Dimension Data Nigeria has officially completed the documentation and regulatory approvals for its N20 billion (approximately $15 million) Bond Programme under Dimension Data SPV Funding Plc, following clearance from the Securities and Exchange Commission (SEC).
The milestone was marked with a formal signing ceremony held at the Capital Club in Victoria Island, Lagos, where company executives, advisers, and partners gathered to conclude the process.
Speaking at the event, Gbenga Olabiyi, Managing Director of Dimension Data Nigeria, said the capital raise is aimed at supporting long-term infrastructure investment and strengthening the company’s ability to scale its operations in a rapidly evolving digital landscape.
According to him, sustained investment in infrastructure remains critical for businesses seeking to remain competitive in the digital economy.
“Strategic infrastructure investment is essential to maintaining competitiveness and unlocking future growth,” Olabiyi said. “When deployed effectively, infrastructure strengthens the business, secures operations for the future, and enables organisations to scale efficiently as data demand and complexity continue to grow.”
Nigeria continues to grapple with significant digital infrastructure challenges, including limited metro and access fibre coverage, constrained enterprise connectivity, and increasing demand for data services. The rapid expansion of cloud computing, fintech services, digital government platforms, and artificial intelligence has further intensified pressure on existing infrastructure.
Olabiyi explained that the bond programme is designed to support the expansion of critical digital infrastructure, enhance network resilience, and improve the capacity needed to deliver enterprise-grade and carrier-grade connectivity services across the country.
He also thanked the company’s advisers and partners for their support and professionalism throughout the transaction process, noting that the company looks forward to working closely with them as it advances into the next phase of funding and project execution.
Also speaking at the ceremony, Shatse Kakwagh, Managing Partner at Mbavaa Partners Limited, the private equity firm backing Dimension Data Limited, described the transaction as a major milestone for the company.
He said the successful execution of the bond programme reflects years of planning and reinforces the company’s long-term strategy to invest in critical infrastructure.
“This is a journey that began several years ago, and it demonstrates that the opportunities we see in the market can indeed be realised,” Kakwagh said. “We strongly believe in collaborating with partners to address the infrastructure deficit in Nigeria and across Africa. This programme provides access to the right type of capital to support the ambitious growth plans we have in place.”
He added that the programme has received strong endorsement from rating agencies, while the company’s first market issuance was significantly oversubscribed — an indication of investor confidence in Dimension Data’s growth prospects and ability to deliver at scale.
Several financial and legal advisers supported the transaction. Pathway Advisors Limited served as Book Runner, while Greychapel Legal and Alliance Law Firm acted as Solicitors. CardinalStone Registrars Limited and STL Trustees Limited served as Registrar and Trustees respectively.
Other advisers involved in the programme include Deloitte & Touche as Reporting Accountant alongside Mascot Okpori & Co as Auditors. Fidelity Bank acted as Receiving Bank, while Agusto & Co served as the Rating Agency for the transaction.
