Pioneer solar-based internet service provider in West Africa, Tizeti Network Limited, is set to pay its shareholders its first dividend after it declared a dividend of N2.00 per share in respect of the financial year, ending December 31st, 2021. According to a statement by the company, the company has been profitable in three out of the last four years and all through the COVID-19 pandemic.
With this milestone, which is coming within its 10th anniversary, Tizeti has become one of the first Nigerian technology startups to pay returns to its shareholders. Thanks to its expansion to multiple states before the pandemic, Tizeti delivered over 38,648 TB (38.648 million GB) during the 2021 financial year and grew its earnings before income depreciation tax and amortization (EBITDA) by 2.5x through the pandemic. Tizeti was recently recognized by the Federal Inland Revenue Service (FIRS) as one of the top 10 taxpayers in its industry and is also one of the top Internet Service providers by active users in Nigeria.
Speaking on the achievement, Tizeti’s founder and Chief Executive Officer, Kendall Ananyi, commented, “We are pleased to declare our first dividend for shareholders as we generate cash flow from our recent expansions across five states in Nigeria and three states in Ghana. Our commitment to bridging the digital divide via affordable broadband internet enables us to achieve sustainable impact across West Africa as we build the infrastructure for a digital economy while delivering financial value to our shareholders. Our performance is built on the back of strong business fundamentals, which made us profitable for three out of the last four years and helped us grow through the pandemic debt-free. We appreciate our shareholders for their support and look forward to delivering better financial outcomes in the future.”
Tizeti’s co-founder and Chief Operating Officer, Ifeanyi Okonkwo corroborated Mr. Ananyi. “With consistent profitability over the last few years, we have the free cash flow to continue to drive our expansion and growth across underserved locations in Anglophone and Francophone West Africa. We will continue to invest in our network for the growth ahead”, he said.
Tizeti has rolled out its unlimited broadband internet in multiple states in Nigeria, and Ghana and plans to expand to 10 more states within the next eighteen months. Tizeti is a fast-growing Wireless Internet service provider in Nigeria and Ghana delivering high-speed unlimited Wi-Fi Internet access to residential and business customers using wide-area Wi-Fi. Its services are available in Lagos, Ogun, Oyo, Edo, and Rivers States in Nigeria, and Accra, Kasoa, and Tema, in Ghana.