Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has opened a ₦45 billion Series 12 offer to finance infrastructure projects in Nigeria, with ₦35 billion earmarked for renewable energy and ₦10 billion for transportation.
The offer comprises up to 396.33 million units priced at ₦113.54 each under the fund’s ₦200 billion issuance programme. The offer price represents a 23.13% discount to NIDF’s Nigerian Exchange (NGX) closing price of ₦147.70 on 22 September 2026.
Proceeds allocated to two projects
The fund will allocate ₦35 billion to Project Zeta, a renewable energy project, and ₦10 billion to Project Tune, a transportation project focused on fleet management.
Both projects will receive financing through senior secured loans. Project Zeta has a 12-year tenor, while Project Tune has a 10-year tenor.
The capital raise represents NIDF’s 12th since its inception in 2017 and its fourth since listing on the NGX in October 2023.
Fund's infrastructure financing track record
NIDF has financed infrastructure projects valued at approximately US$625 million in Nigeria over the past decade. The fund focuses on providing long-term, naira-denominated debt financing to infrastructure projects with predictable cash flows across sectors including power, transportation, telecommunications, oil and gas infrastructure, water and social infrastructure.
The fund targets regular quarterly distributions from interest payments and fees generated by its loan portfolio, while seeking to preserve investors’ capital. Its investment strategy targets gross returns of 3% to 5% above comparable Federal Government of Nigeria bond yields.
Since inception, NIDF has made 37 distributions to investors, aggregating more than ₦100 billion, according to the fund's announcement.
Transaction parties
Chapel Hill Denham Management Limited is the fund manager and sponsor, while Chapel Hill Denham Advisory Limited is the issuing house.
Olaniwun Ajayi LP and Udo Udoma & Belo-Osagie are joint solicitors to the offer. STL Trustees Limited and Stanbic IBTC Trustees Limited serve as trustees, Citibank Nigeria Limited is the custodian, and Coronation Registrars is the registrar. Agusto & Co is the rating agency for the fund manager.
The new units are expected to be added to the fund's existing listings on the NGX and FMDQ Exchange following completion of the offer and allotment.
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