Investment

Dimension Data releases funds for Nigerian fibre expansion

Dimension Data releases funds for Nigerian fibre expansion

Following the successful subscription of its Series 1 corporate bond, technology solutions and services company Dimension Data Limited says it has completed the signing ceremony for the issuance of N4.05 billion (approximately US$2.9 million).

This sum marks the first tranche of a N20 billion (US$14.7 million) bond programme announced earlier this year. The bond programme was raised under Dimension Data SPV Funding Plc, following approval from the Securities and Exchange Commission of Nigeria.

The company says the proceeds will support the expansion of the company's fibre infrastructure to meet Nigeria's growing demand for digital connectivity.

Speaking at the ceremony, Olugbenga Olabiyi, Managing Director of Dimension Data Limited, said the investment reflects the company's long-term commitment to strengthening Nigeria's digital economy.

The planned investments will fund the continued expansion of Dimension Data's fibre network, supporting increasing demand from financial institutions, fintechs, enterprise customers and other technology-driven sectors.

Founded in 1983 and headquartered in Johannesburg, the company has grown its footprint across the Middle East and Africa. Today Dimension Data is a member of the NTT Ltd Group, one of the world's leading technology companies.

As cloud adoption, digital financial services and data-intensive applications continue to grow, the company believes resilient fibre infrastructure will remain a critical enabler of Nigeria's digital economy.



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