Coronation Infrastructure Fund to pay N789.8 million H1 dividend on July 28

Coronation Infrastructure Fund sets July 28 for payment of H1 2026 dividends

The Coronation Infrastructure Fund (CIF) has announced a semi-annual income distribution of N8.985 per unit for the half-year ended June 30, 2026, amounting to approximately N789.78 million payout to the 87.9 million shares outstanding.

This is according to a corporate filing with the Nigerian Exchange (NGX) by the Fund on Thursday July 16 pursuant to Section 25 of its Programme Trust Deed.

According to the notice, the dividend will be paid to unitholders whose names appear on the register at the close of business on July 22, 2026, subject to the deduction of applicable withholding tax.

The register is expected to close on July 23, while electronic payments are scheduled for July 28, 2026, in accordance with Section 25 of the Programme Trust Deed.

Highlight of the corporate action dates:

• Distribution period: June 30, 2026
• Qualification date: July 22, 2026
• Closure of register: July 23, 2026
• Payment date: July 28, 2026

The distribution will be paid electronically to unitholders on the register as of the qualification date who have completed the E-mandate Form authorising the Registrar to credit their bank accounts directly. Unitholders yet to complete this process have been advised to download the E-mandate Activation Form from Coronation Registrars’ website and submit it to the Registrar.

What the data is saying

The proposed H1 2026 distribution, subject to appropriate withholding tax, will amount to approximately N789.78 million payout to the 87.9 million shares outstanding, as earnings from its infrastructure-focused portfolio continue to support distributions.

• CIF’s H1 2026 interim financial statement shows a fund that generated the bulk of its earnings from interest-yielding assets while keeping costs tightly controlled.
• Total comprehensive income stood at N791.5 million for the period.
• Interest income, the Fund’s primary revenue driver, came in at N881.8 million.
• Infrastructure loans contributed N576.8 million, or about 65% of total interest income, while income from placements added N305 million.
• Other income contributed a further N8 million.
• Operating expenses totalled N98.3 million, translating to an operating profit margin of nearly 90%.

Management fees were the single largest cost item at N74.3 million, representing roughly 76% of total operating expenses, while administrative and general expenses stood at N16.7 million, including N9.5 million in regulatory fees paid to the Securities and Exchange Commission (SEC).

More insights:

On the balance sheet, CIF closed H1 2026 with total assets of N9.88 billion, of which infrastructure loans and investment securities accounted for N6.37 billion, or about 64%.

• Cash and bank balances stood at N3.51 billion, largely held in fixed placements, suggesting a liquid asset base, while other assets were negligible at N444,000.
• Total liabilities remained low at N53.3 million, pointing to a conservative leverage profile.
• Net assets attributable to unitholders stood at N9.83 billion as at period end.

Unitholders’ contributions stood at N8.79 billion, with retained earnings of N2.76 billion.

The distribution balance for the period was negative N2.52 billion, following a movement of negative N800.9 million during the half year, reflecting the Fund’s ongoing payout obligations to unitholders.

What you should know

Coronation Infrastructure Fund is a closed-end debt fund managed by Coronation Asset Management, structured to channel long-term capital into infrastructure-linked loans and securities within targeted sectors of the Nigerian economy.

• It is one of Nigeria’s dedicated infrastructure investment vehicles structured to channel long-term capital into strategic sectors of the economy.
• It was established under a N200 billion issuance programme, with Series 1 raising N8.79 billion through the issuance of 87.9 million units at N100 per unit.
• The Fund listed 87.9 million units on the Nigerian Exchange in 2025 following what was described as the country’s largest capital raise by a locally managed infrastructure fund.
• CIF’s H1 2026 results reflect a fund delivering steady returns anchored on infrastructure loans and short-term placements, supported by a lean expense base and a low-leverage.
• In July 2025, CIF distributed N10.13 per unit, amounting to N890.69 million, to investors for the first half of 2025.
• It subsequently proposed a N9.10 per unit distribution for the second half of the year, equivalent to N800.9 million, the bulk of distributable earnings to unitholders.

The Fund targets returns of approximately 300 basis points above the yield on the benchmark 10-year Federal Government of Nigeria bond, making it an alternative investment for institutional and retail investors seeking stable income from infrastructure-backed assets.