…Mulls listing Nigerian subsidiary in stock market
By Juliet Umeh
With the target of achieving 100 percent broadband penetration in Africa and 39 million new internet users, West Africa’s pioneer solar-based internet and voice service provider, Tizeti, said it is set to expand operations within Nigeria, Ghana and into neighbouring Cote d’Ivoire and Togo with the launch of new connectivity offerings.
The company made the announcement at the second edition of its annual event held in Lagos at the weekend tagged: ‘NeXTGEN 2.0: The Next Frontier.’
Founder and CEO of the company, Mr. Kendall Ananyi named one of the products as Tizeti Turbo Connect.
Ananyi explained that Tizeti Turbo Connect provides up to 150MBPS fiber-connected capacity to homes and offices and as a new technology that allows it to deliver up to 1000MBPS.
He also announced new energy initiatives that minimize diesel cost consumption with solar panels and wind turbines across its base stations.
In addition, he noted that the company is also mulling listing its Nigerian Subsidiary in the Nigeria Stock Exchange, NGX.
He said: “With over 2.8 million subscribers on the platform, a revenue of over N11 billion over 10 years, the company is exploring an Initial Public Offer, IPO in the stock market for investors/shareholders while setting eyes on expanding footprints across the Francophone and Anglophone countries in West Africa.
Ananyi regrets that the broadband gap in Africa is still very high, noting that internet users in Africa are still about 26 percent of the total population, with almost 900 million people unconnected.
He said: “Operators like Tizeti must expand to ensure that more Africans have access to reliable, affordable and truly unlimited internet. Tizeti has been providing affordable unlimited internet service in Nigeria and Ghana using solar towers which has brought about 30-50 percent cost savings on data cap plans and made it the preferred option to its competitors.
“This expansion is very strategic for us and for the continent. We have grown significantly within the last few years, being profitable in three out of the last four years and paid our first dividend this year.
“We currently have over 3884 hotspot locations and built one tower every month since we started, with 2.8 million users in Nigeria. Today, Tizeti delivers over 190TBPS of data a day, which is about 20 percent of what large Nigerian telcos with coverage in 36 states deliver. “Using publicly available data on the website of the Nigerian Communications Commission, NCC, and our internal data, we are the number one fixed Internet Service Provider by users and active users in Nigeria today and the ISP of the year 2022,”Ananyi added.
Also, the Co-Founder and COO of the company, Mr Ifeanyi Okonkwo while speaking on the Francophone expansion, highlighted the increased submarine cable investments in Africa to date, and the absence of middle-mile and last-mile infrastructure that moves the capacity where it is needed.
He said: “With Tizeti’s new infrastructure build-out across West Africa, it plans to bridge the digital divide and bring more Africans online via its unlimited service offering.
“We believe that Africa offers the most significant potential demand for broadband expansion, and we have looked at their populations, their relative contributions to GDP, the prevalence of higher and tertiary institutions, and other pool factors,” said Okonkwo.