Dimension Data secures bond to expand Nigeria fibre network

Dimension Data Limited has completed the signing ceremony for a N4.05 billion corporate bond (approx. US$2.9mn), following the successful subscription of its Series 1 issuance

The transaction represents the first tranche of the company's N20 billion (US$14.7mn) bond programme.

The funding will be directed towards expanding Dimension Data's fibre infrastructure across Nigeria as businesses and technology-driven industries require greater access to reliable and high-capacity digital connectivity.

Olugbenga Olabiyi, managing director of Dimension Data Limited, said the bond investment underlines the company's long-term focus on contributing to the development of Nigeria's digital economy.

"Beyond delivering technology solutions, we work every day to strengthen Nigeria's digital economy. 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."

Olabiyi expressed his appreciation to Dimension Data's customers, partners, Board members and advisers for supporting the transaction. The organisations acknowledged include Pathway Advisors Limited, Deloitte, STL, Fidelity Bank, FCMB and FSDH Capital.

Shatse Kakwagh, managing partner of Mbavaa Partners Limited and director of Dimension Data SPV Limited, described the bond issuance as the result of a two-year process centred on cooperation, strategic planning 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. This funding is not the destination - it is the beginning of an even bigger journey."

Kakwagh also recognised the efforts of the company's board, advisers, transaction partners, FSDH Capital, Pathway Advisors and other stakeholders involved in bringing the issuance to completion.

Adekunle Alade, founder and CEO of Pathway Advisors Limited, which acted as Lead Issuing House and Book Runner, thanked Dimension Data for entrusting the firm with the transaction. He also acknowledged the high-net-worth investors who took part in the bond issuance, saying their participation highlighted confidence in Dimension Data's longer-term growth prospects at a time when investors have generally favoured shorter-term investment opportunities.

Dimension Data plans to deploy the proceeds towards further extending its fibre network to address rising connectivity requirements among financial institutions, fintech companies, enterprise clients and other technology-led businesses.

The continued adoption of cloud services, digital financial platforms and data-intensive applications is increasing the need for robust network infrastructure. Dimension Data expects its fibre expansion programme to provide a dependable connectivity foundation while supporting the broader growth and digital transformation of Nigeria's economy.