Firm eyes infrastructure boost with N20b
Managing Director, Dimension Data Nigeria, Gbenga Olabiyi, has said the capital raise of N20 billion by the company is focused on long-term value creation. “Sustained infrastructure investment is essential to
Managing Director, Dimension Data Nigeria, Gbenga Olabiyi, has said the capital raise of N20 billion by the company is focused on long-term value creation.
“Sustained infrastructure investment is essential to maintaining competitiveness and unlocking future growth. When deployed thoughtfully, infrastructure secures the business, future-proofs operations, and allows efficient scaling as data demand and complexity increase,” he said during the formal execution of its N20 billion Bond Programme under Dimension Data SPV Funding Plc. This followed the approval from the Securities and Exchange Commission (SEC).
Nigeria continues to face significant digital infrastructure gaps, including limited metro and access fiber coverage, constrained enterprise connectivity, and rising demand driven by cloud adoption, fintech, digital public services and artificial intelligence.
These gaps increase costs, limit service quality, and slow the country’s digital economy. Olabiyi said the bond programme is designed to help expand critical digital infrastructure capacity, strengthen network resilience, and support enterprise and carrier-grade services needed to meet Nigeria’s growing data and connectivity requirements.
He also expressed appreciation to the company’s advisers and partners for their professionalism and support throughout the process and signaled his intention to continue working closely with them as Dimension Data moves into subsequent phases of funding and execution.
Managing Partner, Mbavaa Partners Limited, the private equity company backing Dimension Data Limited, Shatse Kakwagh, described the transaction as a watershed moment for the company and a validation of its 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 realized. 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,” Shatse said.
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He noted that the bond programme has received a strong vote of confidence from rating agencies, while the company’s first market issuance was heavily oversubscribed, reflecting investor belief in Dimension Data’s ability to execute and deliver at scale.
The transaction advisers on the bond programme include 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.
The signing ceremony, which marked the completion of the programme documentation and regulatory clearances, was held recently at the Capital Club, Victoria Island, Lagos.
