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

The post Chapel Hill Denham Announces Management Changes at the Nigeria Infrastructure Debt Fund (“NIDF”) appeared first on Chapel Hill Denham.

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.

d.light, the global provider of transformational household products and affordable finance for low-income households, and Chapel Hill Denham, the largest alternatives asset manager in Nigeria, today announced the closing of a landmark N10 billion securitised financing facility.

The new financing will be provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund and will be used to scale up d.light’s low-cost Pay-Go offering of affordable, solar-powered products targeted at low-income households.

The structure of the financing was set up and is sponsored by African Frontier Capital, who also acts as the master servicer and backup servicer in the transaction.

Speaking on the transaction, Nick Imudia, Chief Executive Officer of d.light, said, “This landmark financing opens up access to our range of solar-powered household goods to more low-income families and households in Nigeria, in a way that is affordable for them and sustainable for our business. d.light has a track record of success in using securitised finance in other Sub-Saharan African countries as a flexible, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales. We are now applying this experience in Nigeria as we scale up our operations there. In Chapel Hill Denham, we have a partner that is not only commercially astute but also equally dedicated to sustainable development.”

Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, also commented on the transaction, saying that, “This transaction signifies a pivotal stride in sustainable infrastructure investment in Nigeria, setting a transformative precedent for the renewable energy sector. By pioneering local currency securitisation for the financing of solar home systems and essential solar-powered household utilities in Nigeria, Chapel Hill Denham is catalysing innovation in the renewable energy sector, advancing sustainable development, empowering communities, and reshaping Nigeria’s infrastructure landscape for a brighter, more sustainable future for all.”

 “This is another significant milestone for Chapel Hill Denham and NIDF, with the first-ever at scale, local currency securitisation financing for Solar Home Systems and other solar-powered household goods in Nigeria,” added Anshul Rai, Partner, Infrastructure & Climate at Chapel Hill Denham. “We continue to broaden the range of financing solutions available to infrastructure providers in Nigeria, with particular emphasis on solving the greatest sustainable development challenges facing Nigeria.”

Last year’s Energy Progress Report, compiled by the International Renewable Energy Agency, the International Energy Agency, the UN and the World Bank, identified Nigeria as the country with the largest number of people (circa. 86 million) without access to electricity. Even those connected to the grid rarely receive a reliable supply.

In addition, nearly 80 percent of Nigeria’s electricity is currently provided by GHG-emitting thermal generation sources, necessitating a rapid transition to clean and reliable energy sources. d.light and Chapel Hill Denham are committed to supporting this energy transition through innovative products and financing solutions.

The post d.light and Chapel Hill Denham Close <s>N</s>10 Billion in Securitised Financing to Fund Off-Grid Solar Expansion in Nigeria appeared first on Chapel Hill Denham.

The Project, which has reached an advance stage, is being carried out in two (2) distinct phases, with the initial phase focusing on the construction of a 10,000 metric ton spherical tank (consisting of 2 tanks, each with a capacity of 5,000 metric tons), a dedicated jetty and other associated infrastructure, which is to be followed by the development of an additional 5,000 metric tons of storage at a later date.

According to the Managing Director of the Company, Prof. Joe Ezigbo, “At Falcon, we consider our investments in the Gas industry as a national service first. This is why over the past almost thirty years, we have continued to expand our footprints within the industry, despite the various challenges within the environment. Gas development is our contribution to nation building and we remain unrelenting in this regard. We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs. Beyond economic gains, we anticipate significant social benefits including job creation, income growth, health improvements, and environmental sustainability as our customers and communities transition to cleaner fuel options on a larger scale.”

The Deputy Managing Director and Co-Founder of Falcon, Mrs. Audrey Joe-Ezigbo, emphasized that “As a progressive company, deeply committed to the growth and advancement of Nigeria’s domestic Gas industry, we are expanding our investments across the Gas industry value chain, from our traditional role in the downstream sector, to our current midstream investments, and positioning for an intended upstream play. We are fully aligned with the nations aspirations to leverage gas for industrialization, and our primary energy transition fuel, with the strong focus on its use for power and cooking. LPG’s characteristics, such as portability, high energy value, low emissions, and reduced carbon footprint, make it an ideal choice for cooking and other industrial uses. The Project aims to ensure the availability of LPG and deepen its market penetration and adoption within the catchment areas, contributing to the mitigation of ecosystem damage and greenhouse emissions caused by use of other traditional fuels.”

As stated by Mr. Bolaji Balogun, the Chief Executive Officer of Chapel Hill Denham, “Chapel Hill Denham is pleased to support the integrated LPG infrastructure in Rivers State as this will not only increase domestic LPG consumption but also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households. The Project is also in line with the Federal Government of Nigeria’s objective of increasing the adoption of LPG as auto fuel and a replacement of diesel for power generation.”

Funded by debt obtained from NIDF and the Bank of Industry (BOI), coupled with internally generated funds, the Project has now hit a number of critical milestones, with a recorded completion rate of 65% as at October 2023. The progress achieved encompasses various phases of development, including completion of the jetty and substantial advancements in shoreline protection, as well as various engineering, procurement and construction (EPC) activities and installations. The Project is expected to be completed and commissioned by Q4 2024.

Nelson Walter, Falcon’s General Manager, Finance, in addressing the choice of debt provider, stated, “NIDF is renowned for providing debt financing with reasonable terms for impactful infrastructure projects. They have shown a depth of understanding of the imperatives for project success and offered a flexible long-term loan repayment structure for Falcon in alignment with this. We are extremely delighted to have partnered with NIDF on this groundbreaking Project. “

Vetiva Capital Management Limited and Chapel Hill Denham Advisory acted as the Financial Adviser on the transaction, while Detail Commercial Solicitors provided legal counsel.

The post Falcon Corporation Limited has Secured a N19.41 Billion Debt Facility from NIDF appeared first on Chapel Hill Denham.

PAT, the largest indigenous telecommunications infrastructure company in Nigeria, received a joint investment from Africa-focused private equity funds – Development Partners International (“DPI”) and Verod Capital “(Verod”), backing management and the company’s growth strategy. 

Chapel Hill Denham and Exotix Advisory acted as joint-financial advisors to Pan African Towers and its shareholders in this transaction.

We extend our congratulations to DPI, Verod and PAT on this achievement.

We look forward to building on this success and continuing to provide exceptional advisory services to our clients.

The post Chapel Hill Denham Advises on Strategic Investment in Pan African Towers appeared first on Chapel Hill Denham.

“I am honored to be asked to lead Endeavor Nigeria’s Board at this time, building on the strong platform provided by Endeavor Nigeria’s founding Chairman, driving our commitment to providing high-impact entrepreneurs with the access to capital, networks and mentorship that are so important to building a strong entrepreneurial ecosystem. I believe private capital and entrepreneurship are mission critical to delivering sustainable development.”

Endeavor is a non-profit organization that supports high-impact entrepreneurs worldwide to transform economies locally and globally. Having launched its operation in September 2019, Endeavor Nigeria possesses an active local board of business leaders who believe high-impact entrepreneurship can transform Nigeria. A complete list of board members may be found here.

Endeavor Nigeria’s objective is to accelerate the growth of high-impact entrepreneurs through access to mentorship, talent, capital and markets. Endeavor Nigeria currently supports 16 companies and 35 entrepreneurs from diverse industries that will impact the Nigerian economy through job creation and economic opportunities as they scale.

The post Endeavor Nigeria Welcomes Bolaji Balogun as New Board Chairman appeared first on Chapel Hill Denham.

Anshul Rai, the Chief Executive Officer of NIDF, said, “Chapel Hill Denham is excited to partner Tizeti in the expansion of fast, reliable broadband network across Nigeria. Digital economy is a key strategic pillar for Nigeria to accelerate its economic and social development, and providing access to affordable internet services is crucial to achieve the true potential of digitisation. We continue to work with all stakeholders to support accelerated development of digital infrastructure in Nigeria by providing access to long-term, Naira-denominated financing for such projects – thus realising the government’s vision of reaching 70% broadband penetration by 2025.”

Tizeti’s founder and Chief Executive Officer, Kendall Ananyi, commented, “We are excited to announce the closing of this new debt facility with Nigeria’s largest infrastructure debt fund. We see tremendous opportunity for domestic capital in addressing digital exclusion barriers in Nigeria and this partnership will hopefully be one of many. We will use this to build last-mile digital infrastructure that will move internet capacity to other Nigerian states and catalyze sustained development, value creation, improved connectivity, and a deeper and wider digital inclusion net. This will also increase our coverage from 5 states to 15 states and make us the largest internet service providers in Nigeria by coverage”.

Tizeti currently serves over 3 million subscribers in Nigeria (residential facilities, businesses and hotspot users), via its wide network of solar-powered base stations in five states. The Company will deploy the debt funding to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna. Tizeti currently charges its customers a monthly fee of about N12,500 ($16), which is the most competitive price in Nigeria and provides unlimited data usage and streaming.

For many countries in Africa, there is still a huge digital divide. This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information. More so, the World Bank reports that every 10% increase in broadband pentration could lead to as much as 2.8% growth in Gross Domestic Product. Partnerships such as this, therefore, play a significant role in addressing the digital infrastructure deficits in emerging economies, leveraging innovative technology and capabilities, to improve development outcomes for millions of people.

About Nigeria Infrastructure Debt Fund

Nigeria Infrastructure Debt Fund is Nigeria’s largest and Africa’s first-ever listed infrastructure investment trust, providing long-term, Naira-denominated financing for infrastructure projects in Nigeria. NIDF enables project sponsors to avoid the unsustainable mismatches of currency and tenor between their financing and their revenues/cash flows.

With its current capital base of over 92 billion Naira, 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).

NIDF’s investor base includes the African Development Bank (AfDB), Nigeria Sovereign Investment Authority (NSIA), and nearly all the pension funds operating in Nigeria. By mobilizing 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.

www.chapelhilldenham.com

About Tizeti

Tizeti is a fast-growing Wireless Internet service provider in Lagos, Nigeria, delivering high-speed unlimited Wi-Fi Internet access to residential and business customers using wide-area Wi-Fi. Its services are available in Lagos, Ogun, Oyo, Edo, and Rivers States. It is also expanding rapidly to other African countries, with successful launches in Accra and Tema, Ghana, and expanding to Cote D’Ivoire.

www.tizeti.com

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