Africa’s first listed infrastructure investment trust, Nigeria Infrastructure Debt Fund managed by Chapel Hill Denham, has announced the resignation of its co-founder and pioneer Chief Executive Officer, Mr Anshul Rai.
In a corporate notice filed with the Nigerian Exchange Limited on Thursday, the fund stated that Rai’s exit would become effective on June 30, 2024, though he would continue to serve on NIDF’s Investment Committee.
He co-founded NIDF almost a decade ago and was appointed pioneer Chief Executive Officer in December 2015.
NIDF became the first infrastructure investment trust to be listed on the Nigerian Exchange last October following its listing on FMDQ on July 17, 2017.
Mr Saurabh Srivastava, who is currently a director in Infrastructure and Climate at Chapel Hill Denham, has been appointed Rai’s successor.
Meanwhile, NIDF’s net asset value rose by by 12.62 per cent to N103.31bn in 2023 from N91.73bn in the previous year.
Similarly, its profit almost doubled to N20.378bn from N10.29bn in 2022.
The fund manager declared a N21.86 dividend per share in 2023.
In a summary of its activities for the year, NIDF said, “During the year ended December 2023, the fund continued its progress in building a more diversified portfolio of infrastructure loans, by financing commercially viable infrastructure projects on attractive terms. The infrastructure loan portfolio of the fund grew to 26 (2022: 24) infrastructure loans aggregating N85.813bn (2022: N63.124bn).
“During the year, the performance of the fund’s loan portfolio was satisfactory and the borrowers met their obligations towards the fund in a timely manner. The fund successfully completed Series 9 of additional fundraising during the year. In 2023, the Fund raised N11.441bn by issuing c.106.350 million units (‘Series 9’).”
