Dimension Data Nigeria has officially executed a N20 billion ($15 million) bond programme, following approval from the Securities and Exchange Commission (SEC).
The signing ceremony, which marked the completion of the programme’s documentation and regulatory clearances, took place at the Capital Club in Victoria Island, Lagos.
The funds are intended to strengthen Nigeria’s digital infrastructure, expand network capacity, and meet growing demand from enterprises, fintech, cloud services, and AI-driven applications.
Gbenga Olabiyi, managing director of Dimension Data Nigeria, said the bond will support long-term investment in critical infrastructure.
“Sustained infrastructure investment is essential to remaining competitive and unlocking future growth. Properly deployed, it secures operations and allows efficient scaling as data demand rises,” he said.
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The gaps in digital infrastructure, including limited metro and last-mile fibre coverage as well as constrained enterprise connectivity are challenges still holding Nigeria back.
Analysts say these shortcomings increase the costs of operations, slow service delivery, and hamper the growth of the country’s digital economy.
Olabiyi noted that the bond programme is designed to address these challenges by expanding network capacity and supporting enterprise and carrier-grade services nationwide.
Shatse Kakwagh, managing partner at Mbavaa Partners Limited, the private equity firm backing Dimension Data, described the bond issuance as a milestone for the company and a validation of its long-term infrastructure strategy.
“This confirms that the opportunities we saw in the market can be realised. The programme provides the right type of capital to fund our growth plans,” he said, adding that investor interest in the first market issuance was strong and oversubscribed.
Transaction advisers included Pathway Advisors Limited as book runner; Greychapel Legal and Alliance Law Firm as solicitors; CardinalStone Registrars Limited and STL Trustees Limited as registrar and trustees; Deloitte & Touche as reporting accountant alongside Mascot Okpori & Co as auditors; Fidelity Bank as receiving bank; and Agusto & Co as rating agency.
