Chapel Hill Denham’s Nigeria Infrastructure Debt Fund has agreed to provide long-term financing to West African solar-based internet service provider Tizeti. The senior debt facility will be used to finance the rollout of Tizeti’s state-of-the art broadband network across 15 states in Nigeria.
Tizeti’s founder and Chief Executive Officer, Kendall Ananyi, says: “We will use this to build last-mile digital infrastructure that will move internet capacity to other Nigerian states and catalyse sustained development, value creation, improved connectivity, and a deeper and wider digital inclusion net. This will also increase our coverage from five states and make us the largest internet service provider in Nigeria by coverage.”
Tizeti currently serves over three million subscribers in Nigeria (including residential facilities, businesses and hotspot users), via its wide network of solar-powered base stations in five states. The company will deploy the debt funding to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna states.
This service expansion continues Tizeti’s growing role in enhancing West African connectivity – and not just in Nigeria. For example, in May we reported that Tizeti had expanded its collaboration with Microsoft to bring internet access to almost five million people in Cote d’Ivoire.
Nigeria Infrastructure Debt Fund is Nigeria’s largest and Africa’s first-ever listed infrastructure fund. Chapel Hill Denham is a leading independent investment banking, securities trading, and investment management firm. It actively promotes areas accretive to Africa’s and Nigeria’s economic development.