Afrinvest Asset Management Limited is set to pay note holders on the register of the Nigeria International Debt Fund (NIDF) – an NSE listed mutual fund that invests in fixed income securities of Federal and State Governments – its interim coupon for the 2014 Financial Year.
In a statement made available to Capital Market reporters, the Fund Manager said that the sum of N44, 171,877.51 would be distributed amongst note holders on the register of the NIDF by July 29, 2014 while payment would be made within two weeks of the closure.
According to Ola Belgore, Managing Director of Afrinvest Asset Management Limited, “This is the 32rd coupon in the life of the Fund which was launched in 1997. Since the NIDF is an open-ended fund it is estimated that a minimum of N36.00 per note would be paid to note holders who are in the books of the NIDF on the closure date which is July 29, 2014.”
“The interim distribution is in line with the structure of the NIDF, as the Fund is designed to pay distributions twice a year, as indicated in the Fund’s Trust Deed.”
The Nigeria International Debt Fund invests in the domestic and international debt instruments of the Federal Government of Nigeria as well as those of the 36 States.
NIDF offers investors safety, capital preservation, steady returns, diversification and value, and has a consistent dividend history making it quite attractive for both individual and institutional investors such as Pension Fund Administrators (PFAs), insurance companies, asset managers and gratuity funds.
Restructured as an open-ended fund in October 2010 at a price of N1, 700 per unit, the NIDF with a price of N1, 988.48 as of July 10, 2014 has achieved a capital appreciation of 16.96 percent.