Emmanuel OchayiPan African Towers (PAT), a Nigerian digital infrastructure company, has announced an investment from Development Partners International (DPI) and Verod Capital, aimed at accelerating Nigeria’s telecommunications market expansion.
The investment marks a moment for PAT, positioning the company to capitalize on Nigeria’s burgeoning demand for digital infrastructure. This move aims to fortify the company’s position as a key player in Africa’s mobile telecommunications sector and fuel its continued growth.
Established in 2017 to meet the escalating need for wireless communications across Africa, PAT has emerged as a provider of telecommunications and tower infrastructure in Nigeria.
The company has forged enduring contracts with leading mobile network operators and internet service providers, solidifying its position as Nigeria’s largest indigenous digital infrastructure provider.
Azeez Amida, PAT’s Chief Executive Officer, expressed enthusiasm about the investment, saying, “Pan African Towers is committed to accelerating Nigeria’s telecommunications sector growth. We’re dedicated to sustainable business practices and reducing our network’s carbon footprint while leveraging DPI and Verod’s expertise to achieve these goals.”
Nigeria, Africa’s foremost telecommunications market by mobile subscribers, boasts a growing GDP contribution from the sector. However, with a shortfall of over 30,000 towers needed to support 4G and 5G technologies, there exists an opportunity for PAT to bridge this gap and provide world-class digital infrastructure to bolster Africa’s economic development.
Amida further added, “The evolution of Nigeria’s mobile and wireless industry presents significant opportunities for our business, and we look forward to being a part of this next chapter of growth.”
The investment will empower PAT to expand its footprint, deepen existing partnerships, and cultivate new relationships in regions where mobile and wireless penetration remains low. DPI’s track record in scaling tower companies and Verod’s expertise in value creation are anticipated to play a pivotal role in PAT’s strategic expansion.
Adefolarin Ogunsanya, a Partner at DPI, highlighted PAT’s potential, saying, “Pan African Towers is uniquely positioned to capitalize on Nigeria’s digital innovation boom. We are excited to partner with PAT’s management team and leverage our industry knowledge to drive the company’s vision.”
Daniel Adeoye, Principal and Head of Investments at Verod Capital, echoed similar sentiments, expressing Verod’s commitment to supporting PAT’s growth. “The surge in data consumption in Nigeria presents an unparalleled opportunity for tower companies like PAT. Verod is delighted to provide ample capital and value-creation expertise to navigate this period of growth.”
The partnership between PAT, DPI, and Verod heralds an exciting phase for Nigeria’s telecommunications industry, set to boost infrastructure and propel the country into the next wave of digital connectivity.
The investment signifies a step for Pan African Towers, marking its ambitious leap into a transformative phase set to reshape Nigeria’s telecommunications landscape and drive economic advancement.
Follow Us