The Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) Series 12 Offer is currently open to investors, with the fund seeking to raise up to N45 billion through the issuance of 396.33 million units at N113.54 per unit.
The offer is being conducted under NIDF’s existing N200 billion issuance programme and represents the fund’s 12th capital raise since inception in 2017 and fourth since its listing on the Nigerian Exchange Limited (NGX).
Key Offer Details
The Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) Series 12 is managed by Chapel Hill Denham Management Limited under a N200 billion issuance programme. The Series 12 offer seeks to raise up to N45 billion through the issuance of 396,330,000 units, with a nominal value of N100 per unit and an offer price of N113.54 per unit.
The offer opened on 23 September 2026 and is scheduled to close on 30 October 2026. The minimum subscription is 1,000 units, equivalent to a minimum investment of N113,540, with additional subscriptions available in multiples of 100 units.
NIDF is structured as a closed-ended infrastructure debt fund, registered and regulated by the Securities and Exchange Commission (SEC). The fund is listed on both the Nigerian Exchange Limited (NGX) and FMDQ Exchange, providing investors with access to a secondary market for its units.
Unlike an ordinary equity fund, where investors primarily own shares in companies, NIDF invests predominantly through infrastructure-related debt financing. Its income is therefore largely derived from interest and other returns generated by loans to infrastructure projects.
The fund’s investment strategy focuses primarily on Naira-denominated infrastructure debt, with the return benchmark linked to the 10-year Federal Government of Nigeria (FGN) bond. For Series 12, the target return is stated as 300 to 450 basis points above the 10-year FGN bond benchmark, subject to the fund’s investment performance and prevailing market conditions.
NIDF is designed to make quarterly distributions to investors. As a closed-ended infrastructure debt vehicle, the fund invests in long-term infrastructure-related debt instruments, with investors receiving returns primarily from income generated by these investments.
About NIDF
NIDF says it has financed infrastructure projects with an aggregate value of approximately US$625 million over the past decade and has developed a diversified portfolio covering several infrastructure subsectors.
NIDF is managed by Chapel Hill Denham Management Limited with Stanbic IBTC Trustees Limited and STL Trustees Limited acting as joint trustees. The fund’s custodian is Citi Nigeria Limited while Coronation Registrars Limited acts as its registrar. PwC Nigeria and KPMG Nigeria acts as its auditor and valuation adviser respectively.
As at H1 2026, the fund reported a portfolio of infrastructure investments with a weighted average annualised yield of 18.23%, a weighted average tenor at disbursement of 10.33 years, and a weighted average remaining life of 7.74 years.
The fund also reported N6.2 billion of outstanding commitments, while a further N25.7 billion investment was in the conditions-precedent fulfilment stage as of 30 June 2026. The proceeds of Series 12 are intended to support additional infrastructure financing.
NIDF’s infrastructure loans are generally structured on a floating-rate basis and have historically been priced at a premium to the 10-year FGN bond. Its H1 2026 investor report states that loans are typically priced at 300–500 basis points above the benchmark.
Quarterly Distributions
One of NIDF’s major features is its history of quarterly distributions. For Q2 2026, the fund declared a N4.40 per-unit distribution. It said the distribution was funded from cash inflows generated by the fund during the quarter.
The Q2 distribution was also the fund’s 37th distribution since inception, comprising 36 quarterly distributions and one special distribution. Following that payment, cumulative distributions since inception exceeded N104 billion.
NIDF’s H1 2026 financial performance
NIDF’s half-year 2026 results provides a background for the Series 12 offer. For the six months ended 30 June 2026, the fund’s results were as follows:
- Total income: N11.80 billion
- Profit before tax: N10.63 billion
- Total assets: N137.32 billion
- Net assets attributable to unitholders: N130.56 billion
- NAV per unit: N109.08
- Cash balance: N45.77 billion
- Infrastructure-loan interest income: N8.41 billion
- Q2 distribution: N4.40 per unit.
Profit before tax declined from N11.79 billion in H1 2025 to N10.63 billion in H1 2026, while total income fell from N12.84 billion to N11.80 billion.
The decline was partly linked to lower yields on the 10-year FGN bond, which affected income from the fund’s infrastructure loans. At the same time, interest income from bank deposits increased significantly during the period.
