Dimension Data Nigeria, a leading integrated IT solutions firm, has raised N20 billion through a bond programme executed under Dimension Data SPV Funding Plc, following approval from the Securities and Exchange Commission (SEC). The funds are earmarked for long-term investments in Nigeria’s digital infrastructure to support the country’s growing digital economy.
Speaking at the regulatory clearance event in Lagos, Gbenga Olabiyi, Managing Director, said the capital raise is aimed at long-term value creation, improving network capacity, resilience, and supporting carrier-grade and enterprise services.
“Sustained infrastructure investment is essential to maintaining competitiveness and unlocking future growth,” Olabiyi said. “When deployed thoughtfully, infrastructure secures the business, future-proofs operations, and allows efficient scaling as data demand and complexity increase.”
Private equity firm Mbavaa Partners Limited backed the bond programme. Managing Partner Shatse Kakwagh described the transaction as a milestone for the company. “The programme enables Dimension Data to secure long-term capital to finance aggressive growth across Nigeria and potentially the wider African market,” Kakwagh said. He added that the first issuance was heavily oversubscribed, reflecting strong investor confidence.
A consortium of financial and professional service firms supported the transaction, including:
- Pathway Advisors Limited – Book Runner
- Greychapel Legal and Alliance Law Firm – Solicitors
- CardinalStone Registrars Limited and STL Trustees Limited – Registrar & Trustees
- Deloitte & Touche – Reporting Accountant
- Mascot Okpori & Co – Auditors
- Fidelity Bank – Receiving Bank
- Agusto & Co – Rating Agency
Nigeria faces significant infrastructure shortfalls, including limited metro and last-mile fibre coverage, constrained enterprise connectivity, and rising demand from cloud services, fintech, digital platforms, and AI applications.
In May 2025, the Federal Executive Council (FEC) approved a special purpose vehicle (SPV) to deploy 90,000 kilometers of fibre nationwide under Project Bridge, aiming to raise internet penetration above 70 per cent and reduce internet costs by over 60 per cent. The initiative targets inclusion of at least 50 per cent of the 33 million Nigerians currently offline and is projected to add 1.5 per cent to GDP per capita, increasing Nigeria’s GDP from $472.6 billion (2022) to $502 billion over four years.
The SPV is designed as a Public-Private Partnership (PPP), with the government holding 25-49 per cent, while private sector operators like Dimension Data lead deployment and operations.
