Lagos, Nigeria. May 27, 2024 – Amidst challenging economic conditions across West Africa, Tizeti Network Limited, the region’s leading solar-powered fixed internet service provider, has not only sustained profitability but is set to distribute its third consecutive annual dividend to shareholders for the fiscal year ending December 31st, 2023, at a rate of N0.03 (3 kobo) per share.
Tizeti’s success stems from its innovative business model, characterized by capital-efficient tower costs, next generation fiber to the home, vertically integrated operations spanning from submarine cables to fiber connected solar-powered towers, seasoned leadership, direct and partner investments across West Africa and strategic partnerships with industry leaders like Microsoft, MainOne, and Cambium. Leveraging these strengths, Tizeti has significantly expanded its coverage footprint profitably, including recent expansions into Francophone West Africa and deeper penetration into key regions of Ghana and Nigeria.
The company’s commitment to unlimited data plans, facilitated by favorable contracts and partnerships, has facilitated its growth in enterprise and international markets. In the past year alone, Tizeti has extended its reach to new territories in Nigeria and broadened coverage in existing regions, addressing critical digital disparities and fostering economic inclusion across the continent.
With nearly 200 towers operational across West Africa, Tizeti delivers over 180TB of internet data daily, a testament to its impact in bridging digital divides and stimulating socio-economic development. It also delivered 35219 TB as at December 2023, amidst industry challenges, underscoring its resilience and demand potential.
Kendall Ananyi, the founder and CEO of Tizeti, said, "We’re thrilled to announce our third dividend, especially significant because we are paying this during the toughest period for internet service providers and telecommunications companies in Africa. We continued our expansions throughout Nigeria and across three key regions in Ghana and Cote d’Ivoire, and our commitment to narrowing the digital gap through accessible broadband services is driving lasting change across West Africa, laying the groundwork for a thriving digital economy. Our track record of profitability five out of the last six years underscores the strength of our business fundamentals. We extend our sincere appreciation to our shareholders for their unwavering support and look forward to delivering even stronger financial results in the years ahead."
Tizeti’s co-founder and Chief Operating Officer, Ifeanyi Okonkwo, echoed Mr. Ananyi’s sentiments. "With consistent profitability over the last few years, we are well-positioned to drive our expansion and growth across underserved locations in Anglophone and Francophone West Africa. As we continue to invest in our network for future growth, we remain committed to supporting our employees for the challenges ahead. We are proud to say that we have consistently distributed bonuses for the past five years."
Tizeti’s pioneering use of solar-powered base stations has not only reduced carbon emissions and operational costs but has also made broadband internet more accessible and affordable, driving connectivity and digital inclusion. As it explores opportunities in other African markets, Tizeti remains committed to its vision of advancing national broadband goals and driving innovation in the telecommunications sector. Recognized for its innovative practices, Tizeti continues to solidify its position as a leader in the region, earning accolades such as the 6th Most Innovative Company in Africa and Nigeria’s Internet Service Provider of the Year.