Dimension Data Nigeria Secures N20 Billion Bond Funding to Accelerate Digital Infrastructure Expansion

Lagos, Nigeria – March 5, 2026 – Dimension Data Nigeria, part of the global NTT Group, has successfully executed its N20 billion (approximately $15 million) bond programme through a special purpose vehicle, Dimension Data SPV Funding Plc.

The formal signing ceremony this morning, which finalised all programme documentation and confirmed full regulatory approval from the Securities and Exchange Commission (SEC) of Nigeria, took place at the prestigious Capital Club on Victoria Island, Lagos.

The transaction marks a significant milestone in the company’s long-term strategy to address Nigeria’s widening digital infrastructure deficit. With rapid growth in cloud adoption, fintech innovation, digital public services, e-commerce, and artificial intelligence applications, demand for reliable, high-capacity connectivity has surged. However, persistent gaps in metro and access fibre networks, enterprise-grade connectivity, and overall network resilience continue to drive up costs, constrain service quality, and hinder the broader digital economy’s progress.

Strategic Move to Build Competitive Connectivity

Gbenga Olabiyi, Managing Director (and CEO) of Dimension Data Nigeria, emphasized the strategic intent behind the capital raise during the signing event. “Sustained infrastructure investment is essential to maintaining competitiveness and unlocking future growth,” he stated. “When deployed thoughtfully, infrastructure secures the business, future-proofs operations, and allows efficient scaling as data demand and complexity increase.” The proceeds will be directed toward expanding critical digital infrastructure capacity, enhancing network resilience, and bolstering enterprise and carrier-grade services to meet Nigeria’s accelerating connectivity needs.

The bond programme has garnered strong market validation. It received positive ratings from agencies (including Agusto & Co), and the initial market issuance was heavily oversubscribed, reflecting deep investor confidence in Dimension Data’s execution track record and growth potential. Shatse Kakwagh, Managing Partner of Mbavaa Partners Limited (the private equity firm backing Dimension Data), described the deal as a “watershed moment” that validates years of strategic positioning. “This proves that the opportunities we see in the market can be realised,” he noted. “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.”

Advisory Team

The transaction involved a robust advisory team, underscoring the professionalism of Nigeria’s capital markets ecosystem:

• Pathway Advisors Limited served as sole Financial Adviser and Lead Issuing House/Book Runner.
• Legal counsel included Greychapel Legal and Alliance Law Firm.
• CardinalStone Registrars Limited and STL Trustees Limited acted as Registrar and Trustees.
• Deloitte & Touche (with Mascot Okpori & Co as Auditors) handled reporting and accounting.
• Fidelity Bank was the Receiving Bank.
• Agusto & Co provided the rating.

Rapid Expansion of Fibre Networks Planned

This N20 billion tranche forms part of a broader N200 billion bond issuance programme framework approved by the SEC, positioning Dimension Data to pursue phased, scalable funding for multi-year infrastructure build-outs.

The move aligns with Nigeria’s national priorities to close the digital divide. Government initiatives, including plans for an additional 90,000 km of fibre optic cable via special purpose vehicles (as flagged in mid-2024), highlight the urgency of private-sector investment to complement public efforts. Dimension Data’s focus on fibre expansion, enterprise connectivity, and resilient networks positions it to play a pivotal role in powering fintech growth, cloud migration for businesses, AI-driven services, and digital inclusion across urban and emerging markets.

With investor appetite evident in the oversubscription and strong ratings, the bond programme not only secures competitive, long-term capital but also signals growing confidence in Nigeria’s digital infrastructure sector despite macroeconomic challenges. As execution ramps up, Dimension Data is set to contribute meaningfully to the country’s ambition of becoming a leading digital economy in Africa.