Pan African Towers (PAT), a leading digital infrastructure company based in Nigeria, has announced a strategic investment from Development Partners International (DPI), a premier investment firm focused on Africa, and Verod Capital (Verod), one of the continent’s leading investment management firms.
In a statement, PAT disclosed that DPI and Verod are investing in the company to fuel its continued growth and will work with management to build on the company’s recent achievements and reaffirm its position as Nigeria’s largest homegrown digital infrastructure provider.
While commenting on this investment, Azeez Amida, CEO of Pan African Towers, said: “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 also have a clear strategic vision to grow the business sustainably, including actively reducing the carbon footprint of our network to uphold best-in-class ESG practices. We are excited to partner with DPI and Verod and will leverage their sector experience and market expertise to help us achieve these goals.”
Adefolarin Ogunsanya, Partner at DPI, also commented on this partnership: “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, remarked that: “The Nigerian demographic is currently experiencing a surge in data consumption and related services, driven by a generation of tech-savvy digital natives that are unparalleled. The ‘Verod Consumer Spend Index’ indicates that telecommunication expenses are increasing significantly, providing a tailwind for tower companies like PAT.”