By Ayomide Otitoju
Dimension Data Nigeria has officially executed its N20 billion ($15 million) Bond Programme under Dimension Data SPV Funding Plc, following approval from the Securities and Exchange Commission (SEC). The signing ceremony, marking the completion of documentation and regulatory clearances, was held 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 noted.
Olabiyi highlighted Nigeria’s ongoing digital infrastructure gaps, including limited metro and access fiber coverage, constrained enterprise connectivity, and growing demand from cloud adoption, fintech, digital public services, and artificial intelligence. He explained that the bond programme will support the expansion of critical digital infrastructure, strengthen network resilience, and provide enterprise- and carrier-grade services to meet the country’s increasing data and connectivity needs.
The Dimension Data MD also acknowledged the company’s advisers and partners for their role in the process and pledged continued collaboration for future funding and execution phases.
Shatse Kakwagh, Managing Partner at Mbavaa Partners Limited, the private equity backer of Dimension Data, described the transaction as a watershed moment for the company and a validation of its long-term infrastructure strategy. “This programme enables us to secure the right type of capital to finance the aggressive growth we have planned,” he said. Kakwagh noted that the bond programme received a strong endorsement from rating agencies, and the company’s first market issuance was heavily oversubscribed, reflecting investor confidence in Dimension Data’s execution capabilities.
The bond transaction was supported by a team of advisers, 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 and Mascot Okpori & Co as Auditors; Fidelity Bank as Receiving Bank; and Agusto & Co as Rating Agency.
The programme is expected to accelerate digital infrastructure development in Nigeria, addressing critical connectivity gaps and supporting the country’s growing data-driven economy.
