DESPITE ECONOMIC HEADWINDS, TIZETI ANNOUNCES 5-YEAR PROFITABILITY RUN, PAYS DIVIDEND
Overview
Amid challenging economic conditions across West Africa, Tizeti Network Limited, a leading solar-powered fixed internet service provider in the region, has announced its third consecutive annual dividend for the fiscal year ending December 31, 2023. The dividend rate is set at 0.03 kobo per share.
Business Model and Expansion
Tizeti’s success is attributed to its innovative business model, which includes capital-efficient tower costs, next-generation fiber-to-the-home technology, and vertically integrated operations. These operations span from submarine cables to fiber-connected solar-powered towers. The company benefits from seasoned leadership, direct and partner investments across West Africa, and strategic partnerships with industry leaders such as Microsoft, MainOne, and Cambium.
Leveraging these strengths, Tizeti has profitably expanded its coverage footprint, including recent expansions into Francophone West Africa and deeper penetration into key regions of Ghana and Nigeria.
Commitment to Growth
Tizeti’s commitment to offering unlimited data plans, facilitated by favorable contracts and partnerships, has driven its growth in both enterprise and international markets. Over the past year, the company has extended its reach to new territories in Nigeria and broadened coverage in existing regions, addressing critical digital disparities and promoting economic inclusion across the continent.
With nearly 200 operational towers across West Africa, Tizeti delivers over 180TB of internet data daily, bridging digital divides and stimulating socio-economic development. As of December 2023, the company delivered 35,219 TB of data, underscoring its resilience and demand potential amidst industry challenges.
Leadership Statements
Kendall Ananyi, the founder and CEO of Tizeti, highlighted the significance of the dividend announcement during a tough period for internet service providers and telecommunications companies in Africa. He emphasized the company’s ongoing expansions throughout Nigeria and into three key regions in Ghana and Côte d’Ivoire. Ananyi reiterated Tizeti’s commitment to narrowing the digital gap through accessible broadband services, driving lasting change across West Africa, and providing tangible financial returns to shareholders. He noted the company’s consistent profitability over the past five out of six years as a testament to the strength of its business fundamentals.
Ifeanyi Okonkwo, Tizeti’s co-founder and Chief Operating Officer, echoed Ananyi’s sentiments. He emphasized that consistent profitability positions Tizeti well for continued expansion and growth across underserved locations in Anglophone and Francophone West Africa. Okonkwo highlighted the company’s commitment to supporting its employees and consistently distributing bonuses over the past five years.
Sustainability and Future Vision
Tizeti’s pioneering use of solar-powered base stations has reduced carbon emissions and operational costs while making broadband internet more accessible and affordable. This approach drives connectivity and digital inclusion.
As Tizeti explores opportunities in other African markets, it remains committed to advancing national broadband goals and driving innovation in the telecommunications sector. Recognized for its innovative practices, Tizeti has solidified its position as a regional leader, earning accolades such as the 6th Most Innovative Company in Africa and Nigeria’s Internet Service Provider of the Year.
