1
Notes | 30 Sept 2025 | 31 December 2024 | |
N'000 | N'000 | ||
Assets: Cash and cash equivalents 7 | 5,752,118 | 5,693,472 | |
Financial assets held for trading 8 | 83,123 | 76,330 | |
Other assets 10 | 15,743 | 69,248 | |
Property and equipment 12 | 390,173 | 318,284 | |
Right of use assets 9(i) | 40,099 | 28,012 | |
Investment property 11 | 27,484,735 | 27,240,747 | |
Total assets | 33,765,991 | 33,426,093 | |
Liabilities: Other liablities 13 | 134,403 | 152,602 | |
Rent received in advance 14 | 801,220 | 703,376 | |
Lease liabilities 9(ii) | 45,117 | 41,364 | |
Total liabilities | 980,740 | 897,342 | |
Net assets attributable to unit holders of the Trust | 32,785,251 | 32,528,751 | |
Represented by: | |||
Units and reserves attributable to unit holders of the Trust Unit holders' contributions 15 | 26,682,695 | 26,682,695 | |
Retained Profit/(loss) | 6,102,556 | 5,846,056 | |
32,785,251 | 32,528,751 |
Notes | 30 Sept 2025 | 30 Sept 2024 | ||
N'000 | N'000 | |||
Rental income | 1 | 1,279,252 | 972,514 | |
Interest income on deposit with banks | 3 | 929,946 | 809,166 | |
Interest income on assets measured at fair value through profit or loss | 2 | 67,703 | 8,957 | |
Net gain/(loss) on financial assets held for trading | 4 | 9,792 | (21,129) | |
Net gain on disposal of investment property | 5 | - | 410,000 | |
Revenue | 2,286,693 | 2,179,509 | ||
Impairment charge on receivables | 10 | (60,373) | (43,752) | |
Operating expenses | 6 | (552,565) | (481,551) | |
Increase in net assets attributable to unit holders | 1,673,755 | 1,654,205 | ||
Earnings per unit - basic and diluted (Naira) | 16 | 0.63 | 0.62 |
Unitholders' contributions | Retained earnings/(loss) | Total | |
N'000 | N'000 | N'000 | |
At 1 January 2024 | 26,682,695 | 2,269,111 | 28,951,806 |
Comprehensive income: | |||
Increase in net assets attributable to unit holders | - | 4,697,618 | 4,697,618 |
4,697,618 | 4,697,618 | ||
Transactions with unit holders in their capacity as unit holders: | |||
Distribution paid to unit holders | - | (1,120,673) | (1,120,673) |
3,576,945 | 3,576,945 | ||
At 31 December 2024 | 26,682,695 | 5,846,056 | 32,528,751 |
At 1 January 2025 | 26,682,695 | 5,846,056 | 32,528,751 |
Comprehensive income | |||
Increase in net assets attributable to unit holders | - | 1,673,755 | 1,673,755 |
Net reclassification adjustments for realised loss | - | ||
Prior Year Adjustment | (24,418) | (24,418) | |
Transactions with unit holders in their capacity as unit holders: | 1,649,337 | 1,649,337 | |
Distributions paid to unit holders | - | (1,392,837) | (1,392,837) |
- | 256,500 | 256,500 | |
Dividend paid | - | - | |
Fair value reclassification to statement of comprehensive income | - | - | - |
At 30 Sept 2025 | 26,682,695 | 6,102,556 | 32,785,251 |
30 Sept 2025 N'000 | 30 Sept 2024 N'000 | |
1 Rental Income | ||
Rental Income | 1,279,252 | 972,514 |
1,279,252 | 972,514 | |
2 Interest income on assets measured at fair value through profit or loss | ||
Held for trading assets: | ||
Bonds | 8,949 | 8,957 |
Treasury bills | 31,907 | - |
FGN Promissory notes WHT Waiver on Tbill | - 26,847 | - |
67,703 | 8,957 | |
3 Interest income on deposit with banks | ||
Interest earned on placements | 915,226 | 778,723 |
Credit interest on bank balance | 14,720 | 30,443 |
929,946 | 809,166 | |
Credit interest relates to interest earned on bank balances during the period | ||
4 Net gain/(loss) on financial assets held for trading | ||
Trading income | - | - |
Fair value gain/(loss) on held for trading instruments | 9,792 | (21,129) |
9,792 | (21,129) | |
5 Net gain on disposal of investment property | ||
Gain on disposal of investment property (Sale of UAC complex) | - | 410,000 |
- | 410,000 | |
30 Sept 2025 | 30 Sept 2024 | |
N'000 | N'000 | |
6 Operating expenses | ||
Fund manager's fee | 102,173 | 95,421 |
Property maintenance expenses | 98,218 | 113,911 |
Registrar's fees | 8,733 | 8,465 |
Trustees' fees | 3,225 | 5,953 |
Audit fees | 13,125 | 22,500 |
Professional fees | 23,612 | 31,925 |
Custodian fees | 19,157 | 17,891 |
Printing, advert and travels | 1,602 | 805 |
SEC fees | 47,522 | 44,382 |
Property manager's fees | 58,005 | 28,626 |
Insurance premium | 26,484 | 25,485 |
Depreciation on property & equipment (see note 19) | 101,835 | 70,214 |
Depreciation on right of use assets (Note 16) | 6,431 | 3,698 |
Interest expense on lease | 3,753 | 2,628 |
Depreciation on furniture & fittings (see note 19) | 33,848 | - |
Other operating expenses | 4,842 | 9,647 |
552,565 | 481,551 |
7 | Balances with banks 30 Sept 2025 | 31 December 2024 |
N'000 | N'000 | |
- Current account with banks in Nigeria | ||
Balances with banks 5,752,118 | 5,693,472 | |
5,752,118 | 5,693,472 | |
Current 5,752,118 Non-Current - | 5,693,472 - | |
5,752,118 | 5,693,472 | |
Balances with banks represents call account balances and fixed deposits with commercial banks. |
The bank deposits are short term in nature and can be withdrawn at short notice. No impairment losses are recognised on the balance as the fund manager concludes that the risk of default is low and there is no material significant increase in credit risk
8 | Financial assets held for trading | 30 Sept 2025 | 31 December 2024 |
N'000 | N'000 | ||
FGN bonds | 83,123 | 76,330 | |
FGN promissory note | - | - | |
83,123 | 76,330 | ||
Current Non-Current | -83,123 | -76,330 | |
83,123 | 76,330 | ||
9 | Leases | 30 Sept 2025 | 31 December 2024 |
N'000 | N'000 | ||
9(i) | Right-of-use assets | ||
Opening balance as at 1 January 2025 | 41,177 | 41,177 | |
Additions during the year | 18,519 | - | |
Closing balance as at 30 Sept 2025 | 59,696 | 41,177 | |
Depreciation | |||
Opening balance as at 1 January 2025 | 13,166 | 8,235 | |
Charge for the year | 6,431 | 4,931 | |
Closing balance as at 30 Sept 2025 | 19,597 | 13,166 | |
Net book value as at 30 Sept 2025 | 40,099 | 28,012 |
9(ii) | Lease liabilities | 30 Sept 2025 N'000 | 31 December 2024 N'000 |
Opening balance as at 1 January 2025 | 41,364 | 37,787 | |
Additions | - | - | |
Interest expense | 3,753 | 3,577 | |
Closing balance as at 30 Sept 2025 | 45,117 | 41,364 | |
Non-current lease liabilities | 45,117 | 41,364 | |
45,117 | 41,364 | ||
9(iii) | Amounts recognised in the statement of profit or loss | 30 Sept 2025 | 31 December 2024 |
N'000 | N'000 | ||
Depreciation charge of right-of-use assets | 6,431 | 4,931 | |
Interest expense | 3,753 | 3,577 | |
30 Sept 2025 | 31 December 2024 | ||
N'000 | N'000 | ||
10 | Other assets | ||
Financial: | |||
Rent receivables Other assets - financial ECL provision | 289,857 -(282,942) | 239,322 -(222,570) | |
6,915 | 16,752 | ||
Non financial: | |||
Prepaid expenses | 8,828 | 52,496 | |
8,828 | 52,496 | ||
15,743 | 69,248 | ||
Current Non-Current | 15,743 - | 69,248 - | |
15,743 | 69,248 | ||
30 Sept 2025 N'000 | 31 Sept 2024 N'000 | ||
ECL provision | |||
Opening Balance | (222,569) | (120,110) | |
Impairment Charge for the year | (60,373) | (43,752) | |
Closing Balance | (282,942) | (163,862) |
11 Investment property | 30 Sept 2025 N'000 | 31 December 2024 N'000 | ||
Beginning balance | 27,240,747 | 25,586,558 | ||
Additions Improvement | -243,988 | 903,192 | ||
Disposals | (1,790,000) | |||
Fair value gain | - | 2,540,997 | ||
Non-Current | 27,484,735 | 27,240,747 | ||
Details of the investment property is in note 4.2. Non-Current | 27,484,735 | 27,240,747 | ||
Office | ||||
12 Property and equipment | equipment | Fixtures & fittings | Total | |
N'000 | N'000 | N'000 | ||
Cost At 1 January 2025 | 727,654 | 208,778 | 936,432 | |
Additions | 45,488 | 162,085 | 207,572 | |
Reclassifications Disposals | (42,921) - | 42,921 - | - - | |
At 30 Sept 2025 | 730,221 | 413,783 | 1,144,004 | |
Accumulated depreciation At 1 January 2025 | 422,611 | 195,537 | 618,148 | |
Charge for the year | 101,835 | 33,848 | 135,683 | |
At 30 Sept 2025 | 524,446 | 229,385 | 753,831 | |
Net book amount at 1 January 2025 | 305,043 | 13,241 | 318,284 | |
Net book amount at 30 Sept 2025 | 205,775 | 184,398 | 390,173 | |
Office | Furnitures & | |||
Property and equipment continued | equipment | fittings | Total | |
N'000 | N'000 | N'000 | ||
Cost | ||||
At 1 January 2024 | 454,499 | 191,580 | 646,079 | |
Additions | 273,155 | 17,198 | 290,353 | |
At 31 December 2024 | 727,654 | 208,778 | 936,432 | |
Accumulated depreciation | ||||
At 1 January 2024 | 329,685 | 183,255 | 512,940 | |
Charge for the year | 92,926 | 12,282 | 105,208 | |
At 31 December 2024 | 422,611 | 195,537 | 618,148 | |
Net book amount at 1 January 2024 | 124,814 | 8,325 | 133,139 | |
Net book amount at 30 June 2024 | 305,043 | 13,241 | 318,284 |
13 Other liabilities | 30 Sept 2025 N'000 | 31 December 2024 N'000 |
Financial liabilities: | ||
Caution deposits | 11,400 | 4,844 |
Accrued expenses | 123,003 | 147,759 |
134,403 | 152,603 | |
Non financial Liabilities | ||
VAT Payable | - | - |
134,403 | 152,603 | |
Current | 134,403 | 152,603 |
Non-Current | - | - |
134,403 | 152,603 | |
30 Sept 2025 | 31 December 2024 | |
N'000 | N'000 | |
14 Rent received in advance | ||
Rent received in advance | 801,220 | 703,376 |
801,220 | 703,376 | |
Current | 685,389 | 587,545 |
Non-Current | 115,831 | 115,831 |
801,220 | 703,376 | |
15 Unit holders' contribution | ||
Authorised | ||
3,000,000,000 units of N10 each | 30,000,000 | 30,000,000 |
Issued and fully paid 2,668,269,500 units of N10 each | 26,682,695 | 26,682,695 |
16 Earnings/(loss) per unit |
-
Basic
Basic earnings/(loss) per unit is calculated by dividing the net (loss) / profit after tax attributable to the unit holders of the Trust by number of units in issue during the year.
30 Sept 2025
30 Sept 2024
Profit after tax attributable to unit holders of the Trust (N'000)
1,673,755
1,654,205
Number of ordinary units in issue (000)
2,668,270
2,668,270
Basic earnings per unit (expressed in Naira per share)
0.63
0.62
- Diluted
The Trust does not have potential units with convertible options and therefore there is no dilutive impact on the profit attributable to
Diluted earnings per unit (expressed in Naira per unit) 0.63 0.62