1 00:00:01,000 --> 00:00:06,333 Part three covers the two alternative investment schemes, in full. 2 00:00:06,333 --> 00:00:09,583 Chapter fifteen introduces them. 3 00:00:10,667 --> 00:00:12,667 There are two schemes. 4 00:00:12,667 --> 00:00:19,367 SCAFI, the Civil Service Agricultural Funding Initiative, is run on DFFMS itself. 5 00:00:19,367 --> 00:00:26,500 Civil servants join through a registered cooperative, straight from their DFFMS account. 6 00:00:26,500 --> 00:00:35,400 SAIF, the Agro-Investment Fund, is sold on an SEC-licensed crowdfunding platform, and DFFMS keeps its register. 7 00:00:35,400 --> 00:00:42,733 In both, units are issued at ₦1,000 and then priced at the fund's net asset value. 8 00:00:42,733 --> 00:00:51,424 Dividends are paid once a year, after withholding tax, and redemptions are paid within seven working days. 9 00:00:52,600 --> 00:00:57,467 An important point: DFFMS never holds the investors' money. 10 00:00:57,467 --> 00:01:07,067 The cash sits with an SEC-licensed custodian bank, protected by a trustee, managed by a fund manager and checked by an auditor. 11 00:01:07,067 --> 00:01:15,433 DFFMS is the record: who joined, who paid, how many units they hold, and every approval along the way. 12 00:01:16,467 --> 00:01:19,433 Ibrahim opens Investment schemes. 13 00:01:19,433 --> 00:01:25,761 The tabs follow the life of a scheme: overview, members, cooperatives, contributions, 14 00:01:25,761 --> 00:01:32,616 the net asset value or NAV, dividends, redemptions and the investment portfolio. 15 00:01:33,000 --> 00:01:44,000 The overview shows each scheme's key figures: members, capital raised, units, the NAV per unit, dividends paid, and redemptions settled on time. 16 00:01:44,000 --> 00:01:51,953 Below are its facts: series size, cost of funds, withholding tax, redemption terms and the parties. 17 00:01:52,333 --> 00:01:55,500 Notice the label on each scheme: draft. 18 00:01:55,500 --> 00:01:59,000 A scheme in draft is invisible to the public. 19 00:01:59,000 --> 00:02:04,140 Nobody can join it, and no money can be recorded against it. 20 00:02:06,418 --> 00:02:08,351 Chapter sixteen. 21 00:02:08,351 --> 00:02:12,985 On the live platform today, both schemes are still in draft. 22 00:02:12,985 --> 00:02:17,407 Here is exactly how an administrator opens them. 23 00:02:18,518 --> 00:02:25,851 On the live platform, SCAFI and SAIF are both still in draft, so members cannot join or pay yet. 24 00:02:25,851 --> 00:02:35,726 To open one, a Programme Administrator or a system administrator goes to Investment schemes, selects Manage, sets the status to Open, 25 00:02:35,726 --> 00:02:46,018 and enters the trustee, the custodian, the fund manager, the auditor, and the custodian collection account that members will pay into. 26 00:02:46,018 --> 00:02:48,568 Here is how it is done. 27 00:02:49,618 --> 00:02:54,418 Ibrahim selects Manage on SCAFI and sets the status to Open. 28 00:02:54,418 --> 00:03:03,951 He enters the trustee, Meridian Trustees, the custodian, Sterling Bank's custody services, the fund manager and the auditor. 29 00:03:03,951 --> 00:03:09,918 Last, the collection account: the Sterling Bank SCAFI collection account. 30 00:03:09,918 --> 00:03:14,482 Members will see this account when they contribute. 31 00:03:14,885 --> 00:03:17,826 He saves, and SCAFI is open. 32 00:03:18,418 --> 00:03:20,685 He does the same for SAIF. 33 00:03:20,685 --> 00:03:27,751 Its collection line simply says that investors pay through the SEC crowdfunding platform. 34 00:03:27,751 --> 00:03:30,447 Now both schemes are open. 35 00:03:32,551 --> 00:03:39,618 One more setting, which only the Platform Super Administrator can change: withholding tax. 36 00:03:39,618 --> 00:03:43,650 Adaeze selects Withholding tax on SCAFI. 37 00:03:44,018 --> 00:03:47,585 Dividends carry 5%, as the term sheet says. 38 00:03:47,585 --> 00:03:58,351 Redemptions carry none, because under the Nigeria Tax Act 2025, redeeming units of an open-ended scheme is not a taxable disposal. 39 00:03:58,351 --> 00:04:06,826 If that ever changes, she can also choose whether tax falls on the gain above cost or on the whole amount. 40 00:04:07,218 --> 00:04:18,155 Every change needs a reason or authority, is recorded in the audit trail, and applies only to new dividends and new redemption requests. 41 00:04:21,436 --> 00:04:23,369 Chapter seventeen. 42 00:04:23,369 --> 00:04:31,276 SCAFI members join through a cooperative, so the cooperative is registered and verified first. 43 00:04:32,236 --> 00:04:37,903 Rakiya Abdullahi, the Kaduna State Coordinator, opens the Cooperatives tab 44 00:04:37,903 --> 00:04:44,269 and registers the Kaduna State Civil Servants Multipurpose Cooperative Society. 45 00:04:44,269 --> 00:04:52,312 She enters its registration number, the registering authority, the state, and a contact person. 46 00:04:52,669 --> 00:04:54,036 She saves it. 47 00:04:54,036 --> 00:04:57,436 The cooperative now waits for verification. 48 00:04:57,436 --> 00:05:02,647 The person who registers a cooperative can never verify it. 49 00:05:04,036 --> 00:05:14,489 So Ibrahim, a second registrar, checks the registration certificate, the bye-laws and the elected officers, and selects Verify. 50 00:05:15,903 --> 00:05:20,003 The cooperative register now shows it as verified. 51 00:05:20,003 --> 00:05:25,855 Only verified cooperatives are offered to people joining SCAFI. 52 00:05:28,145 --> 00:05:29,878 Chapter eighteen. 53 00:05:29,878 --> 00:05:35,812 Musa Ibrahim is a civil servant at the Kaduna State Ministry of Agriculture. 54 00:05:35,812 --> 00:05:40,090 He joins SCAFI from his own DFFMS account. 55 00:05:41,045 --> 00:05:45,794 Under Investments, he sees the schemes that are open. 56 00:05:47,212 --> 00:05:52,278 SAIF shows a badge: subscribe on the SEC crowdfunding platform. 57 00:05:52,278 --> 00:05:54,445 It cannot be joined here. 58 00:05:54,445 --> 00:05:57,306 SCAFI has a Join button. 59 00:05:57,678 --> 00:06:04,282 He picks his cooperative from the verified list, then gives his employment, his ministry, 60 00:06:04,282 --> 00:06:12,602 his staff or IPPIS number, his phone, state, gender, and whether he is aged eighteen to thirty-five. 61 00:06:13,012 --> 00:06:15,412 He enters his NIN and BVN. 62 00:06:15,412 --> 00:06:25,345 DFFMS stores them only as secure tokens, never as plain numbers, and blocks anyone who tries to join twice with the same identity. 63 00:06:25,345 --> 00:06:28,178 Then his bank details for payouts. 64 00:06:28,178 --> 00:06:32,399 Only the last four digits of the account are kept. 65 00:06:32,778 --> 00:06:37,744 He consents to the scheme terms and submits his application. 66 00:06:39,145 --> 00:06:46,712 His membership is created with a membership number, waiting for verification, and he is notified. 67 00:06:46,712 --> 00:06:51,496 The registrars are told there is a new member to verify. 68 00:06:51,878 --> 00:06:59,078 Rakiya checks the cooperative roll, his IPPIS number and his NIN match, and verifies Musa. 69 00:06:59,078 --> 00:07:01,764 He is now an active member. 70 00:07:03,112 --> 00:07:09,445 SAIF investors do not join on DFFMS, so Rakiya registers Blessing Okon by hand. 71 00:07:09,445 --> 00:07:18,177 The key field is the platform investor reference, which links her to the crowdfunding platform's records. 72 00:07:21,078 --> 00:07:25,426 Blessing's membership now waits for verification. 73 00:07:29,612 --> 00:07:34,178 Because Rakiya recorded this member, she cannot verify her. 74 00:07:34,178 --> 00:07:39,636 Ibrahim checks the platform statement and verifies Blessing. 75 00:07:41,012 --> 00:07:49,573 The member register lists both members, their scheme, cooperative, employment, state, units and status. 76 00:07:51,846 --> 00:07:53,513 Chapter nineteen. 77 00:07:53,513 --> 00:07:58,630 Members pay in, and DFFMS turns each payment into units. 78 00:07:59,579 --> 00:08:06,046 Musa paid ₦500,000 into the Sterling Bank collection account. 79 00:08:06,046 --> 00:08:13,321 Funmilayo records it as a contribution, using the bank's credit reference as evidence. 80 00:08:14,713 --> 00:08:20,546 Blessing paid ₦250,000 on the crowdfunding platform. 81 00:08:20,546 --> 00:08:24,813 Funmilayo records that from the platform statement. 82 00:08:24,813 --> 00:08:31,502 DFFMS also checks that no contribution takes the scheme past its series size. 83 00:08:32,913 --> 00:08:37,339 Both contributions now wait for finance approval. 84 00:08:38,713 --> 00:08:47,224 Yusuf matches each one to the bank credit and the platform statement, and approves them in Transactions. 85 00:08:50,979 --> 00:08:53,779 The unit register shows the result. 86 00:08:53,779 --> 00:08:57,713 Units are the amount divided by the NAV per unit. 87 00:08:57,713 --> 00:09:08,406 Before any valuation, that is the ₦1,000 issue price, so Musa holds 500 units and Blessing holds 250. 88 00:09:08,946 --> 00:09:10,946 The rule is simple. 89 00:09:10,946 --> 00:09:18,127 Units equal the amount paid, divided by the latest approved price per unit on that date. 90 00:09:19,213 --> 00:09:22,246 SCAFI members can also pay online. 91 00:09:22,246 --> 00:09:28,980 Musa's card shows his units, their value, the NAV per unit, and how to contribute. 92 00:09:29,379 --> 00:09:34,851 He enters ₦100,000 and selects Pay online. 93 00:09:36,246 --> 00:09:38,979 Paystack's secure checkout opens. 94 00:09:38,979 --> 00:09:43,123 This demonstration uses Paystack's test mode. 95 00:09:43,679 --> 00:09:51,213 Back on DFFMS, the payment is verified directly with Paystack, and his units are allotted at once. 96 00:09:51,213 --> 00:09:58,113 Online payments need no manual approval, because the provider itself confirms the money. 97 00:09:58,113 --> 00:10:01,412 Musa now holds 600 units. 98 00:10:03,664 --> 00:10:05,331 Chapter twenty. 99 00:10:05,331 --> 00:10:11,644 The fund manager values the scheme, and the scheme pays its first dividend. 100 00:10:12,597 --> 00:10:21,886 Funmilayo selects Record a valuation, chooses SCAFI, and enters the source: the fund manager's valuation report. 101 00:10:22,264 --> 00:10:29,997 She enters total assets of ₦618,000 and liabilities of ₦6,000. 102 00:10:29,997 --> 00:10:36,137 DFFMS divides the net assets by the 600 units in the register. 103 00:10:36,697 --> 00:10:42,907 That gives a NAV of ₦1,020 per unit, waiting for approval. 104 00:10:44,331 --> 00:10:56,331 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. 105 00:10:56,331 --> 00:11:01,176 Everyone holding units on the record date is included. 106 00:11:01,597 --> 00:11:05,144 The dividend also waits for approval. 107 00:11:06,497 --> 00:11:13,964 Yusuf checks the NAV against the valuation report and the custodian statement, and approves it. 108 00:11:13,964 --> 00:11:17,852 Every active member is told the new price. 109 00:11:19,264 --> 00:11:26,270 From now on, new contributions and redemptions use ₦1,020 per unit. 110 00:11:27,664 --> 00:11:29,964 He approves the dividend too. 111 00:11:29,964 --> 00:11:37,080 Each member is told their gross dividend, the tax, the net amount and the payment date. 112 00:11:40,031 --> 00:11:45,931 For Musa: 600 units at ₦20 is ₦12,000. 113 00:11:45,931 --> 00:11:49,864 Five percent withholding tax is ₦600. 114 00:11:49,864 --> 00:11:54,005 So ₦11,400 is paid to him. 115 00:11:55,064 --> 00:12:02,697 When the custodian pays it out, Funmilayo records the payout with the custodian's payment reference. 116 00:12:02,697 --> 00:12:05,360 It waits for approval. 117 00:12:06,797 --> 00:12:09,697 Yusuf approves it in Transactions. 118 00:12:09,697 --> 00:12:14,696 The dividend shows as paid, and each member is notified. 119 00:12:19,408 --> 00:12:21,275 Chapter twenty-one. 120 00:12:21,275 --> 00:12:25,084 Musa decides to cash in some of his units. 121 00:12:26,008 --> 00:12:35,167 His card shows 600 units worth ₦612,000 at the new NAV of ₦1,020. 122 00:12:35,608 --> 00:12:41,109 His dividend of ₦11,400 net is listed as paid. 123 00:12:42,408 --> 00:12:46,708 He selects Redeem units and asks to redeem 100. 124 00:12:46,708 --> 00:12:50,253 The price is the NAV in force today. 125 00:12:51,941 --> 00:13:01,041 His request shows 100 units at ₦1,020: ₦102,000, with no withholding tax. 126 00:13:01,041 --> 00:13:06,041 It must be paid by the fourth of November, seven working days away. 127 00:13:06,041 --> 00:13:10,606 While it is still requested, he could withdraw it. 128 00:13:10,975 --> 00:13:18,823 He is notified, and the scheme administrators are told a redemption must be settled by that date. 129 00:13:20,375 --> 00:13:25,918 If a redemption is not paid by its date, DFFMS escalates it automatically: 130 00:13:25,918 --> 00:13:34,108 first to the Programme Administrator, then, three working days later, to the Client System Administrator. 131 00:13:34,108 --> 00:13:37,608 Everyone involved is notified at each step. 132 00:13:37,608 --> 00:13:42,401 An administrator can also escalate by hand at any time. 133 00:13:43,408 --> 00:13:51,164 Ibrahim opens the Redemptions tab and sees Musa's request, the amount to pay, and the due date. 134 00:13:51,608 --> 00:13:58,441 He wants the custodian to confirm cash is available, so he escalates it now, with a reason. 135 00:13:58,441 --> 00:14:03,085 The escalation panel records who raised it and why. 136 00:14:05,208 --> 00:14:09,008 Once the custodian confirms, he approves the redemption. 137 00:14:09,008 --> 00:14:12,394 Funmilayo is told the payout is due. 138 00:14:15,675 --> 00:14:21,175 Funmilayo records the payout with the custodian's payment reference. 139 00:14:21,175 --> 00:14:23,837 It waits for approval. 140 00:14:26,141 --> 00:14:29,041 Yusuf approves it in Transactions. 141 00:14:29,041 --> 00:14:36,075 The redemption is paid, the 100 units are cancelled, and the escalation closes by itself. 142 00:14:36,075 --> 00:14:40,633 Musa is notified and now holds 500 units. 143 00:14:43,920 --> 00:14:45,787 Chapter twenty-two. 144 00:14:45,787 --> 00:14:49,753 The schemes invest in agricultural enterprises. 145 00:14:49,753 --> 00:14:54,109 DFFMS keeps the profile of every investment. 146 00:14:55,053 --> 00:15:02,690 Ngozi Eze, the Monitoring and Evaluation Analyst, appraises an investment in Zaria Women Rice Processors, 147 00:15:02,690 --> 00:15:08,820 a small-tier enterprise that parboils and mills rice, in the Zaria rice cluster. 148 00:15:08,820 --> 00:15:22,488 There are three tiers, all on revenue share for twelve months: micro up to ₦50 million, small up to ₦70 million, and medium up to ₦100 million. 149 00:15:22,853 --> 00:15:30,724 The investment is ₦35 million, with an 18% revenue share and a medium risk class. 150 00:15:31,120 --> 00:15:40,263 She records the credit enhancement: a 50% partial credit guarantee, and area-yield insurance from NAIC. 151 00:15:40,653 --> 00:15:47,050 And the impact baseline: 240 beneficiaries, 168 of them women or young people, 152 00:15:47,050 --> 00:15:54,264 with today's income and production, so the improvement can be measured later. 153 00:15:55,653 --> 00:15:58,905 The investment is now appraised. 154 00:16:00,320 --> 00:16:07,195 Ibrahim, who did not appraise it, approves it on behalf of the investment committee. 155 00:16:10,453 --> 00:16:17,753 When the money goes out, he records the disbursement: ₦35 million, maturing in a year. 156 00:16:17,753 --> 00:16:24,673 Later updates will record repayments, revenue share received, income and production. 157 00:16:26,653 --> 00:16:33,933 The scheme overview brings it all together: members, women and youth, capital raised, units, NAV, 158 00:16:33,933 --> 00:16:41,737 dividends and redemptions, and the portfolio's approval ratio, disbursement rate and impact.