LAGOS, Nigeria (XOL Africa) — Dimension Data Limited has raised 4.05 billion naira ($2.9 million) through the first tranche of its 20 billion naira ($14.7 million) corporate bond program, with proceeds earmarked for expanding its fiber infrastructure in Nigeria.
The company completed the signing ceremony for the Series 1 corporate bond following its successful subscription, Dimension Data said in a statement Monday.
The investment is expected to support the expansion of the company’s fiber network as demand for digital connectivity grows among financial institutions, fintech companies, enterprise customers and other technology-driven sectors.
“Beyond delivering technology solutions, we work every day to strengthen Nigeria’s digital economy,” Olugbenga Olabiyi, managing director of Dimension Data Limited, said at the signing ceremony.
“This milestone reflects the confidence of our partners and investors in our vision, and we look forward to translating these investments into infrastructure that supports businesses, innovation and national digital transformation,” he said.
Olabiyi thanked the company’s customers, partners, board members and advisers, including Pathway Advisors Limited, Deloitte, STL, Fidelity Bank, FCMB and FSDH Capital, for their support.
Shatse Kakwagh, managing partner of Mbavaa Partners Limited and director of Dimension Data SPV Limited, described the transaction as the culmination of a two-year process built around collaboration and investor confidence.
“Today’s achievement validates the quality of work being done by the Dimension Data team and the market’s confidence in the company’s growth strategy,” Kakwagh said.
“This funding is not the destination — it is the beginning of an even bigger journey.”
Adekunle Alade, founder and chief executive officer of Pathway Advisors Limited, the lead issuing house and book runner, thanked Dimension Data for its confidence in the firm and investors who participated in the bond issuance.
©Dimension Data Limited
Alade said the participation of high-net-worth investors demonstrated confidence in Dimension Data’s long-term growth prospects despite prevailing investor preferences for shorter-term investments.
The planned investment will finance continued expansion of Dimension Data’s fiber network as cloud adoption, digital financial services and data-intensive applications increase across Nigeria.
The company said resilient fiber infrastructure will remain a critical foundation for the country’s digital economy as businesses and consumers increasingly rely on high-speed connectivity.
