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Performance Summary

The NIDF remains stable, with slight share price volatility, and over the past seven years – since its first listing in June 2017 – the Fund has achieved a 227.9% return on every naira invested and currently offers a dividend yield of 24% (last 12 months, based on NAV per unit), which surpasses all stocks on the NGX30 Index. The NIDF continues to consistently outperform its benchmark: the 10-Year FGN bond.

We believe that long-term, naira-denominated, project finance debt is an essential ingredient to Nigeria’s development and NIDF has seen greater demand for its services with every passing year. We continue to position ourselves as the leading Infrastructure Fund in Nigeria and Sub-Saharan Africa aimed at impacting lives through investing in sectors accretive to Nigeria’s economic development.

Earnings Analysis:

• Total Income of ₦15.1 billion for 9M 2024, an 28% Year-on-Year growth from ₦11.8 billion for the same period prior year.
• Interest income grew by 41% Year-on-Year to ₦12.6 billion from ₦8.9 billion in the prior year.
• Profit Before Tax grew by 24% Year-on-Year to ₦ 13.7 billion, majorly due to an increase in the 10-Year FGN Bond yield driven by the Central Bank of Nigeria’s efforts to curb the significant rise in inflation experienced during the year.

Financial Position:

• Financial assets held at fair value through P/L grew by 0.48% year to date from ₦85.8 billion to ₦86.2 billion as at 9M 2024.
• Total assets increased by 11% year to date from ₦107.8 billion to ₦119.7 billion as at the end of September 2024.
• Total liabilities grew by 251% year to date, from ₦4.5 billion to ₦15.7 billion as at 9M 2024. A significant portion of this increase was due to a higher amount allocated for quarterly distribution during the period. The deposit for shares for the Series 10 Fund raising (NGN 10.3 billion) also contributed to the increase.
• Net Asset Value increased by 0.65% year to date from ₦103.5 billion to ₦ 103.9 billion as at the end of September 2024.

Other Key Highlights:

• During the period ended 30 September 2024, the Fund continued its progress in building a more diversified portfolio of infrastructure loans, by financing commercially viable infrastructure projects on attractive terms. The infrastructure loan portfolio currently manages twenty-five infrastructure loans across 10 sub-sectors.

For further information, please contact:

Chinedu Ademiju: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel:        +234 809 742 6095

Email:   cademiju@chapelhilldenham.com  

Ifeoluwa Popoola: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel: +234 802 242 7717

Email:   ipopoola@chapelhilldenham.com

or nidf-ir@chapelhilldenham.com

About Nigeria Infrastructure Debt Fund

The Nigeria Infrastructure Debt Fund (NIDF) is Nigeria’s largest and Africa’s first-ever listed infrastructure investment trust, providing long-term, Naira-denominated financing for infrastructure projects in Nigeria. It is a closed-ended investment trust which operates in the form of a company, registered and regulated by the Nigerian Securities and Exchange Commission and listed on FMDQ and the Nigerian Exchange (NGX).

NIDF provides investors with regular, sustained, long-term distributions and preserves capital over the long-term by generating exposure to Naira-denominated infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows. It offers the most attractive yield on the NGX and has continuously paid quarterly distributions.

With its current capital base of over N104 billion, NIDF has a diversified and growing portfolio of infrastructure loans in a broad range of sectors including power generation, energy infrastructure, transportation, telecom, and social infrastructure (education and healthcare). By mobilising domestic capital for financing Nigeria’s infrastructure, NIDF has established a template that can bridge the infrastructure deficit facing not just Nigeria but countries across Africa.

More information can be found at www.nidf.ng
Chapel Hill Denham, 10 Bankole Oki, Ikoyi, Lagos, Nigeria.
Tel: 0700 242 735 4455.

The post The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF”) records N13.7 billion PBT for 9M 2024 – a 24% Year-on-Year Growth appeared first on Chapel Hill Denham.

Performance Summary

The NIDF remains stable, with no share price volatility, and over the past seven years – since its first listing in June 2017 – the Fund has achieved a 209% return on every naira invested and currently offers a dividend yield of 18%, which surpasses all stocks on the NGX30 Index. Notwithstanding inflation exceeding 30% for the first time since the late 1990s, the NIDF is marginally ahead of the Consumer Price Index (CPI). The NIDF continues to consistently outperform its benchmark: the 10-Year FGN bond.

We believe that long-term, naira-denominated, project finance debt is an essential ingredient to Nigeria’s development and NIDF has seen greater demand for its services with every passing year. We continue to position ourselves as the leading Infrastructure Fund in Nigeria and Sub-Saharan Africa aimed at impacting lives through investing in sectors accretive to Nigeria and Africa’s’ economic development.

Earnings Analysis:

• Total Income of ₦9.5 billion for HY 2024, an 18% Year-on-Year growth from ₦8.1 billion for the same period prior year.
• Interest income grew by 44% Year-on-Year to ₦8.0 billion from ₦5.6 billion in the prior year.
• Profit Before Tax grew by 16% Year-on-Year to ₦ 8.4 billion, majorly due to an increase in the 10-Year FGN Bond yield driven by the Central Bank of Nigeria’s efforts to curb the significant rise in inflation experienced during the year.

Financial Position:

• Infrastructure Loans Value grew by 11% Year-on-Year from ₦77.3 billion to ₦85.5 billion as at H1 2024.
• Total assets increased by 14% Year-on-Year from ₦95.2 billion to ₦108.6 billion as at the end of June 2024.
• Total liabilities grew by 95% Year-on-Year, from ₦2.6 billion to ₦5.2 billion as at H1 2024. A significant portion of this increase was due to a higher amount allocated for quarterly distribution during the period.
• Net Asset Value increased by 12% Year-on-Year from ₦92.5 billion to ₦ 103.5 billion as at the end of June 2024.

Other Key Highlights:

• During the half-year period ended 30 June 2024, the Fund continued its progress in building a more diversified portfolio of infrastructure loans, by financing commercially viable infrastructure projects on attractive terms. The infrastructure loan portfolio currently manages twenty-five infrastructure loans across 10 sub-sectors.

For further information, please contact:

Chinedu Ademiju: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel:        +234 802 242 7717

Email:   cademiju@chapelhilldenham.com  

Stella Uwaechue: Team Lead – Investor Relations

Email:   suwaechue@chapelhilldenham.com

or nidf-ir@chapelhilldenham.com

About Nigeria Infrastructure Debt Fund

The Nigeria Infrastructure Debt Fund (NIDF) is Nigeria’s largest and Africa’s first-ever listed infrastructure investment trust, providing long-term, Naira-denominated financing for infrastructure projects in Nigeria. It is a closed-ended investment trust which operates in the form of a company, registered and regulated by the Nigerian Securities and Exchange Commission and listed on FMDQ and the Nigerian Exchange (NGX).

NIDF provides investors with regular, sustained, long-term distributions and preserves capital over the long-term by generating exposure to Naira-denominated infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows. It offers the most attractive yield on the NGX and has continuously paid quarterly distributions.

With its current capital base of over N104 billion, NIDF has a diversified and growing portfolio of infrastructure loans in a broad range of sectors including power generation, energy infrastructure, transportation, telecom, and social infrastructure (education and healthcare). By mobilising domestic capital for financing Nigeria’s infrastructure, NIDF has established a template that can bridge the infrastructure deficit facing not just Nigeria but countries across Africa.

More information can be found at www.nidf.ng
Chapel Hill Denham, 10 Bankole Oki, Ikoyi, Lagos, Nigeria.
Tel: 0700 242 735 4455.

The post The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF”) records N8.4 billion PBT for HY 2024 – a 16% Year-on-Year Growth appeared first on Chapel Hill Denham.

Anshul co-founded NIDF almost a decade ago and was appointed pioneer Chief Executive Officer in December 2015. Under his leadership, NIDF became the first infrastructure investment trust to be listed on the Nigerian Exchange on 5 October 2023, following its listing on FMDQ on 17 July 2017. Anshul has also overseen nine (9) series of successful capital raises and delivered a diversified loan portfolio across sectors accretive to Nigeria’s development. 

Until his appointment, Saurabh was a Director in Infrastructure and Climate at Chapel Hill Denham, where he worked closely with Anshul for seven years. Saurabh is a seasoned professional with over twenty-five years of extensive experience in infrastructure investing, development and project financing across Africa and the Middle East. Prior to joining Chapel Hill Denham, Saurabh was the Vice President of Investments & Acquisitions (African Power Initiative) at EMCO Power Limited. He transitioned into this role from GE Capital, where he was the Vice President: Sales, Airport Infrastructure Group. Over the course of his career, Saurabh has led and managed various infrastructure projects working with international developers, corporates, financial advisors and government agencies. Saurabh holds a Bachelors’ degree in Metallurgy from REC Durgapur in India and a Master’s degree in Finance and Control from the University of Delhi. 

Mr. Bolaji Balogun – Chief Executive Officer, Chapel Hill Denham and Chief Investment Officer, NIDF – said: “I would like to express my gratitude to Anshul, our partner on this 10-year journey to prove that listed infrastructure is not just an investable asset class, but also a profitable one. We were the first to do this in Africa and this feat would not have been possible without Anshul, and I wish him well in his future endeavours. I would also like to congratulate Saurabh Srivastava on his appointment. Saurabh has operated at the highest levels of both the public and private sectors and brings a wealth of relationships across the financial, government and geographic spectrum. He has been a member of the team and Anhsul’s deputy for the last seven years. He is an integral part of what we have done and, we believe, he is the right person to take over from Anshul and lead the business into the next stage of its growth.”

Mr. Phil Southwell – Partner, Chapel Hill Denham and Chairman, NIDF – also had this to say: “As NIDF’s pioneer CEO, Anshul has not only built a stable and predictable track record evidenced by the total return of the fund being 190% since mid-2017, but also by the development of local currency infrastructure financing more generally in Nigeria.  Saurabh has been a critical part of NIDF’s journey and I am confident that, under Saurabh’s stewardship, NIDF will continue to support Nigeria’s infrastructure sector and deliver CPI+ returns to investors.”

“I want to express my deepest gratitude to the Firm, my colleagues and NIDF’s investors for backing me as pioneer CEO of this remarkable Fund, together we have created a Fund that is well-positioned to meet the opportunities of being the first listed infrastructure fund in Nigeria,” said Mr. Anshul Rai, outgoing Chief Executive Officer, NIDF. “As I transition into a non-executive role and hand the reins over to Saurabh, with whom I have worked closely with over the last 7 years and who I have every confidence in, I look forward to the new heights that the team will be taking NIDF to in this next stage of NIDF’s growth story.”

Speaking on his appointment as Chief Executive Officer Designate, Mr. Saurabh Srivastava, said: “I am excited and honoured to take on the role of Chief Executive Officer Designate and lead this incredible Fund into the future. I look forward to working closely with our talented team to continue to drive strategic initiatives and deliver exceptional results for our shareholders. My top priority as Chief Executive Officer Designate will be to foster a culture of innovation and growth within the Fund. I would also like to extend my gratitude to Anshul for his leadership over the past 7 years. With his guidance, I am ready to step into this role and I believe that the continued growth of the NIDF is one of the greatest value and growth propositions in this industry.”

For further information, please contact:

Henry Ata: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel:        +234 802 242 7717

Email:   hata@chapelhilldenham.com  

Stella Uwaechue: Team Lead – Investor Relations

Email:   suwaechue@chapelhilldenham.com

or nidf-ir@chapelhilldenham.com

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Financial Performance Highlights:

Earnings Analysis               

• Total Income of ₦22.1 billion for FY2023, which was an 87.5% growth from ₦11.8 billion in prior year, including one-off income from the sale of an infrastructure asset.
• Interest income from infrastructure loan grew by 36.0% to ₦12.7 billion, from ₦9.3 billion in the prior year. This was driven by growth in infrastructure loans advanced during the period.
• Operating expenses grew 15.4% Year-on-Year to ₦1.72 billion for the period, arising from fund related costs as a result of increase in Net Asset Value (NAV).
• Profit grew by 98.0% Year-on-Year to ₦20.4 billion due to additional infrastructure loans advanced and income from asset sale.

Financial Position:

• Infrastructure Loans grew by 37.2% Year-on-Year from ₦62.6 billion to ₦85.8 billion during the period.
• Total assets increased by 13.9% Year-on-Year from ₦94.6 billion to ₦107.88 billion during the period.
• Total liabilities grew by 56.2% Year-on-Year from ₦2.88 billion to ₦4.49 billion during the period.
• Net Asset Value grew by 12.6% Year-on-Year from ₦91.7 billion to ₦103.3 billion during the period.

Other Key Highlights:

• During the year ended 31 December 2023, the Fund continued its progress in building a more diversified portfolio of infrastructure loans, by financing commercially viable infrastructure projects on attractive terms. The infrastructure loan portfolio of the fund grew to twenty-six (2022: twenty- four) infrastructure loans.
• During the year, NIDF successfully listed 853,817,592 units at N108.39 per unit on the main board of the Nigerian Exchange Limited (“NGX”). The listing of NIDF units added a total of N92.54 billion to the market capitalisation of NGX further advancing the diversification of asset classes in the Nigerian capital market.
• NIDF successfully completed the issuance of a Series 9 Additional Fundraising during the year. In 2023, the Fund raised N11.44 billion by issuing c.106.35 million units.

We believe that long-term naira-denominated project finance debt is an essential ingredient to Nigeria’s development and NIDF has seen greater demand for its services with every passing year. We continue to position ourselves as the leading Infrastructure Fund in Nigeria and Sub-Saharan Africa aimed at impacting lives through investing in sectors accretive to Nigeria and Africa’s’ economic development.

For further information, please contact:

Henry Ata: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel:        +234 802 242 7717

Email:   hata@chapelhilldenham.com  

Stella Uwaechue: Team Lead – Investor Relations

Email:   suwaechue@chapelhilldenham.com

or nidf-ir@chapelhilldenham.com

About Nigeria Infrastructure Debt Fund

The Nigeria Infrastructure Debt Fund (NIDF) is Nigeria’s largest and Africa’s first-ever listed infrastructure investment trust, providing long-term, Naira-denominated financing for infrastructure projects in Nigeria. It is a closed-ended investment trust which operates in the form of a company, registered and regulated by the Nigerian Securities and Exchange Commission and listed on FMDQ and the Nigerian Exchange (NGX).

NIDF provides investors with regular, sustained, long-term distributions and preserves capital over the long-term by generating exposure to Naira-denominated infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows. It offers the most attractive yield on the NGX and has continuously paid quarterly distributions.

With its current capital base of over N104 billion, NIDF has a diversified and growing portfolio of infrastructure loans in a broad range of sectors including power generation, energy infrastructure, transportation, telecom, and social infrastructure (education and healthcare). By mobilising domestic capital for financing Nigeria’s infrastructure, NIDF has established a template that can bridge the infrastructure deficit facing not just Nigeria but countries across Africa.

More information can be found at www.nidf.ng
Chapel Hill Denham, 10 Bankole Oki, Ikoyi, Lagos, Nigeria.
Tel: 0700 242 735 4455.

The post The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF”) records N20.4 billion Profit for FY2023 – a 98% Year-on-Year Growth. appeared first on Chapel Hill Denham.

It’s the first time that the Nigerian Sovereign will appoint a domestic firm as a Joint Lead Manager and Bookrunner, generating unprecedented domestic demand.  

Also Read: Chapel Hill Denham dominates AIHN’s 2022 Investment Banking Awards, wins 8 out of 10 categories

The Debt Management Office (DMO) on Thursday, 28 July 2022, listed the triple tranche of bonds at the FMDQ Securities Exchange and the Nigerian Exchange Limited, including a ₦250 billion Sukuk. 

Speaking at the ceremony, Bolaji Balogun, Chapel Hill Denham CEO said: “I’d like to thank the DMO, for trusting and appointing for the very first time, a Nigerian lead manager on a Eurobond transaction. What we did, together with the financial advisors, to deliver millions of dollars in domestic demand signifies why the decision you made was important and I hope it won’t be the last time.” 

The events took place at the FMDQ headquarters and NGX trading ground in Lagos, featuring the management of DMO led by Director General Patience Oniha and other facilitators of the transactions. 

Also Read: Chapel Hill Denham named Nigeria’s Best Investment Bank at the 2022 Euromoney Awards for Excellence

About Chapel Hill Denham

Chapel Hill Denham has a simple and powerful model focused on investment banking and investment management. We are Nigeria and Africa’s leading independent investment bank and Nigeria’s leading alternative asset manager, as well as an impact investment firm. Our business is focused on areas accretive to Africa’s and Nigeria’s economic development with funds targeted to Renewable Infrastructure, Real Estate, Digital, and Financial Inclusion, Gender and SMEs, Healthcare, and Education. 

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