Dimension Data Limited has raised $2.9 million through the first tranche of its $14.7 million corporate bond program, with the proceeds earmarked for the expansion of its fiber infrastructure across Nigeria.

The company completed the signing ceremony for its Series 1 corporate bond following a successful subscription. The funding will support network expansion as demand for reliable connectivity grows among financial institutions, fintechs, enterprises and other technology-driven sectors.

Olugbenga Olabiyi, Managing Director of Dimension Data Limited, said the transaction reflected the company’s long-term commitment to Nigeria’s digital economy.

“Beyond delivering technology solutions, we work every day to strengthen Nigeria’s digital economy. This milestone reflects the confidence of our partners and investors in our vision, and we look forward to translating these investments into infrastructure that supports businesses, innovation and national digital transformation,” he said.

Olabiyi thanked the company’s customers, partners, board members and advisers, including Pathway Advisors Limited, Deloitte, STL, Fidelity Bank, FCMB and FSDH Capital.

Shatse Kakwagh, Managing Partner of Mbavaa Partners Limited and Director of Dimension Data SPV Limited, described the transaction as the result of a two-year process built on collaboration and market confidence.

“Today’s achievement validates the quality of work being done by the Dimension Data team and the market’s confidence in the company’s growth strategy. This funding is not the destination; it is the beginning of an even bigger journey,” he said.

Dimension Data plans to use the proceeds to expand its fiber network and support rising demand for cloud services, digital financial platforms, enterprise applications and other data-intensive services. The transaction also underscores the growing role of long-term local financing in supporting Nigeria’s digital infrastructure development.