Verod Capital, DPI acquire stake in Pan African Towers
Pan African Towers has revealed a strategic investment from Development Partners International (DPI) and Verod Capital, marking a pivotal step in propelling the next phase of its strategic initiatives and expediting growth within the Nigerian telecommunications market.
Nigeria, recognized for its appeal in the African digital infrastructure landscape, boasts a favorable regulatory environment and a substantial population. Pan African Towers perceives significant investment opportunities in the country's telecom sector.
Presently managing 760 towers with approximately 1,200 tenants, Pan African Towers aims to triple these figures in the upcoming years. The company plans an expansion by introducing new towers and exploring acquisitions and partnerships. The primary focus remains on delivering substantial value to mobile network operators (MNOs) and other stakeholders in the telecom sector.
Tower companies (tower-cos) find a lucrative opportunity in the telecom infrastructure sector in Nigeria, where a substantial disparity exists between the current operational tower count and the targeted number. As per the Nigerian Communications Commission, there are presently over 41,000 towers supporting 3G and 4G technology in Nigeria. However, the government envisions increasing this number to 80,000. Pan African Towers aims to bridge this gap and leverage the excess capacity within the industry. While currently focused solely on Nigeria, the company remains open to potential expansion into other African markets, with its current emphasis on strengthening its presence in Nigeria. Optimism pervades the market outlook, with factors such as the industry's contribution to the country's GDP and the anticipated technological advancements, including the advent of 5G. Pan African Towers is strategically positioned to capitalize on these developments, reflecting a positive trajectory for the company in the dynamic telecom landscape.