The Nigeria Infrastructure Debt Fund (NIDF), managed by Chapel Hill Denham, posted a profit after tax of ₦16.87 billion for the nine months ended 30 September 2025, representing a 23 percent year-on-year growth from ₦13.7 billion recorded in the corresponding period of 2024.
The performance underscores NIDF’s position as Nigeria’s leading infrastructure debt vehicle, consistently outperforming benchmark yields and maintaining its reputation for predictable quarterly distributions.
According to the fund’s unaudited financial report, total income rose to ₦18.45 billion in the nine-month period, compared to ₦15.14 billion a year earlier, driven by higher interest income from infrastructure loans and a strong return profile across its diversified portfolio.
Operating expenses stood at ₦1.58 billion, resulting in a net profit margin of over 90 percent.
In line with its commitment to sustained investor returns, the fund declared a quarterly distribution of ₦4.25 per unit for the third quarter of 2025, with a distribution yield of 20.49 percent.
The qualification date for this payout is 27 October 2025, and eligible unitholders will receive payment on 4 November 2025.
The Q3 distribution will be paid from cash inflows generated by the fund during the quarter, highlighting the fund’s consistent cash-flow performance and capital discipline.
NIDF confirmed that its Series 11 unitholders, representing 140.1 million units, will also participate in this distribution following Securities and Exchange Commission (SEC) allotment approval received on 3 October 2025.
Fund Manager Chapel Hill Denham reaffirmed its intention to continue paying quarterly distributions in line with actual performance and constitutional provisions, ensuring long-term capital preservation and predictable income for investors.
As of 30 September 2025, NIDF held a diversified portfolio of 29 infrastructure investments across multiple sectors, with a weighted average annualised yield of 22.59 percent and an average remaining life of 6.75 years.
The fund’s infrastructure loan portfolio remains 100 percent Naira-denominated, 97 percent senior secured, and 95 percent floating rate, insulating it from foreign-exchange volatility and interest-rate shocks.
NIDF continues to outperform its benchmark, the 10-Year Federal Government of Nigeria (FGN) Bond, with most of its loans priced at a premium of 300 to 500 basis points over the benchmark.
The fund’s strong yield profile and steady payout structure reinforce its position as one of the most attractive fixed-income instruments listed on the Nigerian Exchange (NGX) and the FMDQ Exchange.
The fund’s net assets rose to ₦114.43 billion from ₦113.75 billion as of December 2024, while total assets increased to ₦136.26 billion. Net Asset Value (NAV) per unit increased to ₦108.36, up from ₦107.79 recorded at year-end 2024.
NIDF’s market capitalization currently stands at ₦135.16 billion, with 1.196 billion units in issue and a last traded price of ₦113 per unit on the NGX.
The fund remains the largest listed infrastructure debt instrument in Nigeria and continues to deliver the highest distribution yield among listed income funds.
The fund’s governance framework is anchored by strong institutional partnerships, including Stanbic IBTC Trustees, STL Trustees, PwC Nigeria, Deloitte, Citi Nigeria, and Coronation Registrars, with oversight from a high-level investment committee chaired by Philip Southwell and key contributions from Bolaji Balogun, Chief Investment Officer.
The advisory board includes representatives from the Africa Development Bank (AFDB), Nigeria Sovereign Investment Authority (NSIA), and NPF Pensions.
Fund Manager Saurabh Srivastava said NIDF will sustain its strategy of long-term infrastructure lending while delivering steady income to investors.
He noted that the fund’s success in completing the ₦15.2 billion Series 11 fundraising demonstrates continued investor trust in Nigeria’s infrastructure debt market.
With a portfolio spanning over ten infrastructure sub-sectors, NIDF remains a critical player in bridging Nigeria’s infrastructure financing gap through private-capital mobilization.