Dimension Data Nigeria has raised N20bn under a newly executed bond programme aimed at expanding critical digital infrastructure and strengthening enterprise connectivity across the country as demand for data, cloud services and artificial intelligence continues to rise.
The company formally executed the N20bn bond programme under Dimension Data SPV Funding Plc following approval from the Securities and Exchange Commission. The signing ceremony, which marked the completion of documentation and regulatory clearances, was held recently at the Capital Club in Victoria Island, Lagos.
The Managing Director, Gbenga Olabiyi, said the capital raise is focused on long-term value creation and infrastructure investment required to maintain competitiveness in a rapidly evolving digital economy.
“Sustained infrastructure investment is essential to maintaining competitiveness and unlocking future growth,” he said. “When deployed thoughtfully, infrastructure secures the business, future-proofs operations, and allows efficient scaling as data demand and complexity increase.”
Nigeria continues to face significant digital infrastructure gaps, including limited metro and access fibre coverage and constrained enterprise connectivity, even as demand accelerates, driven by fintech growth, cloud adoption and expanding digital public services. These constraints have increased operating costs, limited service quality and slowed the pace of digital transformation.
Olabiyi said the bond programme is designed to expand critical digital infrastructure capacity, strengthen network resilience and support enterprise and carrier-grade services needed to meet the country’s growing connectivity requirements. He expressed appreciation to the company’s advisers and partners and signalled plans to work closely with them as subsequent phases of funding and execution commence.
The Managing Partner of Mbavaa Partners Limited, Shatse Kakwagh, the private equity firm backing Dimension Data, described the transaction as a watershed moment and a validation of the company’s long-term infrastructure strategy.
“This is a journey we began years ago, and it proves that the opportunities we see in the market can be realised,” he said. “We believe strongly in working with partners to address the critical infrastructure deficit in Nigeria and across Africa. This programme enables us to secure the right type of capital to finance the aggressive growth we have planned.”
According to the company, the bond programme received strong support from rating agencies, while its first market issuance was heavily oversubscribed, reflecting investor confidence in its execution capability and growth prospects.
Advisers to the transaction include Pathway Advisors Limited as bookrunner; 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.
The fundraising underscores the increasing role of private capital in bridging Nigeria’s infrastructure deficit as the country seeks to deepen its digital economy and improve the resilience of its connectivity backbone.