31 December | 31 December | |||
Notes | 2025 | 2024 | ||
N'000 | N'000 | |||
Assets: Balances with banks | 7 | 5,777,884 | 5,693,472 | |
Financial assets held for trading | 8 | 84,252 | 76,330 | |
Other assets | 10 | 65,748 | 69,248 | |
Property and equipment | 12 | 719,753 | 318,284 | |
Right of use assets | 9 | 37,955 | 28,012 | |
Investment property | 11 | 27,492,741 | 27,240,747 | |
Total assets | 34,178,333 | 33,426,093 | ||
Liabilities: Other liablities | 13 | 121,822 | 152,602 | |
Rent received in advance | 14 | 666,475 | 703,376 | |
Lease liabilities | 9 | 46,473 | 41,364 | |
Total liabilities | 834,770 | 897,342 | ||
Net assets attributable to unit holders of the Trust | 33,343,563 | 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) | 6,660,868 | 5,846,056 | ||
33,343,563 | 32,528,751 | |||
ANNUAL REPORTS FOR THE YEAR ENDED STATEMENT OF COMPREHENSIVE INCOME | ||||
31 December | 31 December | |||
Notes | 2025 | 2024 | ||
N'000 | N'000 | |||
Rental income | 1 | 1,735,720 | 1,435,865 | |
Interest income on deposit with banks | 3 | 1,207,792 | 767,778 | |
Interest income on assets measured at fair value through profit or loss | 2 | 68,290 | 330,710 | |
Fair value gain on investment property | 11 | - | 2,540,998 | |
Net gain/(loss) on financial assets held for trading | 4 | 7,906 | (16,465) | |
Net gain on disposal of Scrap Items/investment property | 5 | 1,400 | 410,000 | |
Revenue | 3,021,107 | 5,468,886 | ||
Impairment charge on receivables | 10 | (73,430) | (102,460) | |
Operating expenses | 6 | (715,610) | (668,808) | |
Increase in net assets attributable to unit holders | 2,232,067 | 4,697,618 | ||
Increase in net assets attributable to unit holders | 2,232,067 | 4,697,618 | ||
Earnings per unit to unit holders of the Trust | ||||
Earnings per unit - basic and diluted (Naira) | 18 | 0.84 | 1.76 | |
Unitholders' contributions | Retained (loss)/earnings | 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 | - | 2,232,067 | 2,232,067 | |
Prior Year Adjustment (Witholding tax on FD placement) | (24,418) | (24,418) | ||
2,207,649 | 2,207,649 | |||
Transactions with unit holders in their capacity as unit holders: | ||||
Distributions paid to unit holders | - | (1,392,837) | (1,392,837) | |
- | 814,812 | 814,812 | ||
At 31 December 2025 | 26,682,695 | 6,660,868 | 33,343,563 | |
31 December | 31 December | |||
Notes | 2025 | 2024 | ||
N'000 | N'000 | |||
Cash flow from operating activities | ||||
Cash generated from operating activities | 16 | 1,058,339 | 1,044,016 | |
Interest received | 1,278,878 | 1,092,408 | ||
Net cash flow generated from operating activities | 2,337,217 | 2,136,424 | ||
Cash flows from investing activities | ||||
Proceeds from sale of investment property | 11 | - | 1,790,000 | |
Acquisition of investment property | 11 | - | (903,192) | |
Improvement of investment property | 11 | (251,994) | - | |
Gain on disposal of investment property | 11 | 1,400 | 410,000 | |
Addition to Right of use asset | 9 | (18,518) | - | |
Purchase of property and equipment | 12 | (590,857) | (290,353) | |
Net cash Generated from/(utilized in) investing activities | (859,969) | 1,006,455 | ||
Cash flows from financing activities | ||||
Distributions paid to unit holders | (1,392,837) | (1,120,673) | ||
Net cash flow used in financing activities | (1,392,837) | (1,120,673) | ||
Net increase in cash and cash equivalent for the period | 84,412 | 2,022,205 | ||
Analysis of changes in cash and cash equivalents: | ||||
Cash and cash equivalents at start of period | 5,693,472 | 3,671,267 | ||
Net increase in cash and cash equivalent for the period | 84,412 | 2,022,205 | ||
Cash and cash equivalents at end of period | 5,777,884 | 5,693,472 |
31 December | 31 December | ||
2025 | 2024 | ||
N'000 | N'000 | ||
1 Rental Income | |||
Rental Income | 1,735,720 | 1,435,865 | |
1,735,720 | 1,435,865 | ||
2 Interest income on assets measured at fair value through profit or loss | |||
Held for trading assets: | |||
Bonds | 11,964 | 11,964 | |
Treasury bills | 31,907 | 318,746 | |
WHT Waiver on Tbill | 24,419 | ||
68,290 | 330,710 | ||
3 Interest income on deposit with banks | |||
Interest earned on placements | 1,186,908 | 728,533 | |
Credit interest on bank balance | 20,884 | 39,245 | |
1,207,792 | 767,778 | ||
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 | - 7,906 | - (16,465) | |
7,906 | (16,465) | ||
5 Net gain on disposal of investment property | |||
Gain on disposal of investment property (Sale of UAC complex) Gain on disposal of scrap items | -1,400 | 410,000 - | |
1,400 | 410,000 | ||
31 December | 31 December | ||
2025 N'000 | 2024 N'000 | ||
6 Operating expenses | |||
Fund manager's fee | 137,704 | 120,981 | |
Property maintenance expenses | 126,018 | 179,345 | |
Registrar's fees | 11,422 | 13,098 | |
Trustees' fees | 4,301 | 10,262 | |
Audit fees | 18,813 | 16,125 | |
Professional fees | 32,856 | 57,726 | |
Custodian fees | 25,820 | 23,937 | |
Rental Expenses | - | 4,630 | |
Printing, advert and travels | 600 | 570 | |
SEC fees | 64,048 | 53,346 | |
Property manager's fees | 51,539 | 30,085 | |
Insurance premium | 35,312 | 33,979 | |
Depreciation on office equipment(see note 19) | 137,989 | 105,207 | |
Depreciation on right of use assets (Note 16) | 8,575 | 4,931 | |
Interest expense on lease | 5,109 | 3,577 | |
Depreciation on fixtures & fittings | 51,399 | - | |
WHT on credit interest | 2,088 | - | |
Other operating expenses | 2,017 | 11,009 | |
715,610 | 668,808 |
31 December | 31 December | |||
7 | Balances with banks | 2025 N'000 | 2024 N'000 | |
- Current account with banks in Nigeria | ||||
Balances with banks | 5,777,884 | 5,693,472 | ||
5,777,884 | 5,693,472 | |||
Current | 5,777,884 | 5,693,472 | ||
Non-Current | - | - | ||
5,777,884 | 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 (SICR).
8 | Financial assets held for trading | 31 December 2025 | 31 December 2024 | |
N'000 | N'000 | |||
FGN bonds | 84,252 | 76,330 | ||
84,252 | 76,330 | |||
Current Non-Current | -84,252 | 76,330 - | ||
84,252 | 76,330 | |||
31 December | 31 December | |||
9 | Leases | 2025 | 2024 | |
N'000 | N'000 | |||
i | Right-of-use assets | |||
Opening balance as at 1 January 2025 | 41,178 | 41,178 | ||
Additions during the year | 18,518 | - | ||
Closing balance as at 31 December 2025 | 59,696 | 41,178 | ||
Additions | ||||
Depreciation | ||||
Opening balance as at 1 January 2025 | 13,166 | 8,235 | ||
Charge for the year | 8,575 | 4,931 | ||
Closing balance as at 31 December 2025 | 21,741 | 13,166 | ||
Net book value as at 31 December 2025 | 37,955 | 28,012 |
31 December | 31 December | |||
ii | Lease liabilities | 2025 | 2024 | |
N'000 | N'000 | |||
Opening balance as at 1 January 2025 | 41,364 | 37,787 | ||
Additions | - | - | ||
Interest expense | 5,109 | 3,577 | ||
Closing balance as at 31 December 2025 | 46,473 | 41,364 | ||
Current lease liabilities | - | - | ||
Non-current lease liabilities | 46,473 | 41,364 | ||
46,473 | 41,364 | |||
iii | Amounts recognised in the statement of profit or loss | 31 December | 31 December | |
2025 | 2024 | |||
N'000 | N'000 | |||
Depreciation charge of right-of-use assets | 8,575 | 4,931 | ||
Interest expense | 5,109 | 3,577 | ||
31 December | 31 December | |||
2025 | 2024 | |||
N'000 | N'000 | |||
10 | Other assets | |||
Financial: | ||||
Rent receivables Other assets - financial ECL provision | 324,705 -(296,000) | 239,322 -(222,570) | ||
28,705 | 16,752 | |||
Non financial: | ||||
Prepaid expenses | 37,043 | 52,496 | ||
37,043 | 52,496 | |||
65,748 | 69,248 | |||
Current Non-Current | 65,748 - | 69,248 - | ||
65,748 | 69,248 | |||
ECL provision | ||||
Opening Balance | (222,570) | (120,110) | ||
Impairment Charge for the year | (73,430) | (102,460) | ||
Closing Balance | (296,000) | (222,570) |
11 Investment property | 31 December 2025 N'000 | 31 December 2024 N'000 | |||
Beginning balance | 27,240,747 | 25,586,557 | |||
Additions | - | 903,192 | |||
Improvement | 251,994 | - | |||
Disposals | - | (1,790,000) | |||
Fair value gain | - | 2,540,998 | |||
Non-Current | 27,492,741 | 27,240,747 | |||
Details of the investment property is in note 4.2. Non-Current | 27,492,741 | 27,240,747 | |||
Office | Fixtures & | ||||
12 Property and equipment | equipment | fittings | Total | ||
N'000 | N'000 | N'000 | |||
Cost | |||||
At 1 January 2025 | 727,654 | 208,778 | 936,432 | ||
Additions | 184,244 | 406,613 | 590,857 | ||
Reclassifications | (50,053) | 50,053 | - | ||
At 31 December 2025 | 861,845 | 665,444 | 1,527,289 | ||
Accumulated depreciation | |||||
At 1 January 2025 | 422,611 | 195,537 | 618,148 | ||
Charge for the year | 137,989 | 51,399 | 189,388 | ||
At 31 December 2025 | 560,600 | 246,936 | 807,536 | ||
Net book amount at 1 January 2025 | 305,043 | 13,241 | 318,284 | ||
Net book amount at 31 December 2025 | 301,245 | 418,508 | 719,753 | ||
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 31 December 2024 | 305,043 | 13,241 | 318,284 | ||
31 December | 31 December | ||||
2025 | 2024 | ||||
13 Other liabilities | N'000 | N'000 | |||
Financial liabilities: | |||||
Caution deposits | 9,050 | 4,844 | |||
Accrued expenses | 112,772 | 147,759 | |||
121,822 | 152,603 |
31 December 2025 N'000 | 31 December 2024 N'000 | |||
14 Rent received in advance Rent received in advance | 666,475 | 703,376 | ||
666,475 | 703,376 | |||
Current | 550,644 | 587,545 | ||
Non-Current | 115,831 | 115,831 | ||
666,475 | 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 | ||
31 December | 31 December | |||
2025 | 2024 | |||
16 Cash generated from operations | Notes | N'000 | N'000 | |
Reconciliation of profit after tax to cash generated from operations: | ||||
Increase in net assets attributable to unit holders | 2,232,067 | 4,697,618 | ||
Adjustment for: | ||||
- Fair value gain/(loss) on investment property | 11 | - | (2,540,998) | |
- Depreciation on right of use assets | 9 | 8,575 | 4,931 | |
- Depreciation on property & equipment | 12 | 137,989 | 105,207 | |
- Finance cost on leases | 9 | 5,109 | 3,577 | |
- Net gain/(loss) on financial assets held for trading | 4 | (7,906) | 16,465 | |
- Interest income on assets measured at fair value through profit or loss | 2 | (68,290) | (330,710) | |
- Interest income on deposit with banks | (1,207,792) | (767,778) | ||
- Impairment charge on receivables | 73,430 | 102,460 | ||
- Net gain on disposal of investment property | (1,400) | (410,000) | ||
- WHT on Credit Interest | 2,366 | - | ||
_ Revaluation on Bond investment | 13,879 | - | ||
Changes in working capital: | ||||
- Financial assets held for trading | 7,922 | 6,097 | ||
-Other assets | (69,930) | (136,109) | ||
-Other liablities | (30,780) | 22,020 | ||
-Rent received in advance | (36,901) | 271,236 | ||
Cash generated from operations | 1,058,339 | 1,044,016 | ||
31 December | 31 December | |||
17 Cash and cash equivalents | 2025 | 2024 | ||
For purposes of the cash flow statement, cash and cash | N'000 | N'000 | ||
- Balances with banks (Note 7) | 5,777,884 | 5,693,472 | ||
5,777,884 | 5,693,472 | |||
18 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 the number of units in issue during the year.
31 December
31 December
2025
2024
Profit after tax attributable to unit holders of the Trust (N'000)
2,232,067
4,697,618
Number of ordinary units in issue (000)
2,668,270
2,668,270
Basic earnings per unit (expressed in Naira per share)
0.84
1.76
Diluted
The Trust does not have potential units with convertible options and therefore there is no dilutive impact on the profit attributable to the equity holders.
Diluted earnings per unit (expressed in Naira per unit) 0.84 1.76