Coronation Infrastructure Fund deployed N2.73 billion in three infrastructure projects in the third quarter of 2026, as the fund expanded its financing of energy, transportation, healthcare, and housing projects, according to its latest investor report.
The investments bring the fund’s net asset value to N9.44 billion as of September 30, 2026, from N9.73 billion at the end of 2025, despite continued deployment of capital into infrastructure-backed loans.
The fund’s September 2026 quarterly investor report shows that its portfolio was fully allocated to senior project finance loans at the end of the third quarter, reflecting its strategy of providing debt financing to infrastructure projects with defined repayment structures.
The investments span power generation, logistics, healthcare, and social infrastructure, including student accommodation and affordable housing.
During the quarter, the fund continued to advance its investment pipeline across energy and social infrastructure, with additional opportunities progressing through origination, due diligence, structuring, and investment approval.
“The third quarter of 2026 marked another period of meaningful progress for the Coronation Infrastructure Fund, as we continued to translate our growing investment pipeline into tangible infrastructure investments,” Mayowa Ikotun, head of the fund, said in the report.
The fund’s largest sector exposure was energy, accounting for 40.50 percent of investments, followed by social infrastructure at 22.94 percent, transportation at 22.69 percent and real estate at 13.87 percent.
Project Light, a 30-megawatt independent power project, accounted for 40.50 percent of the portfolio. The project is being developed under an embedded generation arrangement with an electricity distribution company to supply corporate customers in Nigeria’s commercial district. Construction is ongoing, with commercial operations expected to begin in the first quarter of 2027.
In transportation, Project Auto finances the acquisition of 300 Sinotruk trucks to expand an existing fleet of 860 vehicles to 1,160. The trucks support logistics operations across Nigeria’s six geopolitical zones and the transportation of fast-moving consumer goods for major manufacturers.
The project is designed to facilitate the movement of about 550,000 tonnes of cargo monthly, according to the report.
The fund also has exposure to healthcare through Project Salt, which received N1.2 billion in the first quarter of 2026 to finance the completion of a standalone oral rehydration salt and stick-pack manufacturing facility.
In social infrastructure, Project Titan involves the construction of a three-block student residence with 548 bed spaces under a public-private partnership arrangement with a federal university. Completion is expected in the first quarter of 2027.
Project Abode, another public-private partnership, involves the development of 3,000 affordable housing units in the South-East in collaboration with a state housing development corporation.
The fund reported that construction milestones for Project Light, Project Titan and Project Abode remained on schedule under agreed post-disbursement conditions, while Project Auto’s fleet was fully operational.
Fund begins N20bn capital raise
Coronation Infrastructure Fund commenced a Series 2 capital raise of up to N20 billion during the third quarter following approval from the Securities and Exchange Commission.
The proposed capital raise is intended to strengthen the fund’s capital base and increase its capacity to finance additional infrastructure projects within its investment pipeline.
Nigeria requires approximately $100 billion in annual infrastructure investment over the next decade to bridge gaps in roads, electricity, healthcare, and housing, according to figures cited in the report.
Public spending covers less than 20 percent of this estimated requirement, highlighting the potential role of private capital in financing infrastructure development.
The report also cited pension industry data showing that Nigerian pension funds managed more than N31 trillion, with 1.57 percent allocated to infrastructure funds, including infrastructure bonds and Sukuk, as of August 2026.
Revised investment guidelines from the National Pension Commission could create additional room for pension fund participation in infrastructure financing.
Units trade at a 43.8% premium to net asset value
Despite the decline in net asset value, the fund recorded an increase in its traded unit price during the third quarter.
Its units rose from N116 at the beginning of the quarter to N154.30 at September 30, representing a 33 percent appreciation on the Nigerian Exchange.
The closing market price stood 43.82 percent above the fund’s net asset value per unit of N107.29.
The difference means investors buying the units on the exchange were paying a premium to the underlying net asset value of the fund at the reporting date.
The fund reported a weighted average portfolio yield of 21.03 percent and a weighted average loan tenor of 3.4 years.
It also paid a first-half 2026 distribution of N8.985 per unit, amounting to approximately N789.78 million, in line with its distribution policy.
Cumulative distributions since the fund’s launch in May 2024 reached N3.31 billion across three payout cycles.
However, the fund’s financial statements showed that interest income declined to N1.35 billion in the nine months ended September 2026, from N1.62 billion in the corresponding period of 2025.
Total income fell to N1.36 billion from N1.62 billion, while operating expenses declined to N158.68 million from N190.51 million.
Operating profit consequently decreased to N1.20 billion from N1.43 billion in the same period.
Coronation Infrastructure Fund, a closed-end investment vehicle managed by Coronation Asset Management Limited, was launched on May 29, 2024, and is listed on the Nigerian Exchange under the ticker CNIF.
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
