Technology services firm Dimension Data Nigeria has formally executed a N20 billion bond programme, valued at about $15 million, in a move aimed at strengthening digital infrastructure and expanding enterprise connectivity across the country.
The bond programme was issued through Dimension Data SPV Funding Plc after receiving regulatory approval from the Securities and Exchange Commission Nigeria. The signing ceremony marking the completion of documentation and regulatory clearances took place at the Capital Club in Victoria Island, Lagos.
Speaking at the ceremony, Managing Director Gbenga Olabiyi said the capital raise is designed to support long-term investment in Nigeria’s digital infrastructure, noting that sustained funding remains critical to improving connectivity and enabling future growth.
According to him, the deployment of modern infrastructure will help businesses scale efficiently while addressing the increasing demand for data and advanced connectivity solutions.
Olabiyi noted that Nigeria continues to face major gaps in digital infrastructure, including limited metro fibre networks, inadequate enterprise connectivity and rising demand driven by cloud computing, financial technology, digital government services and artificial intelligence.
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He explained that the bond programme is structured to expand network capacity, improve resilience and support enterprise and carrier-grade services required to sustain the country’s growing digital economy.
The Managing Director also acknowledged the role of the company’s partners and advisers in successfully completing the transaction and expressed optimism about working with them as the firm advances to the next phases of funding and project implementation.
Also speaking at the event, Shatse Kakwagh, Managing Partner at Mbavaa Partners Limited, the private equity firm backing Dimension Data Limited, described the bond programme as a major milestone that reinforces the company’s long-term infrastructure strategy.
Kakwagh said the transaction demonstrates investor confidence in the company’s vision to address infrastructure deficits within Nigeria’s technology sector and expand digital capacity across Africa.
He noted that the bond programme attracted strong support from rating agencies and investors, adding that the first issuance in the market was heavily oversubscribed. According to him, the level of demand reflects market confidence in the company’s growth strategy and its ability to execute large-scale infrastructure projects.
Several financial and professional institutions played key roles in structuring the transaction. Pathway Advisors Limited served as book runner, while Greychapel Legal and Alliance Law Firm acted as solicitors.
Other advisers included CardinalStone Registrars Limited and STL Trustees Limited as registrar and trustees respectively, with Deloitte & Touche serving as reporting accountant alongside Mascot Okpori & Co as auditors.
Fidelity Bank Plc acted as the receiving bank for the transaction, while Agusto & Co provided the credit rating for the bond programme.
Industry analysts say the initiative could play an important role in strengthening Nigeria’s digital backbone as the country seeks to expand broadband access, improve enterprise connectivity and support the rapid growth of data-driven services.
Keywords: Dimension Data Nigeria
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