A complete step-by-step guide to buying the Meristem Value ETF (MERVALUE) on the Nigerian Exchange — what the fund tracks, why value investors use it, and exactly how to place your first order.
Investing in the Nigerian stock market does not always require picking individual companies. The Meristem Value ETF — listed on the Nigerian Exchange (NGX) under the ticker MERVALUE — lets you own exposure to a basket of undervalued, fundamentally strong companies through a single purchase. This guide explains what MERVALUE is, why value investors use it, and the exact steps to buy it.
MERVALUE is an open-ended, passively managed exchange-traded fund (ETF) managed by Meristem Asset Management Limited. It was listed on the Nigerian Exchange in 2020 and is designed to track the performance of the NGX Meristem Value Index.
The NGX Meristem Value Index is a rules-based index of NGX-listed companies that screen as "value stocks" — meaning they trade at a discount to their estimated intrinsic value based on metrics such as price-to-earnings (P/E) ratio, price-to-book (P/B) ratio, and dividend yield. The index selects for liquidity and applies weighting rules to avoid concentration. By buying MERVALUE, you are effectively buying the performance of this index.
MERVALUE offers a low-effort way to apply a value investing strategy on the NGX. Instead of researching and selecting undervalued companies yourself, the index methodology does the screening for you and rebalances periodically.
MERVALUE is a passive fund. The fund manager does not pick stocks — it follows the NGX Meristem Value Index rules. This keeps costs low and removes active manager risk.
To buy MERVALUE, you need an account with a platform that can execute trades on the NGX. Because MERVALUE is a listed ETF, it is bought and sold exactly like a regular NGX-listed stock. Any SEC-licensed Nigerian stockbroker or investment platform with NGX trading access can execute the order.
Nigerian financial regulations require all investment accounts to complete Know Your Customer (KYC) verification. You will need to upload a government-issued identity document and confirm your BVN. This typically takes between 24 hours and 3 business days to process.
Once your account is active and verified, transfer funds from your Nigerian bank account via bank transfer or the platform's payment gateway. Check whether the platform uses a savings-plan model (where you contribute regularly until a threshold is reached) or a direct purchase model (where you fund and buy immediately).
Log in to your trading app or platform and search for the ticker symbol MERVALUE. Confirm you are viewing the correct instrument — the full name should read "Meristem Value ETF".
NGX trading hours are 09:30 AM to 02:30 PM on business days (Monday to Friday). Orders placed outside trading hours are typically queued for the next session.
After your order executes, your units will be settled into your Central Securities Clearing System (CSCS) account. This is the central registry for all Nigerian equities. Depending on the settlement cycle and your broker, you will receive a confirmation of your holding.
See the full MERVALUE fund profile — investment objective, the NGX Meristem Value Index, investor profiles, portfolio roles, and fund facts.
View MERVALUE ETF ProfileYes. Because MERVALUE is listed on the NGX, you can sell your units at any point during trading hours (09:30 AM – 02:30 PM, Monday to Friday) exactly like you would sell a stock. The price you receive will be the prevailing market price at the time your sell order executes. There is no lock-in period.
Meristem also manages a second ETF — the Meristem Growth ETF (MERGROWTH) — which tracks the NGX Meristem Growth Index and focuses on companies with high revenue and earnings growth potential rather than undervaluation. The two ETFs represent different investment styles:
Value-focused investors who prioritise stability and dividend income tend to prefer MERVALUE. Growth-focused investors who are comfortable with higher short-term volatility in exchange for potential capital appreciation tend to prefer MERGROWTH. Some investors hold both for balance.
Like all equity investments, MERVALUE carries market risk. The value of your units can fall as well as rise. However, because the fund is diversified across multiple companies, the risk is spread. Value ETFs also tend to have a lower volatility profile than growth-oriented funds over long periods, though this is not guaranteed.
The minimum is one unit of MERVALUE at the current market price. There is no platform-imposed minimum above the single unit price. Check your broker or investment platform for any minimum order size requirements they apply.
MERVALUE may distribute income earned from the underlying holdings to unitholders. The frequency and amount of distributions depend on the dividends paid by the companies in the index during the period. Not all periods result in distributions.
No. This article is for general educational and informational purposes only. It does not constitute a recommendation to buy MERVALUE or any other investment product. Always assess your own financial situation, goals, and risk tolerance before investing, and consider speaking with a licensed financial adviser.
Ready to explore MERVALUE further? The full fund profile covers the investment objective, NGX Meristem Value Index methodology, investor type guide, and how this ETF fits into a portfolio.
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