Lagos, Nigeria – June 10, 2025 – Nigerian broadband provider Tizeti is moving closer to its long-anticipated initial public offering (IPO), with the company’s chief executive, Kendall Ananyi, confirming that regulatory filings are being finalized. The planned IPO aims to secure funding for the ambitious expansion of Tizeti’s fibre broadband network and to deepen its market presence across West Africa.

“We’ve just finalised our latest financials and will be notifying the issuing houses once we’re ready with our regulatory filings,” Ananyi told CNBC during an interview. “We’re looking forward to engaging with both retail and institutional investors in the coming weeks.”

The proceeds from the IPO are earmarked to scale Tizeti’s “FreeFiber.Africa” initiative, which launched in December 2024. This initiative has already seen the deployment of over 100,000 meters of fibre optic cable in key cities including Lagos, Port Harcourt, and Accra. The service promises ultra-fast, unlimited internet to homes and businesses, with further rollout planned across Nigeria and Francophone West Africa.

While Tizeti has previously signaled its intention to go public, these efforts had not materialized until now. With finalized financials and regulatory filings underway, the company appears set for its IPO within 2025.

Ananyi attributed the improved business case for the IPO to a recent telecommunications tariff adjustment in Nigeria. In January 2025, the Nigerian Communications Commission approved a 50 percent increase in tariffs, the first such hike since 2013. This adjustment has positively impacted the financial health of major operators like MTN and Airtel, leading to stronger earnings and renewed investment in network expansion.

“It’s improved the unit economics,” Ananyi stated. “Customers have started adjusting to the new pricing, and this is strengthening the business case for investing in digital infrastructure in Nigeria.”

Tizeti also plans to leverage the Nigerian government’s ambitious project to lay a 90,000-kilometer fibre-optic backbone, supported by a $2 billion grant from the U.S. Trade and Development Agency. This national backbone is expected to slash bandwidth costs by up to 90 percent, enabling faster and more affordable broadband services across the country.

Further bolstering Tizeti’s financial outlook, its operations in Ghana achieved profitability last year, five years after their launch. Ananyi attributed this success to lower energy costs and a strengthening Ghanaian cedi. “Ghana’s been encouraging. The cedi has strengthened recently, which has helped bring down our operating costs there. One key advantage is that Ghana doesn’t face the same power challenges we deal with in Nigeria,” the CEO explained.

Founded in January 2017 by Kendall Ananyi, Tizeti operates under the trade name Wifi.com.ng in Nigeria and GhanaWifi.com in Ghana, providing unlimited, affordable fixed wireless broadband to homes and small businesses.