Tizeti Network Limited, a pioneer solar-based internet service provider in West Africa, is getting ready to pay its shareholders their first dividend after it declared a dividend of N2.00 per share in respect of the financial year that will end on December 31st, 2021. This dividend will be paid out in 2022. The company has issued a statement indicating that it has been profitable in three out of the last four years, including the entire time that the COVID-19 pandemic was ongoing.
Tizeti is one of the first Nigerian technology startups to pay returns to its shareholders, and this achievement comes just before the company's ten-year anniversary. Tizeti was able to deliver over 38.648 TB (38.648 million GB) of data during the 2021 fiscal year and grow its earnings before income depreciation tax and amortization (EBITDA) by 2.5 times despite the pandemic. This was made possible by the company's expansion to multiple states before the pandemic. Tizeti was just recently recognized as one of the top 10 taxpayers in its industry by the Federal Inland Revenue Service (FIRS). In addition, Tizeti is one of the top Internet Service Providers in Nigeria based on the number of active users.
Kendall Ananyi, founder and Chief Executive Officer of Tizeti, made the following statement in response to the accomplishment: "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. Because of our dedication to closing the digital divide through the provision of inexpensive broadband internet, we are able to make a long-lasting impact across the entirety of West Africa while simultaneously constructing the foundation for a digital economy and providing financial value to our shareholders. Our performance is built on the back of strong business fundamentals, which have made us profitable for three out of the last four years and helped us grow through the pandemic debt-free. Our performance is built on the back of strong business fundamentals. We are grateful to our shareholders for their continued support and look forward to providing them with even more favorable financial results in the years to come.
Mr. Ananyi's statements were supported by Ifeanyi Okonkwo, co-founder and Chief Operating Officer of Tizeti. We have the free cash flow to continue to drive our expansion and growth across underserved locations in Anglophone and Francophone West Africa thanks to our consistent profitability over the past few years. He stated that "we will continue to invest in our network in preparation for the future growth."
Tizeti has already launched its unlimited broadband internet service in a number of states in Nigeria and Ghana, and the company has plans to extend its reach to ten additional states in the next eighteen months. Tizeti is a rapidly expanding wireless Internet service provider in Nigeria and Ghana. They provide high-speed, unlimited Wi-Fi Internet access to residential and commercial customers using wide-area Wi-Fi. Tizeti caters to both residential and commercial customers. It offers its services in the states of Lagos, Ogun, Oyo, and Edo in Nigeria, as well as Accra, Kasoa, and Tema in Ghana. In addition, it serves Rivers State in Nigeria.