WED APRIL 15 2026-theGBJournal| The Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria managed by Chapel Hill Denham, has reported a decline in earnings for the first quarter of 2026, reflecting softer returns from its core infrastructure loan portfolio despite stronger income from bank deposits.
According to its financial statement for the period ended March 31, 2026, total income fell to N5.95 million, down from N6.78 million recorded in the same period of 2025.
Interest income on infrastructure loans dropped significantly to N4.32 million from N5.30 million a year earlier, while net fair value gains on infrastructure loans declined sharply to N55,026 from N526,245.
However, income from bank deposits rose markedly to N1.52 million, compared to N526,245 in Q1 2025.
Total expenses increased to N581,359 from N518,988, further weighing on performance. Consequently, profit before and after tax settled at N5.37 million, lower than the N6.26 million recorded in the corresponding period last year.
The Fund’s total assets stood at N137.46 million, slightly below the N137.67 million reported at the end of the 2025 financial year. Net assets attributable to unitholders also edged down marginally to N130.54 million.
As of the reporting date, NIDF maintained a diversified portfolio comprising 17 investments. Its infrastructure loan portfolio delivered a weighted average annualised yield of 19.13%, with an average tenor of 9.92 years at disbursement and a remaining life of 7.78 years.
The Fund continues to outperform its benchmark—the 10-year Federal Government of Nigeria bond—with loans typically priced 300 to 500 basis points above the benchmark on a floating rate basis.
Looking ahead, the Fund has an outstanding commitment of N3.0 billion and has approved two additional investments worth N35.4 billion, with documentation nearing completion and disbursements expected in April 2026.
In line with its earnings, NIDF announced a quarterly distribution of N4.53 per unit for the period, declared on April 15, 2026. Unitholders on record as of April 28, 2026, will receive payment on May 6, 2026. The distribution is fully backed by cash inflows generated during the quarter.
The Fund Manager reaffirmed its commitment to sustaining quarterly distributions, subject to performance and in accordance with the Fund’s governing documents.
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