Dimension Data Nigeria Launches N20 Billion Bond Programme to Expand Digital Infrastructure
Dimension Data Nigeria has formally executed its N20 billion ($15 million) bond programme through Dimension Data SPV Funding Plc, following regulatory approval from the Securities and Exchange Commission Nigeria.
The signing ceremony, which marked the completion of the programme’s documentation and regulatory clearances, recently took place at the Capital Club in Victoria Island.
Speaking during the event, Gbenga Olabiyi, Managing Director of Dimension Data Nigeria, said the capital raise is aimed at supporting long-term growth and infrastructure development.
“Sustained investment in infrastructure is critical for maintaining competitiveness and unlocking future growth,” Olabiyi said. “When deployed strategically, infrastructure strengthens the business, future-proofs operations, and enables efficient scaling as data demand and network complexity increase.”
Nigeria continues to face significant digital infrastructure gaps, including limited metro and access fibre coverage, restricted enterprise connectivity, and rising data demand driven by cloud computing, fintech services, digital public platforms, and artificial intelligence adoption.
Olabiyi noted that the bond programme is intended to help close these gaps by expanding key digital infrastructure capacity, improving network resilience, and supporting enterprise-level and carrier-grade connectivity services required to meet Nigeria’s growing data needs.
He also thanked the company’s advisers and partners for their support throughout the transaction and emphasised the company’s commitment to working with them as it moves into the next phases of funding and implementation.
Commenting on the development, Shatse Kakwagh, Managing Partner at Mbavaa Partners Limited—the private equity firm backing Dimension Data—described the transaction as a major milestone for the company.
“This journey began years ago, and it demonstrates that the opportunities we identified in the market are achievable,” he said. “We strongly believe in collaborating with partners to address the critical infrastructure deficit in Nigeria and across Africa. This programme provides access to the right type of capital needed to support our ambitious growth plans.”
Kakwagh added that the bond programme has received strong ratings agency support, while the company’s first market issuance was heavily oversubscribed, highlighting strong investor confidence in Dimension Data’s strategy and execution capability.
Several advisers supported the transaction, including 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 alongside Mascot Okpori & Co as auditors; Fidelity Bank as receiving bank; and Agusto & Co as the rating agency.
The bond programme is expected to play a key role in expanding Nigeria’s digital infrastructure and supporting the country’s growing data-driven economy.
