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Chapter sixteen.

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On the live platform today, both schemes are still in draft.

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Here is exactly how an administrator opens them.

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On the live platform, SCAFI and SAIF are both still in draft, so members cannot join or pay yet.

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To open one, a Programme Administrator or a system administrator goes to Investment schemes, selects Manage, sets the status to Open,

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and enters the trustee, the custodian, the fund manager, the auditor, and the custodian collection account that members will pay into.

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Here is how it is done.

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Ibrahim selects Manage on SCAFI and sets the status to Open.

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He enters the trustee, Meridian Trustees, the custodian, Sterling Bank's custody services, the fund manager and the auditor.

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Last, the collection account: the Sterling Bank SCAFI collection account.

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Members will see this account when they contribute.

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He saves, and SCAFI is open.

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He does the same for SAIF.

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Its collection line simply says that investors pay through the SEC crowdfunding platform.

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Now both schemes are open.

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One more setting, which only the Platform Super Administrator can change: withholding tax.

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Adaeze selects Withholding tax on SCAFI.

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Dividends carry 5%, as the term sheet says.

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Redemptions carry none, because under the Nigeria Tax Act 2025, redeeming units of an open-ended scheme is not a taxable disposal.

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If that ever changes, she can also choose whether tax falls on the gain above cost or on the whole amount.

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Every change needs a reason or authority, is recorded in the audit trail, and applies only to new dividends and new redemption requests.