WEBVTT

1
00:00:01.000 --> 00:00:02.667
Chapter twenty.

2
00:00:02.667 --> 00:00:08.980
The fund manager values the scheme, and the scheme pays its first dividend.

3
00:00:09.933 --> 00:00:19.222
Funmilayo selects Record a valuation, chooses SCAFI, and enters the source: the fund manager's valuation report.

4
00:00:19.600 --> 00:00:27.333
She enters total assets of ₦618,000 and liabilities of ₦6,000.

5
00:00:27.333 --> 00:00:33.473
DFFMS divides the net assets by the 600 units in the register.

6
00:00:34.033 --> 00:00:40.243
That gives a NAV of ₦1,020 per unit, waiting for approval.

7
00:00:41.667 --> 00:00:53.667
Next, she declares the FY2026 interim dividend: ₦20 per unit, with a record date of the twenty-sixth of October, and payment on the thirtieth.

8
00:00:53.667 --> 00:00:58.512
Everyone holding units on the record date is included.

9
00:00:58.933 --> 00:01:02.480
The dividend also waits for approval.

10
00:01:03.833 --> 00:01:11.300
Yusuf checks the NAV against the valuation report and the custodian statement, and approves it.

11
00:01:11.300 --> 00:01:15.188
Every active member is told the new price.

12
00:01:16.600 --> 00:01:23.606
From now on, new contributions and redemptions use ₦1,020 per unit.

13
00:01:25.000 --> 00:01:27.300
He approves the dividend too.

14
00:01:27.300 --> 00:01:34.416
Each member is told their gross dividend, the tax, the net amount and the payment date.

15
00:01:37.367 --> 00:01:43.267
For Musa: 600 units at ₦20 is ₦12,000.

16
00:01:43.267 --> 00:01:47.200
Five percent withholding tax is ₦600.

17
00:01:47.200 --> 00:01:51.341
So ₦11,400 is paid to him.

18
00:01:52.400 --> 00:02:00.033
When the custodian pays it out, Funmilayo records the payout with the custodian's payment reference.

19
00:02:00.033 --> 00:02:02.696
It waits for approval.

20
00:02:04.133 --> 00:02:07.033
Yusuf approves it in Transactions.

21
00:02:07.033 --> 00:02:12.032
The dividend shows as paid, and each member is notified.