Tizeti, a Y Combinator-backed solar-powered internet service provider operating in West Africa, has appointed Oluwadamilola Ojomo as Vice President, Financial Risk, Compliance, and Audit, ahead of its planned listing on the Nigerian Exchange (NGX).
This follows a recent announcement by the company’s Founder and CEO, Kendall Ananyi, of plans to launch an Initial Public Offering (IPO), which will mark a milestone as it aims to become the first Nigerian startup to explore a local stock exchange listing.
He said the listing would also allow Tizeti to raise capital from a broader pool of investors.
Ojomo’s track record
According to Tizeti, Ojomo brings over 15 years of experience spanning banking (Oceanic Bank Plc.), consulting (PwC), regulatory oversight (Securities and Exchange Commission), and commodities exchange (AFEX Plc.).
- As a member of the Association of Chartered Certified Accountants (ACCA), she has a proven track record in mitigating financial risks, ensuring compliance, and establishing robust governance frameworks.
- At Tizeti, she will oversee financial risk management, compliance, and audit functions, ensuring the company builds resilient financial structures as it enters a new growth phase.
Commenting on the appointment, Tizeti’s CEO, Ananyi, stated:
“We are excited to welcome Oluwadamilola Ojomo to Tizeti. Her extensive expertise in financial risk management and compliance will be invaluable as we continue to scale our operations and deliver innovative and affordable broadband solutions across West Africa.”
Tizeti’s NGX listing
Ananyi said Tizeti’s decision to list on the Nigerian Stock Exchange (NGX) aligns with its operational focus in Nigeria, its largest market.
The move, he said, highlights the company’s commitment to fostering local ownership while raising capital in Nigerian Naira (NGN), allowing local investors to participate in its growth.
The IPO plan comes at a pivotal moment, following Tizeti’s launch of next-generation fiber broadband services in Nigeria and Ghana.
What you should know
In November 2023, Tizeti secured an undisclosed amount in debt financing from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF) to finance the rollout of its network across 15 states in Nigeria.
The company, which was at the time serving over 3 million subscribers in five states said it would deploy the debt funding to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna.
Its plan to raise more funds through an IPO is expected to consolidate the gains of the funding and facilitate the expansion of broadband service to many more states of the country.
