*Declares Q3 distribution, offers 23% discount via series 12 capital raise
WorldStage– The Chapel Hill Denham Nigeria Infrastructure Debt Fund (NGX: NIDF) has announced its unaudited financial results for the nine-month period ended 30 September 2026, delivering a robust Profit Before Tax (PBT) of ₦17.36 billion. The performance represents a 2.9% year-on-year growth compared to the same period last year, highlighting the Fund’s resilience in income generation despite a broader decline in market interest rates.
Key Takeaways for Investors
Consistent Income & Q3 Distribution: The Investment Committee has approved a Q3 2026 distribution of ₦4.53 per unit. This marks the Fund’s 38th distribution since inception (37 quarterly and 1 special distribution), bringing total cumulative payout to investors to ₦110 billion.
Attractive Dividend Yield: NIDF currently offers a 19.64% dividend yield over the last 12 months (based on NAV per unit) and has delivered a 472.22% total return per naira invested since its initial listing in June 2017.
Series 12 Capital Raise at a Discount: NIDF launched its Series 12 capital raise on 23 September 2026, seeking to raise ₦45 billion to expand its infrastructure loan pipeline. The offer is priced at ₦113.54 per unit, offering primary market investors a 23.13% discount relative to its NGX closing price of ₦147.70 per unit as of 5 October 2026.
Financial Performance Breakdown
Total Revenue: Total Income reached ₦19.13 billion for 9M 2026, up 3.7% from 9M 2025.
Interest Income Mix: Interest income on infrastructure loans decreased by 25.5% due to lower yields on the benchmark 10-year FGN bond (which averaged 16.24% in 9M 2026 vs. 18.16% in 9M 2025). However, this was offset by a 224.1% surge in interest income on bank deposits, generating ₦5.1 billion.
Balance Sheet Growth: Total assets expanded slightly to ₦139.2 billion (up from ₦137.3 billion at year-end 2025), supported by a 7.3% increase in financial assets held at fair value through P&L to ₦104.4 billion following new disbursements. Total liabilities remained flat at ₦7.2 billion.
Outlook & Portfolio Expansion
NIDF’s asset portfolio currently spans 17 infrastructure loans across 7 sub-sectors, including power generation, energy infrastructure, transportation, telecommunications, and social infrastructure (healthcare and education). With over US$625 million in projects financed to date, the Fund continues to leverage long-term, naira-denominated project finance debt to capture high yields while insulating investors from foreign exchange volatility.
