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Chapel Hill Denham Nigeria Infrastructure Debt Fund has released its unaudited half-year 2026 results, reporting a pre-tax profit of N10.63 billion, down 9.81% YoY from N11.79 billion in H1 2025.
According to the released report, NIDF has continued to outperform its benchmark: the 10-Year FGN bond, although the benchmark declined by 336 bps in 2026 as compared to 2025.
Loans are typically priced at 300-500bps over the benchmark on a floating rate basis.
However, the Fund announced a quarterly distribution for the second quarter ended 30th June 2026 – of N4.40 Naira per Unit on 6th July 2026 with a qualification date of 17th July 2026.
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This distribution will be paid to eligible Unitholders on 27th July 2026 and is fully funded from the cash inflows generated by the Fund during the quarter.
Key Highlights (H1 2026 vs. H1 2025)
- Total income: N11.80 billion (Down 8.08% YoY from N12.84 billion)
- Interest income on infrastructure loans: N8.41 billion (Down 23.16% YoY from N10.94 billion)
- Interest income on bank deposits: N3.28 billion (Up 154.47% YoY from N1.29 billion)
- Net fair value position on infrastructure loans: N66.10 million loss, compared with a N379.72 million profit in H1 2025.
- Operating expenses: N1.17 billion (Up 11.40% YoY from N1.05 billion)
- Distribution paid and payable: N10.69 billion (Down 4.58% YoY from N11.20 billion)
- Total assets: N137.32 billion (Down 0.25% from N137.67 billion as of FY 2025)
- Cash balance: N45.77 billion (Up 13.89% from N40.19 billion as of FY 2025)
- Net assets attributable to unitholders: N130.56 billion (Up 0.01% from N130.55 billion as of FY 2025).
- NAV per unit: N109.08 (Down 0.04% from N109.12 as of FY 2025)
Driving the numbers
The Fund’s H1 2026 earnings were weighed down mainly by weaker income from infrastructure loans and a negative fair value movement on infrastructure loans.
Interest income on infrastructure loans remained the Fund’s largest income line, contributing about 71.27% of total income.
However, it declined to N8.41 billion from N10.94 billion in H1 2025, reducing the Fund’s main earnings base.
This decline was partly offset by stronger interest income on bank deposits, which rose sharply to N3.28 billion from N1.29 billion and contributed about 27.76% of total income.
The fair value line also moved against the Fund. Net fair value on infrastructure loans shifted to a loss of N66.10 million in H1 2026, compared with a profit of N379.72 million in H1 2025. This reduced total income and added pressure to profitability.
On the cost side, operating expenses increased to N1.17 billion from N1.05 billion. As a result, pre-tax profit and profit after tax both fell by 9.81% YoY to N10.63 billion.
Balance sheet
On the balance sheet, total assets slipped slightly to N137.32 billion from N137.67 billion as of FY 2025, while cash and cash equivalents increased to N45.77 billion.
- Financial assets held at fair value through profit or loss declined to N91.12 billion from N97.25 billion.
- The Fund also disclosed outstanding commitments of N6.2 billion and an additional investment of N25.7 billion currently in the conditions precedent fulfilment phase, with disbursements expected to commence in July 2026.
In 2026, NIDF had a diversified portfolio of 15 investments. The infrastructure loan portfolio had a weighted average annualised yield of 18.23%, weighted average tenor at disbursement of 10.33 years, and weighted average remaining life of 7.74 years.
Market reaction
Nigeria Infrastructure Debt Fund last traded at N135.00 per unit on the NGX. The Fund began the year at N115.00 per unit and has gained 17.4% year-to-date, while its month-to-date return was flat at 0%.
