15. Redeeming units
Before you start. You must be an Active member. You can only redeem units that are not already in a pending request. The price is the NAV in force today.
Steps.
- Open Investments. On your card, select Redeem units.
- Type the number of units in Units to redeem (up to four decimal places).
- Select Request redemption.
Example: Musa asks to redeem 100 units at ₦1,020, which is ₦102,000. No tax is taken at the moment.
What you see. Each redemption shows its reference (for example SCAFI-RED-…), units, NAV, net amount, tax, Payable by date and status.
| Status | Meaning |
|---|---|
| Requested | Received. You can still withdraw it. |
| Approved | Agreed. Payment is being prepared. |
| Declined | Not approved. The reason is given. |
| Withdrawn | You cancelled it. |
| Paid | Cash sent to your bank account. The units are cancelled. |
The seven-working-day rule. The Payable by date is seven working days after your request, counting Monday to Friday. Musa's request on Monday 26 October 2026 is payable by Wednesday 4 November 2026.
To withdraw. While the status is Requested, select Withdraw.
If it is late. DFFMS escalates a late payment automatically. The first escalation goes to the Programme Administrator the day after the due date. The second goes to the Client System Administrator about three working days later. You are told at each step.
Common problems.
- You cannot request. You are not an Active member, or some units are already in a pending request.
- The tax is more than you expected. The rate is set by the administrators for each scheme. Check the figures before you confirm.