

It is hereby declared that an open-ended collective investment scheme in the form of a trust in the name and

title of "Futureview Dollar Fund" is hereby created and the Fund Manager is hereby appointed to establish,

manage, operate and administer the Fund and the Trustee is hereby nominated, constituted and appointed as the Trustee of the Fund. The Fund Manager and the Trustee hereby agree to such appointments and further

declare that:

1. The Custodian shall hold and stand possessed of the Fund Property that is from time to time be

vested in the Trustee on trust for the benefit of the Unit Holders ranking pari passu according to

the number of Units held by each Unit Holder;

2. The Fund Property shall be held by the Custodian as "The Custodians of Futureview Dollar Fund";

3. The Fund Manager shall establish, manage, operate and administer the Fund on the terms and conditions contained in this Trust Deed and any conditions approved by the Trustee or as may

be imposed by the Commission from time to time; and

4. The Fund Property shall be invested from time to time by the Fund Manager in consultation with the Trustee in accordance with the terms and conditions contained in this Trust Deed.

Description and Objective of the Fund

1. The Futureview Dollar Fund is an actively managed open-ended mutual fund that will be invested in

Dollar denominated Eurobonds, floated by the Federal Government of Nigeria and other qualifying

Nigerian Top Tier Corporate Eurobonds as may be determined by the Investment advisory

committee.

2. The Fund seeks to achieve income generation in line with the rules of the Commission in the short to

medium term for investors with USD or convertible currencies and designated to deliver significantly higher returns than what is obtainable from the average domiciliary account in the local banks.

30 | P a g e


Redemption of Units

The Fund Manager shall effect redemptions on a continuous basis throughout the life of the Fund after 180

days from the Allotment Date at the Bid Price on any Business Day immediately following the receipt of a

valid redemption notice, fund certificate and other redemption documents.

The minimum permissible holding at any point is Five (5) Units or such number of Units as advised by the

Fund Manager subject to the written consent of the Trustees. Where a partial redemption will result in less

than the minimum permissible holding, the Unit holder will be required to redeem all the Units held.

Minimum permissible holding after partial redemption is Five (5) Units. The Fund shall make redemption

payments within five (5) business days following the receipt of the redemption notice(s). Investments made

during the IPO will be subject to a six months (180 days) lock-in period subsequent to the Allotment date,

while purchases made after the IPO will be subject to a lock-in period of Ninety (90) calendar days from the

date of purchase. No fees will be charged on redemption for Units after the lock-in period; however, any

redemption during the lock-in period shall suffer a penalty charge of 10% flat on the capital appreciation

amount on the Fund.

Investment Policy

1. Subject to applicable laws, as may be amended from time to time, The Fund Manager may invest in

registered Dollar Fund provided that the Fund is of Higher investment grade and the proportion of the investment shall not exceed five per cent (5%) of the Fund’s Net Asset Value for a single Fund and

20% for a group of Dollar Funds.

2. The Fund Manager shall make investments in accordance with the Asset Allocation Range indicated

hereunder:

Proposed Asset Class (Dollar Instrument Asset Allocation (%)

Quoted FGN Eurobonds Between 20% and 80%

Corporate Eurobonds of Nigerian Banks and other

quoted Corporate Eurobonds

Between 20% and 80%

US Dollar Equity Stocks Between 0% and 20%

Total 100%

3. The Fund Manager shall not alter the Investment Policy of the Fund as set out in Clause 12 (of this

Trust Deed) without the sanction of the Trustee and the Commission and the Unit Holders.

Distribution of Income/Reinvestment

The Fund Manager shall distribute income (less expense) as dividend to Unit Holders on an annual

basis. The Unit-Holders shall have the option to elect to receive dividends in cash or to reinvest their

dividends in new Units at the Offer Price. Unit- Holders who elect to have their dividends reinvested

in new Units shall be entitled to an issue of Units that shall be equal in value to the amount they

otherwise would have received in cash as dividend.

Management of the Fund

1. The effective control over the affairs of the trust is vested in and shall be exercised independently by

the Trustee on behalf of the Unit Holders.

31 | P a g e


2. The Fund Manager shall obtain the prior consent of the Trustee through the Investment Committee and where required the consent of the relevant parties before finalizing any investment it wishes to

make.

3. The Fund Manager shall be entitled, subject to the consent of the trustee, to delegate to any person, firm or corporation upon such terms and conditions as it may think fit all or any of its powers and

discretion in relation to the selection, acquisition, holding and realization of investment and

applications of any monies forming part of the investments PROVIDED THAT the Fund Manager shall remain liable hereunder for any act or omission of any such person, firm or corporation in relation to

the exercise or non-exercise of any powers or discretion so delegated as if the same were an act or

omission of the Fund Manager. Where the Fund Manager delegates all of its powers to any person, firm or corporation as described under this clause, the Fund Manager shall notify the Commission

and the Trustee prior to such delegation.

4. The underlying assets of the Fund shall be held by the Custodian.

Duration and Termination of the Trust

1. The duration of the Fund shall be for a period of 99 years pursuant to the provision of rule 532(s) of the SEC Rules, 2013.

2. The Trustee or Fund Manager may terminate the Trust by issuing no less than six (6) months’ notice

thereof in writing to the other as well as to the Unit holders and the Commission.

3. The Trust may be terminated with the approval of the Trustee upon not less than six (6) months’ notice in writing by the Trustee to the Fund Manager, Unit holders and the Commission upon

occurrence of any of the following:

i. If the Fund shall cease to be predominantly a Dollar Fund or in the event of its becoming illegal or if in the opinion of the Trustee it is impracticable or inadvisable to continue the

Trust.

ii. If by any reason it is in the opinion of SEC to terminate the Trust for the best interest of the

parties.

4. The Fund may at any time be terminated by a Special Resolution of the Unit holders at a meeting duly convened and held in accordance with the provisions herein contained regarding meetings

and such termination shall take effect no less than six (6) moths from the date on which the said

Special Resolution is passed or on such later date (if any) as the said Special Resolution may provide.

5. The Fund may be duly terminated by the Commission where any of the activities of the Fund is outside the ambit of permissible activities as provided for by the Investment and Securities Act,

any relevant regulations enacted thereunder and/or any other applicable laws or where the

commission’s approval of the Fund is withdrawn’

6. The Fund Manager may by notice to the Commission, Unit holders and the Trustee terminate if in the opinion of the Fund the value of the Fund’s assets is insufficient to justify the continued

operation of the Fund or if, due to a change in law or other circumstance deemed appropriate by the

Fund Manager, the continued operation of the Fund is no longer justified.

7. In the event of termination, the liquidation of the Fund and redemption of the Unit holders'

Units will be satisfied solely out of the assets of the Fund without recourse to the assets of any other constituent Fund or the assets of the Manager.

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EXTRACTS FROM THE CUSTODY AGREEMENT

Appointment and Role of the Custodian (page 5 of the Custody Agreement)

The Custodian is hereby appointed to do the following:

1. The settlement of Securities issued by entities in the Federal Republic of Nigeria from time to time and to hold the same on behalf of the Trustee/Fund upon terms and conditions hereof

2. Custody of all funds and assets (including all cash, securities and other property transferred to the

custodian for safekeeping under the terms of this agreement) from time to time on behalf of Fund

3. To ensure that all funds and assets held by it pursuant to this agreement are at all times immediately identifiable by third parties as custody assets by the inclusion of such words in the title to sufficiently

describe same as such

4. The collection of dividends and principal amounts due for redemption on due date. 5. The exercise or sale of subscription rights and attending to other related corporate actions, provided

that it shall be liable to the Trustee/Fund in full for any losses incurred due to its failure to carry out

its obligations in relation to any corporate action affecting all or any part of the funds or assets

covered by this agreement

6. Transaction processing/settlement, monthly reporting of status of Fund’s assets to the Fund

Manager, Trustee and the Commission respectively

7. Carry out monitoring, oversight, administrative and other functions required in accordance with the terms and conditions of this Agreement

8. Act independently of the Fund Manager and of the management of the Scheme and solely in the interest of the Unit Holders in the Scheme and of the Scheme itself

9. Be accountable to the Fund Manager, the Trustee and the Commission in the performance of its

obligations herein and such other functions it may reasonably be expected to perform pursuant to

upholding the best interest of Unit holders and the scheme.

Role of the Fund Manager

The Fund Manager is the investment manager whose role is to administer its Financial Assets by doing the

following:

1. Make investment decisions in relation to the fund and assets to which this agreement relates

2. Keep proper books of account and prepare financial statements

3. Ensure that appropriate internal controls are established for the Funds 4. Maintain adequate financial resources to meet Fund’s commitments and manage the risks thereon.

CONSENTS

The following have given and not withdrawn their written consents to the issue of this Prospectus with their names and reports (where applicable) included in the form and context in which they appear:

DIRECTORS OF THE

FUND MANAGER

Mrs Elizabeth Ebi (Chairman)

Ugochi Nnodi (Managing)

Diamond Uju (Non-Executive Director)

Apostle Alexander Oyewole

Bamgbola (Non-Executive Director)

Kemdi Ebi (Non-Executive Director)

COMPANY SECRETARY Toluwalope Shonowo

33 | P a g e


TRUSTEE TO THE

FUND

STL Trustees Limited

CUSTODIAN TO THE

FUND

United Bank for Africa Plc (Global Investor

Services)

STOCKBROKER TO

THE FUND

Futureview Securities Limited

SOLICITORS TO THE

FUND

Adroit Lex & Co

REGISTRARS

INDEPENDENT

MEMBER

Centurion Registrars Limited

Winston Osuchukwu

1. RELATIONSHIP BETWEEN THE FUND MANAGER AND THE TRUSTEE: The Fund Manager

and the Trustee do not have any common shareholder and neither one is a subsidiary or holding company

of the other. They do not have common Directors.

2. RELATIONSHIP BETWEEN THE FUND MANAGER AND THE CUSTODIAN: The Fund

Manager and the Custodian do not have any common shareholder and neither one is a subsidiary or

holding company of the other. They do not have common Directors.

3. RELATIONSHIP BETWEEN THE FUND TRUSTEE AND THE CUSTODIAN: The Trustee and the

Custodian do not have any common shareholder and neither one is a subsidiary or holding company of

the other. They do not have common Directors

4. DOCUMENTS AVAILABLE FOR INSPECTION: Copies of the following documents may be

inspected at the offices of the Fund Manager, at its business address, at normal working hours on any

Business Day:

a. Certificates of Incorporation of the Fund Manager and the Trustee

b. Memorandum and Articles of Association of the Fund Manager and the Trustee

c. The resolution of the Board of Directors of the Fund Manager authorizing the Fund d. The duly executed Form SEC 6 issued in respect of the Fund

e. Solicitors’ Opinion on Claims And Litigations involving the Fund Manager f. The written consents all the Directors of the Fund Manager and all the Professional Parties g. The SEC letter authorizing the Fund and registering the Units being offered

h. The Fund Prospectus i. The Trust Deed

j. The Custody Agreement

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8. PROCEDURE FOR APPLICATION AND ALLOTMENT

Application

1. The general investing public is hereby invited to apply for Units of the Fund through any of the

Receiving Agents listed in this Prospectus

2. Applications for Units must be made in accordance with the instructions set out at the back of the Application Form attached hereto. Care must be taken to follow these instructions, as applications

which do not comply will be rejected 3. The Application List for the Units now being offered will open on 31st May, 2021. Applications

must be for a minimum of 5 Units and in multiples of 5 Units thereafter. The number of Units for which

an application is made and the value of the cheque or bank draft attached should be entered in the boxes provided on the Application Form

4. A single applicant should sign the declaration and write his/her full names, address, daytime

telephone number and mobile telephone number in the appropriate space on the Application Form.

Where the application is being made on behalf of a minor, the full names of the applicant and the minor as well as the date of birth of the minor should be provided. Item “2” should be used by joint

applicants. A corporate applicant should affix its seal in the box provided and state its incorporation

Registration Number (RC) 5. All Applications must be the denomination of the fund (in the case of this fund, US Dollar). Every

application should be transferred via RTGS into the Issue Proceeds Account as indicated below. All

bank commissions, stamp duties and transfer charges must be prepaid by the applicant.

Bank Name: United Bank for Africa Plc (Global Investor Service

Division)

Account Name: STL TRUSTEES/ FUTUREVIEW DOLLAR FUND

Account Number: 1024124901

Applicant/Sender: Please complete as appropriate

Allotment

The Directors of the Fund Manager reserve the right to accept or reject any application in whole or in part for not meeting the conditions of the Offer. In the event of an over subscription, additional Units of the Fund will

be allotted subject to the approval and registration of the Units with the Commission.

Application Monies

All application monies should be paid directly to the Fund’s account maintained by the Custodian. If any application is not accepted or is accepted for fewer Units than the number applied for, a bank transfer of the

full amount paid or the balance of the amount paid (including accrued interest) (as the case may be) will be

returned to the applicants account within five (5) Business Days of allotment. Certificates of Unit Holding

will be sent by registered post to the physical address provided by the subscriber on the attached Application Form and/or by electronic mail to the email address provided on the attached Application Form, not later than

fifteen (15) Business Days from the date of allotment.


9. RECEIVING AGENTS

Completed Application Forms for which cash or bank drafts/cheques for the full amount payable has been

made, may be submitted at any of the Receiving Agents duly registered as market operators by SEC, to whom

brokerage will be paid based on the amount of units allotted in respect of applications bearing their stamps.

RECEIVING BANKS

Access Bank Plc Guaranty Trust Bank Plc Sterling Bank Plc Wema Bank Plc

EcoBank Nigeria Plc Heritage Bank Limited Polaris Bank Limited Zenith Bank Plc

Fidelity Bank Plc Keystone Bank Limited Union Bank of Nigeria Plc

First Bank of Nigeria Plc Stanbic IBTC Bank Plc United Bank for Africa Plc

First city Monument Bank Plc Standard Chartered Bank Ltd Unity Bank Plc

STOCKBROKERS AND OTHERS

Adonai Stockbrokers Ltd Express Discount Asset Mgt. Ltd Kundila Finance Services Ltd Rostrum Inv. Sec. Ltd

African Alliance Stockbrokers Ltd Falcon Securities Ltd Lambeth Trust & Investment Royal Crest Finance Ltd

Alangrange Securities Ltd FBN Securities Limited LB Securities Ltd Securities Africa Financial

Allbond Investment Ltd FCSL Asset Mgt. Company Ltd Lead Securities & Inv. Ltd Security Swaps Ltd

Apel Asset Ltd Finmal Finance Services Ltd Lighthouse Asset Management SFC Securities Limited

Atlas Portfolio Ltd First Inland Sec & Asset Mgt. Long Term Global Capital Ltd Sigma Securities Ltd

BFCL Assets & Securities Ltd FIS Securities Ltd Marina Securities Ltd Signet Inv. & Sec Ltd

Capital Assets Securities Ltd Foresight Sec &Inv. Ltd MBC Securities Ltd Skyview Capital Limited

Capital Bancorp Ltd Forthright Sec. &Inv. Ltd Mega Equities Ltd SMADAC Securities Ltd

Capital Express Securities Ltd Fortress Capital Ltd Mercov Securities Ltd Solid Rock Sec. & Inv. Ltd

Capital Trust Brokers Ltd FSDH Securities Limited Meristem Stockbrokers Ltd Springboard Trust &

Centre Point Investment Ltd Future View Financial Services Midas Stockbrokers Ltd Stanwal Securities Ltd

Cardinal Stone Securities Limited Global Assets Mgt. Nig. Ltd Mission Securities Ltd Strategy& Arbitrage Ltd

Century Securities Limited Global view Consult & Inv. Ltd Molten Trust Limited Summa Guaranty & Trust Co

Chape lHill Denham Securities Ltd GMT Securities Network Capital Ltd TFS Securities & Inv. Co Ltd

Clearview Investment Company Golden Securities Ltd Ltd Networth Sec. & Finance Ltd The Bridge Securities Ltd

Citi Investment Capital Limited Golden Securities Ltd Newdevco Finance Securities L Tiddo Securities Ltd

City-Code Trust & Investment Co Greenwich Trust Ltd Nigerian International Topmost Finance &

Compass Investment & Securities GTI Capital Ltd PAC Securities Limited Tower Assets Management

Cordros Capital Ltd Harmony Securities Limited Partnership Investment Co Ltd Tower Sec. Inv. Co. Ltd

Core Trust & Investment Ltd Heritage Capital Limited Peace Capital Limited Transworld Inv. & Sec. Ltd

Covenant Securities & Asset Horizon Stockbrokers Ltd Phronesis Securities Ltd Trusthouse Investment Ltd

Cowry Securities Limited IBTC Asset Management Ltd Pilot Securities Limited TRW Stockbrokers Ltd

Cradle Trust Finance & Securities ICMG Securities Ltd Pinefields Investment Serv. Ltd UBA Securities Ltd

Crownwealth Assets Management ICON Stockbrokers Ltd Pivot Trust & Inv. Co. Ltd. UNEX Securities Investment

CSL Stockbrokers Ltd Imperial Asset Managers Ltd Primera Africa Securities Ltd Valmon Securities Ltd

Diamond Securities Ltd Integrated Trust & Investments Prominent Securities Ltd Valueline Sec. &Inv. Ltd

Diamond Trust Ltd Interstate Securities Ltd PSI Securities Ltd Vetiva Securities Ltd

Dunn Loren Merifield Securities Investment Centre Ltd Pyramid Securities Ltd Woodland Capital Mkt. Plc

Dynamic Portfolio Ltd Investment One Stockbrokers Reading Investments Ltd WSTC Financial Services

EDC Securities Ltd Kapital Care Trust & Sec. Ltd Rencap Securities Nig. Ltd Yobe Inv. & Sec. Ltd


Edgefield Capital Management Ltd Kedari Securities Limited Resort Securities & Trust Ltd Yuderb Inv. Sec. Ltd

Equity Capital Solutions Ltd Kinley Securities Ltd Reward Investments &Serv Ltd Zenith Securities Ltd


GUIDE TO APPLICATION Number of Units applied for Amount Payable 5 Minimum $500.00

Subsequent multiples of 5 $500.00

10. APPLICATION FORM

FUND MANAGER:

FUTUREVIEW DOLLAR FUND

OFFER FOR SUBSCRIPTION OF

15,000 UNITS OF $100.00 EACH AT PAR PAYABLE IN FULL ON APPLICATION

Application must be in accordance with the instructions set out on the back of this application form. Care must be taken to follow these instructions as applications that do not comply may be rejected.

DECLARATION:

I am/ We are 18 years of age or above. I/We attach the amount payable in full on application for the Units indicated below in FUTUREVIEW DOLLAR

FUND at $100.00 per unit. I/We agree to accept the same or any smaller number of Units than I/We applied for in respect of which allotment

may be made upon the terms of the Prospectus dated 17th May, 2021.

I/We understand that we will receive our allotted Units in either Certificate or E-certificate form. I/We authorise you to send a Certificate and direct transfer, for any amount overpaid or rejected, by registered post at

my/our risk to the to the address given below. I/We hereby declare that I/We have read the Fund Prospectus dated 17th May, 2021 issued by the Fund Manager.

DATE(DD/MM/YYYY)

Number of Units Applied for: Value of Units Applied for/Amount Paid:

.

PLEASE COMPLETE IN BLOCK LETTERS AND IN BLACK INK

1. INDIVIDUAL/CORPORATE APPLICANT Title: □ MR. □ MRS. □ MISS □ DR. Surname /Company Name:

Other Names (for Individual Applicant only):

Full Postal Address:

City State

Land Phone Number Mobile (GSM) Phone Number:

Email Address:

Next of Kin:

Clearing House Number (CHN): Name of Your Stockbroker:

2. JOINT APPLICANT Title: □ MR. □ MRS. □ MISS □ DR.

Surname /Company Name:

Other Names:

/ /

Application List Opens: Monday, 31st May, 2021


Stamp of Receiving Agent CONTROL NUMBER:

3. BANK DETAILS (FOR e-DIVIDEND/DISTRIBUTION)

Bank Name: Branch

Name:

BVN:

Account Number:

r

Signature or Thumbprint

Signature or Thumbprint

Compa ny Seal & Inco porati n Num ber (Co rporate Applic ant)

Centurion Registrars Limited

8, Alhaji Bashorun Street,

Stamp of Receiving Agent CONTROL NUMBER:

Off Norman Williams,

Lagos.


11. INSTRUCTIONS FOR COMPLETING THE APPLICATION FORM 1. Applications should be made only on the Application Form or photocopy, downloaded or scanned copy of the Application Form

2. Applications must be for a minimum of 5 Units at the first instance and multiples 5 Units thereafter. The number of Units

for which applications is made and the amount of the applicable value should be entered in the boxes provided

3. Payment must be made in Dollars

4. The Application Form when completed should be lodged with any of the Receiving Agents listed on Page 35/36 of this Prospectus Applications below US$250,000 should be forwarded together with proof of wire transfer via NEFT or NIBSS for

the full amount of the purchase price made payable to the fund. Applications must be accompanied by t h e evidence of transfer into the Custody account made out for the full amount payable on application. Payment must be made by electronic transfer into the Custody account of the Fund maintained by the Custodian accompanied by online

transfer receipt evidencing payment to the Fund. All bank commissions and transfer charges must be prepaid by the applicant.

5. All bank commissions and transfer charges must be prepaid by the applicant.

6. Applications above US$250,000 should be transferred via RTGS into the Offer Proceeds Accounts indicated on Page 34 of this

Prospectus.

7. The applicant(s) should make only one application, whether in his own name or in the name of a nominee. Multiple or suspected

multiple applications will be rejected.

8. Joint applicants must all sign the Application Form

9. An application for a minor must include full names and date of birth of the minor, as well as the full names and addresses of the

adult (Parent or guardian) making the application on his/her behalf.

10. An application from a group of individuals should be made in the names of those individuals with no mention of the name of the

group. An application by a firm, which is not registered under the Companies and Allied Matters Act Cap C 20 LFN 2004, should

be made either in the name of the proprietor or in the names of the individual partners. In neither case should the name of the firm

be mentioned.

11. An application from a corporate body must bear the corporate body’s common seal and be completed under the hand of a duly

authorised official

12. An application by an illiterate should bear his/her right thumbprint on the Application Form and be witnessed by an official of the

Fund Manager or Receiving Agent at which the application is lodged, who must first have explained the meaning and effect of the

Application Form to the illiterate in the illiterate’s own language. Above the thumbprint of the illiterate, the witness must record in

writing that he has given this explanation to the illiterate in a language understandable to him/her and that the illiterate appeared to

have understood same before affixing his/her thumb impression. The applicant should not print his/her signature. If he/she is unable

to sign in the normal manner, he/she should be treated for the purpose of this Offer as an illiterate and his/her right thumbprint

should be clearly impressed on the Application Form.

APPLICATION

FORM