Chapel Hill Denham Opens ₦45bn NIDF Series 12 Offer at 23% Discount to NGX Price

Nigeria Infrastructure Debt Fund (NIDF), managed by Chapel Hill Denham, has opened a ₦45 billion Series 12 offer, comprising 396.33 million units priced at ₦113.54 each under its ₦200 billion issuance programme.

The offer opened on 23 September 2026 and represents NIDF’s twelfth capital raise since inception in 2017 and its fourth since listing on the Nigerian Exchange Limited (NGX). At ₦113.54 per unit, the offer is priced at a 23.13% discount to NIDF’s NGX closing price of ₦147.70 on 22 September 2026.

NIDF is Nigeria’s first listed infrastructure debt fund and has established a track record of providing long-dated, naira-denominated financing to infrastructure projects across the country. Since inception, the fund said it has financed infrastructure projects with an aggregate value equivalent to approximately US$625 million and delivered 37 distributions exceeding ₦100 billion to investors.

The fund has built a diversified portfolio across infrastructure subsectors and continues to assess opportunities that meet its investment criteria. The Series 12 raise is intended to support further deployment into qualifying infrastructure projects while providing investors with exposure to the fund’s regular distribution programme.

The transaction comes as Nigeria’s infrastructure financing market continues to develop, with NIDF having contributed to the development of the domestic infrastructure debt market and the emergence of other infrastructure focused investment vehicles.

The transaction parties include STL Trustees and Stanbic IBTC as joint trustees, Chapel Hill Denham as fund manager, Coronation as registrar, Citibank as custodian, KPMG as valuation adviser and PwC as external auditors.