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Tizeti Network Limited will be paying 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.
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The development makes Tizeti one of the first Nigerian technology startups to pay returns to its shareholders as it celebrates its 10th year of operation.
The pioneer solar-based ISP in West Africa revealed in a statement that it has been profitable in three out of the last four years and all through the COVID-19 pandemic.
Chief Executive Officer, Kendall Ananyi, explained that the company’s expansion to several states before the pandemic helped the ISP to deliver over 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 ISPs in Nigeria.
“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,” said Ananyi.
Addding: “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.”
According to Tizeti’s co-founder and Chief Operating Officer, Ifeanyi Okonkwo, “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”.
Tizeti has rolled out its unlimited broadband internet across Nigeria and Ghana.
It plans to rollout service in 10 additional states in Nigeria.
