Nigerian Infrastructure Debt Fund (NDIF) has reported a pre-tax profit of N5.3 billion in Q1 2026, compared to N6.2 billion recorded in the corresponding period of 2025.
A filing by its fund manager, Chapel Hill Denham Investments, shows the decline was largely due to reduced interest income on infrastructure loans, which fell from N5.2 billion to N4.3 billion.
As of March 31, 2026, the fund held a portfolio of 17 investments across key sectors, with 176km pipeline networks accounting for 49% of assets, while a marine infrastructure investment represented 22%.
The fund also declared a quarterly distribution of N4.35 per unit, payable to eligible unitholders on May 6, 2026, implying a distribution yield of 19.30% and coming in below N5.43 in Q1 2025.
Key highlights (Q1 2026 vs Q1 2025)
- Interest income on infrastructure loans: N4.3 billion, down 18.52% YoY
- Other income: N169.4 million, up 153.35% YoY
- Total income: N5.9 billion, down 12.20% YoY
- Total expenses: N581.3 million, up 12.02% YoY
- Pre-tax profit: N5.3 billion, down 14.21% YoY
- Total assets: N137.4 billion vs N137.6 billion
Driving the numbers
Apart from a decline in interest income from infrastructure loans, the fund also recorded a N55 million net fair value loss on infrastructure loans, compared to a N526.2 million gain in Q1 2025.
- More positively, interest income from bank deposits rose sharply to N1.52 billion, up 71.02% from N890.3 million, while ‘other income’ increased by 153.4% year-on-year to N169.4 million.
These developments helped keep total income relatively stable at N5.9 billion, though lower than N6.7 billion in Q1 2025, and after total expenses of N581.3 million, pre-tax profit stood at N5.3 billion, slightly below N6.2 billion.
On the balance sheet, total assets came in at N137.4 billion, marginally lower than N137.6 billion a year earlier, with N85.2 billion in financial assets at fair value and N50.3 billion in cash and cash equivalents accounting for the bulk.
On the liabilities side, total obligations eased to N6.9 billion from N7.1 billion, driven by lower ‘other payables’ and ‘distribution payable’, while members’ funds remained unchanged at N130.5 billion, and Net Asset Value stayed at N109 per unit.
What you should know
- The fund’s 176km pipeline network remains its largest exposure, accounting for 49% of the portfolio, followed by a marine infrastructure site, which represents 22% of total assets.
- Renewable and distributed energy assets also feature, with 458 off-grid solar sites contributing 11%, alongside 1,125 telecom tower sites at 10%, two IPP sites at 4%, and one student accommodation site at 2%.
- At the lower end of the portfolio, three broadband internet sites and solar home systems collectively account for about 1%.
- As of market close on April 16, 2026, the trust traded at N127 per unit, representing a year-to-date gain of 10.43%.
