️ NIDF Lists New Units After Scrip Dividend — Total Fund Size Increases
Investors in Nigeria’s infrastructure fund just received additional units
Here’s what the NGX notice means in simple terms
Fund Involved
The update concerns the:
Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF)
Managed by Chapel Hill Denham Management Limited
NIDF invests mainly in long-term infrastructure projects such as:
Power
Roads
Critical national assets
New Units Added to the Exchange
• Additional units listed: 296,464 units
• Listing date: 17 March 2026
• Now tradable on Nigerian Exchange Limited (NGX)
These units did not come from new investors — they came from dividends.
Source: Q4 2025 Scrip Dividend
The extra units were issued as a Scrip Dividend.
What that means:
Instead of cash payment:
➡ Investors received new units (shares) in the fund
This increases the number of units they hold.
Total Units of the Fund Increased
Before listing:
• 1,196,357,953 units
After listing:
• 1,196,654,417 units
Increase: +296,464 units
What “Supplementary Listing” Means
A supplementary listing occurs when:
✔ Additional securities are added to an already listed asset
✔ No new IPO is involved
✔ Existing investors usually receive the new units
Why Funds Use Scrip Dividends
Common reasons include:
Preserving cash within the fund
Supporting reinvestment and growth
️ Funding long-term projects
Allowing investors to compound holdings automatically
Impact on Investors
If you owned NIDF units:
You now hold more units
No cash dividend received (in scrip form)
Unit price may adjust slightly due to increased supply
Your total investment value typically remains similar initially.
Why This Matters
NIDF is one of Nigeria’s key vehicles for financing infrastructure, so growth in its unit base suggests:
✔ Continued income generation
✔ Ongoing infrastructure funding
✔ Investor participation in long-term projects
Simple Takeaway
NIDF paid investors with additional units instead of cash — increasing the total number of tradable units on NGX.
Investors in Nigeria’s infrastructure fund just received additional units
Here’s what the NGX notice means in simple terms
Fund InvolvedThe update concerns the:
Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF)
Managed by Chapel Hill Denham Management Limited
NIDF invests mainly in long-term infrastructure projects such as:
PowerRoads
Critical national assets
New Units Added to the Exchange• Additional units listed: 296,464 units
• Listing date: 17 March 2026
• Now tradable on Nigerian Exchange Limited (NGX)
These units did not come from new investors — they came from dividends.
Source: Q4 2025 Scrip DividendThe extra units were issued as a Scrip Dividend.
What that means:
Instead of cash payment:
➡ Investors received new units (shares) in the fund
This increases the number of units they hold.
Total Units of the Fund IncreasedBefore listing:
• 1,196,357,953 units
After listing:
• 1,196,654,417 units
Increase: +296,464 units
What “Supplementary Listing” MeansA supplementary listing occurs when:
✔ Additional securities are added to an already listed asset
✔ No new IPO is involved
✔ Existing investors usually receive the new units
Why Funds Use Scrip DividendsCommon reasons include:
Preserving cash within the fund
Supporting reinvestment and growth
️ Funding long-term projects
Allowing investors to compound holdings automatically
Impact on InvestorsIf you owned NIDF units:
You now hold more units No cash dividend received (in scrip form)Unit price may adjust slightly due to increased supply
Your total investment value typically remains similar initially.
Why This MattersNIDF is one of Nigeria’s key vehicles for financing infrastructure, so growth in its unit base suggests:
✔ Continued income generation
✔ Ongoing infrastructure funding
✔ Investor participation in long-term projects
Simple TakeawayNIDF paid investors with additional units instead of cash — increasing the total number of tradable units on NGX.
