Dimension Data Nigeria has officially executed its N20 billion ($15m) Bond Programme under Dimension Data SPV Funding Plc, following approval from the Securities and Exchange Commission (SEC). The signing ceremony, which marked the completion of all programme documentation and regulatory clearances, was held recently at the Capital Club, Victoria Island, Lagos.
Speaking at the event, Gbenga Olabiyi, Managing Director of Dimension Data Nigeria, said the capital raise is aimed at 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.
Olabiyi highlighted Nigeria’s ongoing digital infrastructure challenges, including limited metro and access fibre 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. The bond programme is designed to 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 added.
He also expressed appreciation to the company’s advisers and partners for their professionalism and support and signalled his intention to continue working closely with them as Dimension Data moves into subsequent phases of funding and execution.
Shatse Kakwagh, Managing Partner of Mbavaa Partners Limited, the private equity firm backing Dimension Data, described the transaction as a watershed moment and a validation of the company’s 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 realised,” Kakwagh said. “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.”
He noted that the bond programme received strong support from rating agencies, and the company’s first market issuance was heavily oversubscribed, reflecting investor confidence in Dimension Data’s ability to execute and deliver at scale.
The transaction advisers for the bond programme included 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 with Mascot Okpori & Co as Auditors; Fidelity Bank as Receiving Bank; and Agusto & Co as Rating Agency.
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