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JOURNAL OF RESEARCH IN NATIONAL DEVELOPMENT VOLUME 5 NO 1, JUNE, 2007

AN APPRAISAL OF THE OPERATION AND MANAGEMENT OF UNIT TRUST SCHEMES IN NIGERIA

ADE IBIWOYE
DEPARTMENT ACTUARIAL SCIENCE AND INSURANCE AND S. O. ADELAJA, DEPARTMENT OF ACCOUNTING, UNIVERSITY OF LAGOS

ABSTRACT
A lot of money is held by the public instead of being invested in shares or in money market instruments as a result of widespread financial illiteracy. Many people do not know that not only well-to-do people can invest in the shares of companies. This is because they are not aware of schemes like unit trust through which small savers can be participants. Both the individual and the nation are end-losers, as resources that could have been mobilized for economic growth are not accessed. The study undertakes a survey of causes of the low patronage of the unit trust scheme in Nigeria. The outcome of the survey shows that lack of publicity of the schemes is a major cause. It advises against in-house investment of unit trust funds and recommends an amendment of the existing regulation so as to make an investment in money market instrument a prior claim on assets of any company on liquidation of that company.

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