Pan African Towers (PAT), a prominent Nigerian digital infrastructure company, has announced a strategic investment from Development Partners International (DPI), a premier investment firm focused on Africa, and Verod Capital, one of the leading investment management firms on the continent.

DPI and Verod are injecting funds into PAT to fuel its ongoing expansion and collaborate with management to build upon the company’s recent successes, solidifying its position as Nigeria’s largest homegrown digital infrastructure provider.

Established in Nigeria in 2017 to meet the increasing demand for wireless communications across Africa, PAT has emerged as a key telecommunications and tower infrastructure provider in Nigeria, playing a crucial role in the nationwide expansion of mobile communications.

Under the leadership of Azeez Amida, the Chief Executive Officer, PAT has built a successful business model centered around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs).

Thanks to its huge population, mobile density and growing digital literacy, Nigeria is a highly attractive market for digital infrastructure in Africa, leading in telecommunications with 208 million mobile subscribers and contributing approximately 13% to the national GDP in 2021. Despite the presence of 41,120 towers supporting 3G and 4G technologies, there is a significant telecoms gap with 30,000 towers required, for proper quality and coverage for 4G and 5G technology, says Nigeria’s Ministry of Communications.

This strategic investment is poised to enable PAT to capitalize on this opportunity, providing world-class digital infrastructure to support Africa’s economic development.

Azeez Amida, CEO of Pan African Towers, stated, “As a proud Nigerian-founded and run business, Pan African Towers is on a mission to accelerate the Nigerian market and support the growth of the mobile telecommunications sector in the country. We are excited to partner with DPI and Verod and will leverage their sector experience and market expertise to help us achieve these goals.”

PAT’s experienced management team will collaborate closely with DPI and Verod to accelerate its strategic plan, leveraging its expertise in market entry, operational efficiency, and talent management. With the support of both investors, PAT aims to deepen relationships with existing partners, expand its customer base, and extend its tower footprint to reach underserved areas.

 Adefolarin Ogunsanya, Partner at DPI, expressed excitement, saying, “Pan African Towers is an exciting homegrown business with significant potential and is uniquely positioned to benefit from the opportunity presented by Nigeria’s digital innovation boom.”

Daniel Adeoye, Principal and Head of Investments at Verod Capital, added, “Verod is delighted to support PAT’s management with ample capital and value-creation expertise to navigate this period of growth.”

This investment comes at a pivotal moment for PAT, aligning with the evolving landscape of Nigeria’s mobile and wireless industry and positioning the company for a new chapter of growth.